Safeway 2002 Annual Report Download - page 18

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16 SAFEWAY INC. 2002 ANNUAL REPORT
52 Weeks 52 Weeks 52 Weeks 52 Weeks 53 Weeks
(Dollars in millions, except per-share amounts) 2002 2001 2000 1999 1998
RESULTS OF OPERATIONS
Sales $32,399.2 $31,797.0 $29,441.5 $26,299.8 $24,086.9
Gross profit 10,096.4 9,849.6 8,789.5 7,808.0 7,026.2
Operating and administrative expense (7,718.9) (7,212.9) (6,437.8) (5,850.9) (5,380.4)
Impairment charge (704.2) ––––
Goodwill amortization –(101.0) (87.2) (63.8) (50.7)
Operating profit 1,673.3 2,535.7 2,264.5 1,893.3 1,595.1
Interest expense (368.6) (366.1) (363.6) (261.1) (230.7)
Other income (loss), net 15.5 (46.9) 42.0 38.3 30.2
Income from continuing operations
before income taxes and cumulative
effect of accounting change 1,320.2 2,122.7 1,942.9 1,670.5 1,394.6
Income taxes (751.7) (836.0) (788.7) 686.3 (586.9)
Income from continuing operations
before cumulative effect of accounting change 568.5 1,286.7 1,154.2 984.2 807.7
Loss on discontinued operations, net of tax (696.6) (32.8) (62.3) (13.3) (1.0)
(Loss) income before cumulative effect of
accounting change (128.1) 1,253.9 1,091.9 970.9 806.7
Cumulative effect of accounting change (700.0) ––––
Net (loss) income $ (828.1) $ 1,253.9 $ 1,091.9 $ 970.9 $ 806.7
Basic earnings per share:
Income from continuing operations
before cumulative effect of accounting change $ 1.22 $ 2.56 $ 2.32 $ 1.97 $ 1.67
Loss on discontinued operations (1.49) (0.07) (0.13) (0.02) –
Cumulative effect of accounting change (1.50) ––––
Net (loss) income $ (1.77) $ 2.49 $ 2.19 $ 1.95 $ 1.67
Diluted earnings per share:
Income from continuing operations
before cumulative effect of accounting change $ 1.20 $ 2.51 $ 2.26 $ 1.91 $ 1.59
Loss on discontinued operations (1.47) (0.07) (0.13) (0.03) –
Cumulative effect of accounting change (1.48) ––––
Net (loss) income $ (1.75) $ 2.44 $ 2.13 $ 1.88 $ 1.59
FIVE-YEAR SUMMARY FINANCIAL INFORMATION
SAFEWAY INC. AND SUBSIDIARIES