Staples 2007 Annual Report Download - page 112

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STAPLES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Dollar Amounts in Thousands, Except Share Data)
Fiscal Year Ended
February 2, February 3, January 28,
2008 2007 2006
Sales ................................................... $19,372,682 $18,160,789 $16,078,852
Cost of goods sold and occupancy costs .......................... 13,822,011 12,966,788 11,496,234
Gross profit ........................................... 5,550,671 5,194,001 4,582,618
Operating and other expenses:
Operating and selling ..................................... 3,131,774 2,946,249 2,647,567
General and administrative ................................. 854,984 770,268 687,962
Amortization of intangibles ................................. 15,664 14,415 13,008
Total operating expenses ................................. 4,002,422 3,730,932 3,348,537
Operating income ...................................... 1,548,249 1,463,069 1,234,081
Other income (expense):
Interest income .......................................... 46,726 58,839 59,937
Interest expense ......................................... (38,335) (47,810) (56,774)
Miscellaneous expense ..................................... (2,158) (2,770) (1,945)
Income before income taxes and minority interest ............... 1,554,482 1,471,328 1,235,299
Income tax expense ........................................ 559,614 497,972 450,884
Income before minority interests ............................ 994,868 973,356 784,415
Minority interest (income) expense ............................. (802) (321) 298
Net Income ........................................... $ 995,670 $ 973,677 $ 784,117
Earnings per common share
Basic ................................................ $ 1.41 $ 1.35 $ 1.07
Diluted .............................................. $ 1.38 $ 1.32 $ 1.04
Dividends declared per common share ........................... $ 0.29 $ 0.22 $ 0.17
See notes to consolidated financial statements.
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