Family Dollar 2003 Annual Report Download - page 36

Download and view the complete annual report

Please find page 36 of the 2003 Family Dollar annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 38

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38

32
10. Unaudited Summaries of Quarterly Results:
First Second Third Fourth
(In thousands, except per share amounts) Quarter Quarter Quarter Quarter
2003
Net sales $1,108,637 $1,256,183 $1,176,877 $1,208,474
Gross margin 380,832 417,521 408,382 397,648
Net income 57,478 72,715 69,605 47,677
Net income per common share* $.33$.42$.40$.28
2002
Net sales $977,133 $1,105,165 $1,022,082 $1,058,272
Gross margin 334,413 364,745 355,347 341,414
Net income 50,207 63,768 61,060 41,894
Net income per common share* $.29$.37$.35$.24
2001
Net sales $820,148 $1,037,368 $ 887,037 $ 920,809
Gross margin 284,414 338,459 312,432 290,796
Net income 41,461 60,455 53,489 34,100
Net income per common share* $.24$.35$.31$.20
*Figures represent diluted earnings per share.
11.Related Party Transactions:
The Company purchased a variety of merchandise in the ordinary course of business from entities owned or represented by non-employee family members of the Company’s
former Chairman of the Board and the current Chairman of the Board and Chief Executive Officer. These transactions totaled approximately $17.8 million, $11.3 million and
$8.9 million in fiscal 2003, 2002 and 2001, respectively. The Company also leased space in a building for storing merchandise from an entity in which the former Chairman of
the Board and his brother each owns a 50% interest. A total of $0, $171,470 and $257,208 in rent was paid in fiscal 2003, 2002 and 2001, respectively. The term of this lease
expired on April 30, 2002, and was not renewed.
Family Dollar Stores, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (continued)
Ye ars Ended August 30, 2003, August 31, 2002 and September 1, 2001