Office Depot 2003 Annual Report Download - page 56

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NOTE O—Quarterly Financial Data (Unaudited)
(In thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter
Fiscal Year Ended December 27, 2003
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,055,869 $2,815,691 $3,235,580 $3,251,426
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 958,978 860,116 1,015,596 1,039,456
Earnings from continuing operations before
cumulative effect of accounting change . . . . . . . . . . . . 103,935 59,629 91,666 46,794(2)
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,196(1) 59,629 91,666 45,804
Earnings per share from continuing operations
before cumulative effect of accounting change:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.34 $ 0.19 $ 0.30 $ 0.15
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.33 0.19 0.29 0.15
Net earnings per share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.26 $ 0.19 $ 0.30 $ 0.15
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25 0.19 0.29 0.15
Fiscal Year Ended December 28, 2002
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,021,873 $2,622,259 $2,870,781 $2,841,720
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 876,096 763,397 850,429 844,048
Earnings from continuing operations. . . . . . . . . . . . . . . . . 102,062 56,869 87,131 65,421
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,710 56,943 88,172 62,883
Earnings per share from continuing operations:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.34 $ 0.18 $ 0.28 $ 0.21
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.32 0.18 0.27 0.21
Net earnings per share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.34 $ 0.19 $ 0.29 $ 0.20
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.32 0.18 0.28 0.20
(1) Net earnings in the first quarter of 2003 includes a net charge of $25.9 million for the cumulative effect of adopting EITF 02-16.
See Note C for further information.
(2) Earnings from continuing operations before cumulative effect of accounting change in the fourth quarter of 2003 includes
pre-tax charges of $32.4 million to adjust our lease termination costs related to our stores closed in prior periods and our sale
or write-down of certain internet investments. See Note A for further information.
OFFICE DEPOT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Office Depot 2003 / Form 10-K 54