Petsmart 2011 Annual Report Download - page 56

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PetSmart, Inc. and Subsidiaries
Consolidated Statements of Income and Comprehensive Income
(In thousands, except per share data)
Year Ended
January 29,
2012
January 30,
2011
January 31,
2010
Merchandise sales ........................................... $5,401,731 $5,040,807 $4,761,039
Services sales ............................................... 674,859 618,755 575,353
Other revenue .............................................. 36,714 34,235 —
Net sales ................................................ 6,113,304 5,693,797 5,336,392
Cost of merchandise sales ..................................... 3,783,951 3,554,387 3,402,021
Cost of services sales ......................................... 488,216 450,644 415,154
Cost of other revenue ........................................ 36,714 34,235 —
Total cost of sales ......................................... 4,308,881 4,039,266 3,817,175
Gross profit .............................................. 1,804,423 1,654,531 1,519,217
Operating, general and administrative expenses .................... 1,301,304 1,225,803 1,150,138
Operating income ......................................... 503,119 428,728 369,079
Interest expense, net ......................................... (56,842) (58,837) (59,748)
Income before income tax expense and equity in income from
Banfield ............................................... 446,277 369,891 309,331
Income tax expense .......................................... (166,960) (140,396) (117,554)
Equity in income from Banfield ................................ 10,926 10,372 6,548
Net income .............................................. 290,243 239,867 198,325
Other comprehensive income, net of income tax:
Foreign currency translation adjustments ....................... 77 3,011 5,083
Other ................................................... 33 — —
Comprehensive income ....................................... $ 290,353 $ 242,878 $ 203,408
Earnings per common share:
Basic ................................................... $ 2.59 $ 2.05 $ 1.62
Diluted .................................................. $ 2.55 $ 2.01 $ 1.59
Weighted average shares outstanding:
Basic ................................................... 111,909 116,799 122,363
Diluted .................................................. 113,993 119,405 124,701
The accompanying notes are an integral part of these consolidated financial statements.
F-4