Staples 2006 Annual Report Download - page 108
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See notes to consolidated financial statements.
C-4
STAPLES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Dollar Amounts in Thousands, Except Share Data)
Fiscal Year Ended
February 3, January 28, January 29,
2007 2006 2005
Sales............................................................. $ 18,160,789 $ 16,078,852 $ 14,448,378
Cost of goods sold and occupancy costs............................... 12,966,788 11,496,234 10,346,056
Gross profit................................................... 5,194,001 4,582,618 4,102,322
Operating and other expenses:
Operating and selling............................................. 2,946,249 2,647,567 2,383,437
General and administrative ....................................... 770,268 687,962 653,266
Amortization of intangibles....................................... 14,415 13,008 8,743
Total operating expenses ....................................... 3,730,932 3,348,537 3,045,446
Operating income ............................................. 1,463,069 1,234,081 1,056,876
Other income (expense):
Interest income.................................................. 58,839 59,937 31,042
Interest expense................................................. (47,810) (56,774 ) (39,888)
Miscellaneous expense ........................................... (2,770) (1,945 ) (1,455)
Income before income taxes and minority interest ................. 1,471,328 1,235,299 1,046,575
Income tax expense . . . ............................................. 497,972 450,884 382,000
Income before minority interests ................................ 973,356 784,415 664,575
Minority interest (income) expense .................................. (321) 298 —
Net Income ................................................... $ 973,677 $ 784,117 $ 664,575
Earnings per common share
Basic........................................................... $ 1.35 $ 1.07 $ 0.90
Diluted......................................................... $ 1.32 $ 1.04 $ 0.87
Dividends declared per common share................................ $ 0.22 $ 0.17 $ 0.13