Staples 2004 Annual Report Download - page 95
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STAPLES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Dollar Amounts in Thousands, Except Share Data)
Fiscal Year Ended
January 29, January 31, February 1,
2005 2004 2003
Sales ................................................... $14,448,378 $12,967,022 $11,596,075
Cost of goods sold and occupancy costs .......................... 10,343,643 9,468,890 8,652,593
Gross profit ........................................... 4,104,735 3,498,132 2,943,482
Operating and other expenses:
Operating and selling ..................................... 2,348,878 2,158,125 1,795,428
Pre-opening ............................................ 10,673 9,639 8,746
General and administrative ................................. 610,568 524,094 454,501
Amortization of intangibles ................................. 8,743 7,986 2,135
Total operating expenses .................................. 2,978,862 2,699,844 2,260,810
Operating income ...................................... 1,125,873 798,288 682,672
Other income (expense):
Interest income .......................................... 31,042 10,135 8,016
Interest expense ......................................... (39,888) (31,575) (30,677)
Miscellaneous income (expense) .............................. (1,455) 1,264 2,052
Income before income taxes ............................... 1,115,572 778,112 662,063
Income tax expense ........................................ 407,184 287,901 215,963
Net income ........................................... $ 708,388 $ 490,211 $ 446,100
Earnings per common share
Basic ................................................. $ 1.43 $ 1.01 $ 0.96
Diluted ................................................ $ 1.40 $ 0.99 $ 0.94
See notes to consolidated financial statements.
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