Dollar Tree 2004 Annual Report Download - page 31

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DOLLAR TREE STORES, INC. • 2004 ANNUAL REPORT 27
Year Ended Year Ended Month Ended Year Ended
January 29, January 31, February 1, December 31,
(In thousands, except per share data) 2005 2004 2003 2002
Net sales $3,126,009 $2,799,872 $160,789 $2,329,188
Cost of sales (Note 12) 2,013,470 1,781,459 113,572 1,477,214
Gross profit 1,112,539 1,018,413 47,217 851,974
Selling, general and administrative expenses
(Notes 8 and 12) 818,988 724,816 55,645 598,053
Operating income (loss) 293,551 293,597 (8,428) 253,921
Interest income 3,860 2,648 389 3,526
Interest expense (10,298) (8,382) (719) (4,519)
Changes in fair value of non-hedging
interest rate swaps (Note 6) 1,057 889 239 (1,469)
Income (loss) before income taxes and cumulative
effect of a change in accounting principle 288,170 288,752 (8,519) 251,459
Provision for income taxes (Note 3) 107,920 111,169 (3,279) 96,812
Income (loss) before cumulative effect
of a change in accounting principle 180,250 177,583 (5,240) 154,647
Cumulative effect of a change in accounting principle,
net of tax benefit of $3,309 (Note 12) —— (5,285) —
Net income (loss) $ 180,250 $ 177,583 $ (10,525) $ 154,647
Basic net income (loss) per share (Note 7):
Income (loss) before cumulative effect of a change
in accounting principle $ 1.59 $ 1.55 $ (0.05) $ 1.36
Cumulative effect of a change in
accounting principle —— (0.04) —
Net income (loss) $ 1.59 $ 1.55 $ (0.09) $ 1.36
Diluted net income (loss) per share (Note 7):
Income (loss) before cumulative effect of a change
in accounting principle $ 1.58 $ 1.54 $ (0.05) $ 1.35
Cumulative effect of a change in
accounting principle —— (0.04) —
Net income (loss) $ 1.58 $ 1.54 $ (0.09) $ 1.35
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF OPERATIONS