Safeway 2002 Annual Report Download - page 27

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SAFEWAY INC. 2002 ANNUAL REPORT 25
CONSOLIDATED STATEMENTS OF OPERATIONS
SAFEWAY INC. AND SUBSIDIARIES
52 Weeks 52 Weeks 52 Weeks
(In millions, except per-share amounts) 2002 2001 2000
Sales $ 32,399.2 $ 31,797.0 $ 29,441.5
Cost of goods sold (22,302.8) (21,947.4) (20,652.0)
Gross profit 10,096.4 9,849.6 8,789.5
Operating and administrative expense (7,718.9) (7,212.9) (6,437.8)
Impairment charge (704.2) ––
Goodwill amortization –(101.0) (87.2)
Operating profit 1,673.3 2,535.7 2,264.5
Interest expense (368.6) (366.1) (363.6)
Other income (loss), net 15.5 (46.9) 42.0
Income from continuing operations before
income taxes and cumulative effect of
accounting change 1,320.2 2,122.7 1,942.9
Income taxes (751.7) (836.0) (788.7)
Income from continuing operations before
cumulative effect of accounting change 568.5 1,286.7 1,154.2
Discontinued operations:
Loss from operations of Dominick’s (including
goodwill impairment charge of $583.8 and loss on
disposal of $201.3 in 2002) (Note N) (787.9) (27.7) (76.4)
Income tax benefit (expense) 91.3 (5.1) 14.1
Loss on discontinued operations (696.6) (32.8) (62.3)
(Loss) income before cumulative effect of
accounting change (128.1) 1,253.9 1,091.9
Cumulative effect of accounting change (700.0) ––
Net (loss) income $ (828.1) $ 1,253.9 $ 1,091.9
BASIC (LOSS) EARNINGS PER SHARE:
Income from continuing operations before
cumulative effect of accounting change $ 1.22 $ 2.56 $ 2.32
Loss on discontinued operations (including
impairment charge and loss on disposal) (1.49) (0.07) (0.13)
Cumulative effect of accounting change (1.50) ––
Net (loss) income $ (1.77) $ 2.49 $ 2.19
DILUTED (LOSS) EARNINGS PER SHARE:
Income from continuing operations before
cumulative effect of accounting change $ 1.20 $ 2.51 $ 2.26
Loss on discontinued operations (including
impairment charge and loss on disposal) (1.47) (0.07) (0.13)
Cumulative effect of accounting change (1.48) ––
Net (loss) income $ (1.75) $ 2.44 $ 2.13
Weighted average shares outstanding – basic 467.3 503.3 497.9
Weighted average shares outstanding – diluted 473.8 513.2 511.6
See accompanying notes to consolidated financial statements.