Office Depot 2007 Annual Report Download - page 51

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The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
49
OFFICE DEPOT, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
2007 2006 2005
Sales................................................................................................. $15,527,537 $15,010,781 $14,278,944
Cost of goods sold and occupancy costs.......................................... 11,024,639 10,363,437 9,886,921
Gross profit.................................................................................. 4,502,898 4,647,344 4,392,023
Store and warehouse operating and selling expenses ...................... 3,381,129 3,296,443 3,243,935
Asset impairments ........................................................................... — 7,450 133,483
General and administrative expenses............................................... 645,661 651,696 666,563
Gain and amortization of deferred gain on sale of building ............ (7,493) (21,432) —
Operating profit ........................................................................... 483,601 713,187 348,042
Other income (expense):
Interest income ............................................................................ 9,440 9,828 22,204
Interest expense ........................................................................... (63,080) (40,830) (32,380)
Loss on extinguishment of debt ................................................... — (5,715) —
Miscellaneous income, net........................................................... 28,672 30,565 23,649
Earnings before income taxes.......................................................... 458,633 707,035 361,515
Income taxes.................................................................................... 63,018 203,564 87,723
Net earnings..................................................................................... $ 395,615 $ 503,471 $ 273,792
Net earnings per share:
Basic ........................................................................................ $ 1.45 $ 1.79 $ 0.88
Diluted ..................................................................................... 1.43 1.75 0.87