Safeway 2002 Annual Report Download - page 51

SAFEWAY INC. 2002 ANNUAL REPORT 49
NOTE Q: QUARTERLY INFORMATION (UNAUDITED)
The summarized quarterly financial data presented below reflect all adjustments which, in the opinion of management, are of
a normal and recurring nature necessary to present fairly the results of operations for the periods presented.
Last 16 Third 12 Second 12 First 12
(in millions, except per-share amounts) 52 Weeks Weeks Weeks Weeks Weeks
2002(1)
Sales $32,399.2 $10,010.8 $7,508.0 $7,513.5 $7,366.9
Gross profit 10,096.4 3,097.9 2,309.1 2,375.3 2,314.1
Operating profit (loss) 1,673.3 (9.1) 530.2 565.9 586.2
Income (loss) from continuing operations
before income taxes 1,320.2 (132.3) 448.1 489.2 515.1
Income (loss) from continuing operations 568.5 (342.6) 280.9 305.0 325.0
(Loss) income from discontinued operations (696.6) (708.3) 0.4 4.3 7.1
Cumulative effect of accounting change (700.0) – – – (700.0)
Net (loss) income (828.1) (1,050.8) 281.3 309.3 (367.9)
Income (loss) per share from continuing
operations – basic $ 1.22 $ (0.77) $ 0.60 $ 0.63 $ 0.67
Income (loss) per share from continuing
operations – diluted 1.20 (0.77) 0.60 0.62 0.66
Net (loss) income per share – basic $ (1.77) $ (2.37) $ 0.60 $ 0.64 $ (0.76)
Net (loss) income per share – diluted (1.75) (2.37) 0.60 0.63 (0.74)
Price range, New York Stock Exchange 46.09 27.80 30.85 45.02 46.09
to 19.08 to 19.08 to 25.35 to 30.67 to 38.89
Last 16 Third 12 Second 12 First 12
(in millions, except per-share amounts) 52 Weeks Weeks Weeks Weeks Weeks
2001(2)
Sales $31,797.0 $9,926.7 $7,386.4 $7,399.9 $7,084.0
Gross profit 9,849.6 3,077.2 2,293.3 2,311.8 2,167.3
Operating profit 2,535.7 747.3 595.3 624.7 568.5
Income from continuing operations before income taxes 2,122.7 598.2 521.0 516.1 487.5
Income from continuing operations 1,286.7 362.3 327.3 303.9 293.3
Loss from discontinued operations (32.8) (8.7) (18.1) 3.4 (9.4)
Net income 1,253.9 353.6 309.2 307.3 283.9
Income per share from continuing operations – basic $ 2.56 $ 0.73 $ 0.65 $ 0.60 $ 0.58
Income per share from continuing operations – diluted 2.51 0.71 0.64 0.59 0.57
Net income per share – basic $ 2.49 $ 0.71 $ 0.61 $ 0.61 $ 0.56
Net income per share – diluted 2.44 0.70 0.60 0.59 0.55
Price range, New York Stock Exchange 61.38 46.25 49.70 55.99 61.38
to 37.44 to 37.44 to 40.75 to 47.77 to 46.06
(1) Loss from continuing operations for the last 16 weeks of 2002 includes a $704.2 million goodwill impairment charge for Randall’s, $32.7 million of pre-tax income from Canadian Imperial Bank of Commerce
for the termination of an in-store banking agreement with Safeway and a pre-tax charge of approximately $15.8 million related to the resolution of physical inventory count discrepancies at Casa Ley. Loss
from discontinued operations for the last 16 weeks of 2002 includes a $583.8 million impairment charge for Dominick’s and a $201.3 million estimated loss on disposal of Dominick’s.
(2) Income from continuing operations for the last 16 weeks of 2001 includes a $42.7 million pre-tax charge to recognize estimated lease liabilities associated with the Furr’s and Homeland bankruptcies
and a $51.0 million pre-tax charge for estimated payments under contractual obligations and a first-loss deficiency agreement in connection with the FBO bankruptcy. Income from continuing operations
for the second 12 weeks of 2001 includes a $30.1 million pre-tax charge to reduce the carrying amount of Safeway’s investment in GroceryWorks.