Safeway 1998 Annual Report Download - page 22

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Sales $24,484.2 $ 22,483.8 $ 17,269.0
Cost of goods sold (17,359.7) (16,069.1) (12,494.8)
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Gross profit 7,124.5 6,414.7 4,774.2
Operating and administrative expense (5,522.8) (5,135.0) (3,882.5)
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Operating profit 1,601.7 1,279.7 891.7
Interest expense (235.0) (241.2) (178.5)
Equity in earnings of unconsolidated affiliates 28.5 34.9 50.0
Other income, net 1.7 2.9 4.4
■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■
Income before income taxes and extraordinary loss 1,396.9 1,076.3 767.6
Income taxes (590.2) (454.8) (307.0)
■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■
Income before extraordinary loss 806.7 621.5 460.6
Extraordinary loss related to early retirement of debt,
net of income tax benefit of $41.1 –(64.1) –
■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■
Net income $ 806.7 $ 557.4 $ 460.6
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Basic earnings per share:
Income before extraordinary loss $ 1.67 $ 1.35 $ 1.06
Extraordinary loss –(0.14) –
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Net income $ 1.67 $ 1.21 $ 1.06
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Diluted earnings per share:
Income before extraordinary loss $ 1.59 $ 1.25 $ 0.97
Extraordinary loss –(0.13) –
■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■
Net income $ 1.59 $ 1.12 $ 0.97
■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■
Weighted average shares outstanding – basic 482.8 462.3 436.0
Weighted average shares outstanding – diluted 508.8 497.7 475.7
52 Weeks 53 Weeks 52 Weeks
(In millions, except per-share amounts) 1998 1997 1996
Consolidated Statements of Income
See accompanying notes to consolidated financial statements.