AutoZone 1998 Annual Report Download - page 20

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Consolidated Statements of Income
Year Ended
August 29, August 30, August 31,
1998 1997 1996
(52 Weeks) (52 Weeks) (53 Weeks)
(in thousands, except per share data)
Net sales $3,242,922 $2,691,440 $2,242,633
Cost of sales, including warehouse and delivery expenses 1,889,847 1,559,296 1,307,638
Operating, selling, general and administrative expenses 970,768 810,793 666,061
Operating profit 382,307 321,351 268,934
Interest expense – net 18,204 8,843 1,969
Income before income taxes 364,103 312,508 266,965
Income taxes 136,200 117,500 99,800
Net income $ 227,903 $ 195,008 $ 167,165
Weighted average shares for basic earnings per share 152,160 150,726 148,476
Effect of dilutive stock options 1,910 1,809 2,762
Adjusted weighted average shares for diluted earnings per share 154,070 152,535 151,238
Basic earnings per share $ 1.50 $ 1.29 $ 1.13
Diluted earnings per share $ 1.48 $ 1.28 $ 1.11
See Notes to Consolidated Financial Statements.
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