Petsmart 2009 Annual Report Download - page 52

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PetSmart, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
(In thousands, except per share data)
January 31,
2010
February 1,
2009
February 3,
2008
Year Ended
(52 Weeks) (52 Weeks) (53 Weeks)
Merchandise sales...................................... $4,761,039 $4,538,563 $4,217,716
Services sales ......................................... 575,353 526,730 454,940
Net sales . . .......................................... 5,336,392 5,065,293 4,672,656
Cost of merchandise sales ................................ 3,402,021 3,184,819 2,901,415
Cost of services sales ................................... 415,154 385,041 334,420
Total cost of sales ...................................... 3,817,175 3,569,860 3,235,835
Gross profit .......................................... 1,519,217 1,495,433 1,436,821
Operating, general and administrative expenses ................ 1,150,138 1,125,579 1,085,308
Operating income ...................................... 369,079 369,854 351,513
Gain on sale of equity investment .......................... — — 95,363
Interest expense, net .................................... (59,748) (58,757) (44,683)
Income before income tax expense and equity in income from
investee . .......................................... 309,331 311,097 402,193
Income tax expense .................................... (117,554) (121,019) (145,180)
Equity in income from investee ............................ 6,548 2,592 1,671
Net income .......................................... 198,325 192,670 258,684
Other comprehensive income (loss), net of income tax:
Foreign currency translation adjustments ................... 5,083 (8,299) 4,457
Comprehensive income ................................ $ 203,408 $ 184,371 $ 263,141
Earnings per common share:
Basic . . . .......................................... $ 1.62 $ 1.55 $ 1.99
Diluted . . .......................................... $ 1.59 $ 1.52 $ 1.95
Weighted average shares outstanding:
Basic . . . .......................................... 122,363 124,342 129,851
Diluted . . .......................................... 124,701 126,751 132,954
The accompanying notes are an integral part of these consolidated financial statements.
F-4