CarMax 2001 Annual Report Download - page 57

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Circuit City Group Statements of Earnings
Years Ended February 28 or 29
(Amounts in thousands) 2001 % 2000 % 1999 %
NET SALES AND OPERATING REVENUES......................................... $10,458,037 100.0 $10,599,406 100.0 $9,344,170 100.0
Cost of sales, buying and warehousing................................... 7,964,148 76.1 7,977,214 75.3 7,060,198 75.6
Appliance exit costs [NOTE 12] ...................................................... 28,326 0.3 — — — —
GROSS PROFIT............................................................................... 2,465,563 23.6 2,622,192 24.7 2,283,972 24.4
Selling, general and administrative
expenses [NOTES 1 AND 9] ........................................................... 2,270,745 21.7 2,081,393 19.6 1,882,416 20.1
Appliance exit costs [NOTE 12] ...................................................... 1,670 —————
Interest expense [NOTES 1 AND 4] .................................................... 7,273 0.1 13,844 0.1 21,926 0.2
TOTAL EXPENSES............................................................................ 2,279,688 21.8 2,095,237 19.7 1,904,342 20.3
Earnings from continuing operations before
income taxes and Inter-Group Interest
in the CarMax Group ........................................................... 185,875 1.8 526,955 5.0 379,630 4.1
Provision for income taxes [NOTES 1 AND 5].................................. 70,637 0.7 200,243 1.9 144,646 1.6
EARNINGS FROM CONTINUING OPERATIONS BEFORE
INTER-GROUP INTEREST IN THE CARMAX GROUP.................... 115,238 1.1 326,712 3.1 234,984 2.5
Net earnings (loss) related to Inter-Group Interest in
the CarMax Group [NOTES 1 AND 2]........................................... 34,009 0.3 862 0.0 (18,057) (0.2)
EARNINGS FROM CONTINUING OPERATIONS............................... 149,247 1.4 327,574 3.1 216,927 2.3
Discontinued operations [NOTE 13]:
Loss from discontinued operations of Divx,
less income tax benefit................................................... –— (16,215) (0.1) (68,546) (0.7)
Loss on disposal of Divx, less income tax benefit ........... –— (114,025) (1.1) — —
Loss from discontinued operations .......................................... –— (130,240) (1.2) (68,546) (0.7)
NET EARNINGS............................................................................... $ 149,247 1.4 $ 197,334 1.9 $ 148,381 1.6
See accompanying notes to Group financial statements.
54
CIRCUIT CITY STORES, INC. 2001 ANNUAL REPORT