Petsmart 2007 Annual Report Download - page 54

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PetSmart, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
February 3,
2008
January 28,
2007
January 29,
2006
Year Ended
(53 weeks) (52 weeks) (52 weeks)
(In thousands, except per share data)
Net sales . . .......................................... $4,672,656 $4,233,857 $3,760,499
Cost of sales ......................................... 3,235,835 2,926,087 2,587,498
Gross profit .......................................... 1,436,821 1,307,770 1,173,001
Operating, general and administrative expenses ................ 1,085,308 985,936 861,621
Operating income ...................................... 351,513 321,834 311,380
Gain on sale of investment ............................... 95,363 — —
Interest income ........................................ 6,813 10,551 9,037
Interest expense ....................................... (51,496) (42,268) (31,208)
Income before income tax expense and equity in income from
investee . .......................................... 402,193 290,117 289,209
Income tax expense .................................... (145,180) (105,048) (106,719)
Equity in income from investee............................ 1,671 — —
Net income .......................................... 258,684 185,069 182,490
Other comprehensive income (loss), net of income tax:
Foreign currency translation adjustments ................... 4,457 (478) (12)
Comprehensive income ................................ $ 263,141 $ 184,591 $ 182,478
Earnings per common share:
Basic . . . .......................................... $ 1.99 $ 1.36 $ 1.30
Diluted . . .......................................... $ 1.95 $ 1.33 $ 1.25
Weighted average shares outstanding:
Basic . . . .......................................... 129,851 135,836 140,791
Diluted . . .......................................... 132,954 139,537 145,577
The accompanying notes are an integral part of these consolidated financial statements.
F-4