AutoZone 2004 Annual Report Download - page 18

Download and view the complete annual report

Please find page 18 of the 2004 AutoZone annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 47

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47

19’04฀Annual฀Report
Twelve฀Weeks฀Ended ฀
฀Sixteen฀
Weeks฀Ended
(in฀thousands,฀except฀per฀share฀data)
November฀22,฀
2003(2) ฀
February฀14,฀
2004 ฀
May฀8,฀
2004(2) ฀
August฀28,฀
2004(2)
Net฀sales $฀ 1,282,040 $฀ 1,159,236 $฀ 1,360,022 $฀ 1,835,728
Increase฀(decrease)฀in฀domestic฀comparable฀store฀sales 2% 0% 2% (3)%
Gross฀profit 613,090 564,311 676,187 902,991
Operating฀profit 215,105 168,526 251,321 363,755
Income฀before฀income฀taxes 194,845 146,604 229,411 335,042
Net฀income $฀ 121,745 $฀ 91,654 $฀ 143,411 $฀ 209,392
Basic฀earnings฀per฀share $฀ 1.37 $฀ 1.06 $฀ 1.71 $฀ 2.56
Diluted฀earnings฀per฀share $฀ 1.35 $฀ 1.04 $฀ 1.68 $฀ 2.53
(in฀thousands,฀except฀per฀share฀data)
November฀23,฀
2002 ฀
February฀15,฀
2003 ฀
May฀10,฀
2003(3) ฀
August฀30,฀
2003(4)
Net฀sales $1,218,635 $฀1,120,696 $฀1,288,445 $฀1,829,347
Increase฀in฀domestic฀comparable฀store฀sales 4% 2% 3% 3%
Gross฀profit 549,390 495,999 598,823 870,797
Operating฀profit 188,326 147,498 221,883 360,090
Income฀before฀income฀taxes 169,221 127,865 202,530 333,391
Net฀income $฀ 104,911 $฀ 79,275 $฀ 125,977 $฀ 207,441
Basic฀earnings฀per฀share $฀ 1.06 $฀ 0.81 $฀ 1.33 $฀ 2.32
Diluted฀earnings฀per฀share $฀ 1.04 $฀ 0.79 $฀ 1.30 $฀ 2.27
(1)฀ ฀The฀sum฀of฀quarterly฀amounts฀may฀not฀equal฀the฀annual฀amounts฀reported฀due฀to฀rounding฀and฀due฀to฀per฀share฀amounts฀being฀computed฀independently฀for฀each฀quarter฀while฀
the฀full฀year฀is฀based฀on฀the฀annual฀weighted฀average฀shares฀outstanding.
(2)฀ ฀The฀ first,฀ third฀ and฀ fourth฀ quarters฀ of฀ fiscal฀ 2004฀ include฀ $16.0฀ million,฀ $10.6฀ million,฀ and฀ $15.5฀ million,฀ respectively,฀ in฀ pre-tax฀ gains฀ from฀ warranty฀ negotiations฀ with฀฀
certain฀vendors.
(3)฀ ฀The฀third฀quarter฀of฀fiscal฀2003฀includes฀a฀$4.7฀million฀pre-tax฀gain฀associated฀with฀the฀settlement฀of฀certain฀liabilities฀and฀the฀repayment฀of฀a฀note฀associated฀with฀the฀sale฀of฀
the฀TruckPro฀business฀in฀December฀2001.฀The฀third฀quarter฀of฀fiscal฀2003฀also฀includes฀a฀$2.6฀million฀pre-tax฀negative฀impact฀of฀the฀adoption฀of฀EITF฀02-16฀regarding฀vendor฀
funding฀that฀resulted฀in฀an฀increase฀to฀operating฀expenses฀by฀$15.6฀million฀and฀an฀increase฀to฀gross฀profit฀by฀$13.0฀million.
(4)฀ ฀The฀ fourth฀ quarter฀ of฀ fiscal฀ 2003฀ includes฀ $8.7฀ million฀ in฀ pre-tax฀ gains฀ from฀ warranty฀ negotiations฀ with฀ certain฀ vendors฀ and฀ a฀ $4.6฀ million฀ pre-tax฀ gain฀ as฀ a฀ result฀ of฀฀
the฀disposition฀of฀ properties฀associated฀with฀ the฀ fiscal฀2001฀ restructuring฀ and฀impairment฀ charges.฀The฀ fourth฀ quarter฀ of฀ fiscal฀ 2003฀ also฀includes฀a฀ $7.4฀ million฀ pre-tax฀฀
negative฀impact฀of฀the฀adoption฀of฀EITF฀02-16฀regarding฀vendor฀funding฀that฀resulted฀in฀an฀increase฀to฀operating฀expenses฀by฀$37.0฀million฀and฀an฀increase฀to฀gross฀profit฀฀
by฀$29.6฀million.
Quarterly฀Summary(1)฀
(unaudited)