Petsmart 2000 Annual Report Download - page 38

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Fis cal Year Ended
January 30, January 31, February 1,
2000 1999 1998
(In thousands, except per share data)
Net s ales $ 2,110,316 $ 2,109,322 $ 1,790,599
Cos t of s ales 1,538,584 1,581,202 1,356,413
Gros s profit 571,732 528,120 434,186
Store operating expens es 415,114 399,897 349,563
Store preopening expens es 6,130 8,814 9,222
General and administrative expenses 63,719 62,153 53,865
Loss on disposal of subsidiary (Note 4) 45,669 — —
Merger, business integration and restructuring costs
(benefits) (Note 5) — (1,808) 57,364
Operating income (loss ) 41,100 59,064 (35,828)
Interest income 2,866 3,092 213
Interest expens e (Note 10) (21,722) (23,050) (13,921)
Income (loss) before equity loss in PETsMART.com,
income tax expense (benefit) and cumulative effect of a
change in accounting principle 22,244 39,106 (49,536)
Equity los s in PETs MART.com (Note 2) (29,061) — —
Income (loss) before income tax expense (benefit) and
cumulative effect of a change in accounting principle (6,817) 39,106 (49,536)
Income tax expense (benefit) (Note 6) 25,077 15,837 (17,735)
Income (loss) before cumulative effect of a change in
accounting principle (31,894) 23,269 (31,801)
Cumulative effect of a change in accounting principle,
net of income tax benefit (528) — (2,629)
Net income (los s ) (32,422) 23,269 (34,430)
Other comprehensive gain (loss), net of income tax
expense (benefit):
Foreign currency trans lation adjus tments 1,329 (2,104) (1,495)
Comprehens ive income (los s ) $ (31,093) $ 21,165 $ (35,925)
Earnings per common share — basic:
Income (loss) before cumulative effect of a change in
accounting principle $ (0.28) $ 0.20 $ (0.28)
Cumulative effect of a change in accounting principle,
net of income tax benefit — — (0.02)
Net income (los s ) $ (0.28) $ 0.20 $ (0.30)
Earnings per common share — assuming dilution:
Income (loss) before cumulative effect of a change in
accounting principle $ (0.28) $ 0.20 $ (0.28)
Cumulative effect of a change in accounting principle,
net of income tax benefit — — (0.02)
9/16/2010 www.sec.gov/Archives/edgar/data/86…
sec.gov/…/0000950153-00-000575-d1.… 38/70