Dick's Sporting Goods 2003 Annual Report Download - page 36

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dks 03ar 34
consolidated statements of income
January 31, February 1, February 2,
Fiscal Year Ended 2004 2003 2002
(Dollars in thousands, except per share data)
Net sales $1,470,845 $1,272,584 $ 1,074,568
Cost of goods sold, including occupancy and distribution costs 1,063,106 935,192 810,999
Gross profit 407,739 337,392 263,569
Selling, general and administrative expenses 314,885 262,755 213,065
Pre-opening expenses 6,528 5,553 5,144
Income from operations 86,326 69,084 45,360
(Gain) on sale / loss on write-down of non-cash investment (3,536) 2,447 –
Interest expense, net 1,831 2,864 6,241
Income before income taxes 88,031 63,773 39,119
Provision for income taxes 35,212 25,509 15,648
Net income $52,819 $38,264 $ 23,471
Earnings per common share:
(adjusted for two-for-one stock split – see Note 16)
Basic $ 1.18 $ 1.08 $ 0.73
Diluted $ 1.05 $ 0.93 $ 0.66
Weighted average common shares outstanding:
(adjusted for two-for-one stock split – see Note 16)
Basic 44,774 35,458 32,018
Diluted 50,280 40,958 35,736
See notes to consolidated financial statements.