AutoZone 2003 Annual Report Download - page 34

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31 AutoZone, Inc. 2003 Annual Report
Consolidated Statements of Income
Year Ended
August 30, August 31, August 25,
2003 2002 2001
(in thousands, except per share data) (52 Weeks) (53 Weeks) (52 Weeks)
Net sales $5,457,123 $5,325,510 $4,818,185
Cost of sales, including warehouse and delivery expenses 2,942,114 2,950,123 2,804,896
Operating, selling, general and administrative expenses 1,597,212 1,604,379 1,498,909
Restructuring and impairment charges —— 126,689
Operating profit 917,797 771,008 387,691
Interest expense—net 84,790 79,860 100,665
Income before income taxes 833,007 691,148 287,026
Income taxes 315,403 263,000 111,500
Net income $ 517,604 $ 428,148 $ 175,526
Weighted average shares for basic earnings per share 94,906 104,446 112,834
Effect of dilutive stock equivalents 2,057 2,665 967
Adjusted weighted average shares for diluted earnings per share 96,963 107,111 113,801
Basic earnings per share $ 5.45 $ 4.10 $ 1.56
Diluted earnings per share $ 5.34 $ 4.00 $ 1.54
See Notes to Consolidated Financial Statements.