Safeway 1997 Annual Report Download - page 22

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53 Weeks 52 Weeks 52 Weeks
(In millions, except per-share amounts) 1997 1996 1995
■■■■■■
Sales $ 22,483.8 $ 17,269.0 $ 16,397.5
Cost of goods sold (16,069.1) (12,494.8) (11,905.1)
■■■■■■
Gross profit 6,414.7 4,774.2 4,492.4
Operating and administrative expense (5,135.0) (3,882.5) (3,765.0)
■■■■■■
Operating profit 1,279.7 891.7 727.4
Interest expense (241.2) (178.5) (199.8)
Equity in earnings of unconsolidated affiliates 34.9 50.0 26.9
Other income, net 2.9 4.4 2.0
■■■■■■
Income before income taxes and extraordinary loss 1,076.3 767.6 556.5
Income taxes (454.8) (307.0) (228.2)
■■■■■■
Income before extraordinary loss 621.5 460.6 328.3
Extraordinary loss related to early retirement of debt,
net of income tax benefit of $41.1 and $1.3 (64.1) – (2.0)
■■■■■■
Net income $ 557.4 $ 460.6 $ 326.3
■■■■■■
Basic earnings per share:
Income before extraordinary loss $ 1.35 $ 1.06 $ 0.77
Extraordinary loss (0.14) ––
■■■■■■
Net income $ 1.21 $ 1.06 $ 0.77
■■■■■■
Diluted earnings per share:
Income before extraordinary loss $ 1.25 $ 0.97 $ 0.68
Extraordinary loss (0.13) ––
■■■■■■
Net income $ 1.12 $ 0.97 $ 0.68
■■■■■■
Weighted average shares outstanding – basic 462.3 436.0 423.9
Weighted average shares outstanding – diluted 497.7 475.7 481.2
See accompanying notes to consolidated financial statements.
SAFEWAY INC. AND SUBSIDIARIES
Consolidated Statements of Income
19