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Consolidated฀Statements฀of Earnings
(In฀thousands,฀except฀per฀share฀data)฀May฀30,฀2004฀ May฀25,฀2003฀ May฀26,฀2002
Sales฀฀ ฀ $5,003,355฀ $4,654,971฀ $฀4,366,911
Costs฀and฀expenses:฀ ฀ ฀
฀ Cost฀of฀sales:฀ ฀ ฀
฀฀฀฀฀฀฀฀฀Food฀and฀beverage฀ 1,526,875฀ 1,449,162฀ 1,384,481
฀฀฀฀฀฀฀฀฀Restaurant฀labor฀ 1,601,258฀ 1,485,046฀ 1,373,416
฀฀฀฀฀฀฀฀฀Restaurant฀expenses฀ 767,584฀ 703,554฀฀ 628,701
฀ ฀ Total฀cost฀of฀sales,฀excluding฀restaurant฀depreciation฀฀ ฀ ฀
฀ ฀ ฀ and฀amortization฀of฀$195,486,฀$177,127,฀and฀฀ ฀ ฀
฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀$155,837,฀respectively฀ $3,895,717฀฀ $฀3,637,762฀฀ $3,386,598฀
฀฀฀฀Selling,฀general,฀and฀administrative฀ 472,109฀ 431,722฀฀ 417,158฀
฀฀฀฀Depreciation฀and฀amortization฀ 210,004฀ 191,218฀ 165,829฀
฀฀฀฀Interest,฀net฀ 43,659฀ 42,597฀฀ 36,585฀
฀฀฀฀Asset฀impairment฀and฀restructuring฀charges฀(credits),฀net฀ 41,868฀ 3,924฀ (2,568)
฀ ฀ Total฀costs฀and฀expenses฀ $4,663,357฀ $฀4,307,223฀ $4,003,602฀
Earnings฀before฀income฀taxes฀ 339,998฀ 347,748฀฀ 363,309฀
Income฀taxes฀ 108,536฀฀ 115,488฀฀ 125,521฀
Net฀earnings฀฀ $฀฀฀฀฀231,462฀ $฀฀฀฀232,260฀฀ $฀฀฀฀฀237,788฀
Net฀earnings฀per฀share:฀ ฀ ฀
฀ Basic฀฀฀฀฀฀฀฀ $฀฀฀฀฀฀฀฀฀฀฀฀1.42฀ ฀฀฀฀฀฀$฀฀฀฀฀฀฀฀฀฀฀฀1.36฀ ฀฀฀฀฀$฀฀฀฀฀฀฀฀฀฀฀฀1.36฀
฀ Diluted฀ ฀฀฀฀฀$฀฀฀฀฀฀฀฀฀฀฀฀1.36฀ ฀฀$฀฀฀฀฀฀฀฀฀฀฀฀1.31฀฀ ฀฀฀฀$฀฀฀฀฀฀฀฀฀฀฀฀1.30฀
Average฀number฀of฀common฀shares฀outstanding:฀ ฀ ฀
฀ Basic฀฀ 163,500฀ 170,300฀฀ 174,700฀
฀ Diluted฀ 169,700฀ 177,400฀฀ 183,500฀
See฀accompanying฀notes฀to฀consolidated฀financial฀statements.
Fiscal฀฀Year฀Ended
Financial Review 2004
34