LensCrafters 2007 Annual Report Download - page 62

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| 61 <
RESULTS
OF OPERATIONS
In accordance with U.S. GAAP
(1) 2004 figures include results of Cole National operations from the acquisition date (October 4, 2004).
(2) Results of Things Remembered, Inc., a former subsidiary that was sold in September 2006, are reclassified as discontinued operations
and are not included in results from continuing operations for 2006, 2005 and 2004.
(3) 2007 figures include results of Oakely operations from the acquisition date (14 November 2007).
CONSOLIDATED
STATEMENTS
OF INCOME
(for years ended December 31)
(Euro/000) 2007 2006 2005 2004
(3) (2) (2) (1) (2)
Net sales 4,966,054 100.0% 4,676,156 100.0% 4,134,263 100.0% 3,179,613 100.0%
Cost of sales (1,575,618) 31.7% (1,487,700) 31.8% (1,373,073) 33.2% (1,053,076) 33.1%
Gross profit 3,390,436 68.3% 3,188,456 68.2% 2,761,190 66.8% 2,126,537 66.9%
Operating expenses (2,557,123) 51.5% (2,432,468) 52.0% (2,179,789) 52.7% (1,647,038) 51.8%
Selling and advertising expenses (2,069,280) 41.7% (1,948,466) 41.7% (1,755,536) 42.5% (1,329,083) 41.8%
General and administrative expenses (487,843) 9.8% (484,002) 10.4% (424,253) 10.3% (317,955) 10.0%
Income from operations 833,313 16.8% 755,987 16.2% 581,401 14.1% 479,499 15.1%
Other income (expenses), net (52,631) 1.1% (77,810) 1.7% (42,092) 1.0% (34,924) 1.1%
Interest income 17,087 0.3% 9,804 0.2% 5,650 0.1% 6,662 0.2%
Interest expenses (89,498) 1.8% (70,622) 1.5% (66,171) 1.6% (55,378) 1.7%
Other, net 19,780 0.4% (16,992) 0.4% 18,429 0.4% 13,792 0.4%
Income before taxes 780,681 15.7% 678,177 14.5% 539,309 13.0% 444,575 14.0%
Provision for income taxes (273,501) 5.5% (238,757) 5.1% (199,266) 4.8% (156,852) 4.9%
Minority interests (14,976) 0.3% (8,715) 0.2% (9,253) 0.2% (8,614) 0.3%
Net income (Continuing operations )(3) 492,204 9.9% 430,705 9.2% 330,790 8.0% 279,109 8.8%
Discontinued operations --(6,419) 0.1% 11,504 0.3% 7,765 0.2%
Net income 492,204 9.9% 424,286 9.1% 342,294 8.3% 286,874 9.0%