AutoZone 2014 Annual Report Download - page 111

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41
Consolidated Statements of Income
Year Ended
(in thousands, except per share data)
August 30,
2014
(52 weeks)
August 31,
2013
(53 weeks)
August 25,
2012
(52 weeks)
Net sales .......................................................................................... $ 9,475,313 $ 9,147,530 $ 8,603,863
Cost of sales, including warehouse and delivery expenses ............. 4,540,406 4,406,595 4,171,827
Gross profit ..................................................................................... 4,934,907 4,740,935
4,432,036
Operating, selling, general and administrative expenses................. 3,104,684 2,967,837 2,803,145
Operating profit ............................................................................... 1,830,223 1,773,098 1,628,891
Interest expense, net ........................................................................ 167,509 185,415 175,905
Income before income taxes............................................................ 1,662,714 1,587,683 1,452,986
Income tax expense ......................................................................... 592,970 571,203 522,613
Net income ...................................................................................... $ 1,069,744 $ 1,016,480 $ 930,373
Weighted average shares for basic earnings per share .................... 33,267 35,943 38,696
Effect of dilutive stock equivalents ................................................. 615 638 929
Weighted average shares for diluted earnings per share ................. 33,882 36,581 39,625
Basic earnings per share .................................................................. $ 32.16 $ 28.28 $ 24.04
Diluted earnings per share ............................................................... $ 31.57 $ 27.79 $ 23.48
See Notes to Consolidated Financial Statements.
Consolidated Statements of Comprehensive Income
Year Ended
(in thousands)
August 30,
2014
(52 weeks)
August 31,
2013
(53 weeks)
August 25,
2012
(52 weeks)
Net income ...................................................................................... $ 1,069,744 $ 1,016,480 $ 930,373
Other comprehensive income (loss):
Pension liability adjustments, net of taxes
(1)
................................ (12,959) 43,106 (17,262)
Foreign currency translation adjustments .................................... 4,647 (12,216) (13,866)
Unrealized loss on marketable securities, net of taxes
(
2
)
.............. 101 (376) (128)
Net derivative activity, net of taxes
(
3
)
.......................................... 96 711 (1,066)
Total other comprehensive (loss) income ...................................... (8,115) 31,225 (32,322)
Comprehensive income ................................................................... $ 1,061,629 $ 1,047,705 $ 898,051
(1) Pension liability adjustments are presented net of taxes of $8,287 in 2014, $27,972 in 2013, and $29,744 in 2012
(2) Unrealized losses on marketable securities are presented net of taxes of $54 in 2014, $202 in 2013 and $69 in 2012
(3) Net derivative activities are presented net of taxes of $87 in 2014, $440 in 2013, and $4,800 in 2012
See Notes to Consolidated Financial Statements.
10-K