CarMax 2002 Annual Report Download - page 86

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CIRCUIT CITY STORES, INC. ANNUAL REPORT 2002 84
CARMAX GROUP STATEMENTS OF EARNINGS
Years Ended February 28 or 29
(Amounts in thousands) 2002 % 2001 % 2000 %
NET SALES AND OPERATING REVENUES ............................... $3,201,665 100.0 $2,500,991 100.0 $2,014,984 100.0
Cost of sales .......................................................................... 2,797,962 87.4 2,171,232 86.8 1,774,619 88.1
GROSS PROFIT ...................................................................... 403,703 12.6 329,759 13.2 240,365 11.9
Selling, general and administrative expenses [NOTES 1 AND 9] ... 252,289 7.9 244,167 9.8 228,200 11.3
Interest expense [NOTES 1 AND 4].............................................. 4,958 0.2 12,110 0.5 10,362 0.5
TOTAL EXPENSES................................................................... 257,247 8.1 256,277 10.3 238,562 11.8
Earnings before income taxes ................................................ 146,456 4.5 73,482 2.9 1,803 0.1
Provision for income taxes [NOTES 1 AND 5].............................. 55,654 1.7 27,918 1.1 685 0.0
NET EARNINGS ..................................................................... $ 90,802 2.8 $ 45,564 1.8 $ 1,118 0.1
Net earnings attributed to [NOTE 1]:
Circuit City Group Common Stock................................. $ 62,806 $ 34,009 $ 862
CarMax Group Common Stock....................................... 27,996 11,555 256
$ 90,802 $ 45,564 $ 1,118
See accompanying notes to Group financial statements.