Staples 2004 Annual Report Download - page 123

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STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
NOTE N Quarterly Summary (Unaudited)
(In thousands, except per share amounts)
First Second Third Fourth
Quarter Quarter Quarter(1) Quarter(1)
Fiscal Year Ended January 29, 2005
Sales .......................................... $3,452,155 $3,089,252 $3,830,466 $4,076,505
Gross profit ..................................... 935,625 870,685 1,096,216 1,202,209
Net income ...................................... 125,731 122,466 208,866 251,324
Basic earnings per common share ....................... $ 0.25 $ 0.25 $ 0.42 $ 0.51
Diluted earnings per share ............................ $ 0.25 $ 0.24 $ 0.41 $ 0.50
First Second Third Fourth
Quarter(2)(3) Quarter(3) Quarter(3) Quarter(3)
Fiscal Year Ended January 31, 2004
Sales .......................................... $3,091,288 $2,827,779 $3,434,763 $3,613,192
Gross profit ..................................... 712,077 760,081 957,345 1,068,629
Net income ..................................... 24,756 87,792 165,774 211,888
Basic earnings per common share ....................... $ 0.05 $ 0.18 $ 0.34 $ 0.43
Diluted earnings per share ............................ $ 0.05 $ 0.18 $ 0.33 $ 0.42
(1) Results of operations for this period include the results of the 2004 acquisitions since their acquisition dates (see
Note C).
(2) Results of operations for this period reflect a $98.0 million ($61.7 million, net of taxes) non-cash adjustment for the
inclusion of cooperative advertising and other performance based rebates in inventory as required by Issue 02-16
(see Note B).
(3) Results of operations for this period have been reclassified to conform with Issue 03-10 (see Note B). As a result of
this reclassification, sales, gross profit and operating and selling expenses decreased, but there was no impact on net
income.
NOTE O Subsequent Event (Unaudited)
On February 22, 2005, the Board of Directors of the Company approved a three-for-two stock dividend to common
shareholders of record on March 29, 2005. The stock dividend will be distributed on April 15, 2005.
C-32