Starbucks 2008 Annual Report Download - page 48

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Item 8. Financial Statements and Supplementary Data
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
In millions, except earnings per share
Fiscal Year Ended Sep 28, 2008 Sep 30, 2007 Oct 1, 2006
Net revenues:
Company-operated retail ................................ $ 8,771.9 $7,998.3 $6,583.1
Specialty:
Licensing .......................................... 1,171.6 1,026.3 860.6
Foodservice and other ................................ 439.5 386.9 343.2
Total specialty ........................................ 1,611.1 1,413.2 1,203.8
Total net revenues ....................................... 10,383.0 9,411.5 7,786.9
Cost of sales including occupancy costs ....................... 4,645.3 3,999.1 3,178.8
Store operating expenses .................................. 3,745.1 3,215.9 2,687.8
Other operating expenses .................................. 330.1 294.2 253.7
Depreciation and amortization expenses ....................... 549.3 467.2 387.2
General and administrative expenses ......................... 456.0 489.2 479.4
Restructuring charges .................................... 266.9 — —
Total operating expenses............................... 9,992.7 8,465.6 6,986.9
Income from equity investees ............................... 113.6 108.0 94.0
Operating income ....................................... 503.9 1,053.9 894.0
Interest income and other, net .............................. 9.0 40.4 20.7
Interest expense ......................................... (53.4) (38.0) (8.4)
Earnings before income taxes............................... 459.5 1,056.3 906.3
Income taxes ........................................... 144.0 383.7 324.8
Earnings before cumulative effect of change in accounting principle . . 315.5 672.6 581.5
Cumulative effect of accounting change for FIN 47, net of taxes ..... — — 17.2
Net earnings........................................ $ 315.5 $ 672.6 $ 564.3
Per common share:
Earnings before cumulative effect of change in accounting
principle — basic .................................. $ 0.43 $ 0.90 $ 0.76
Cumulative effect of accounting change for FIN 47, net of
taxes ........................................... — — 0.02
Net earnings — basic ................................. $ 0.43 $ 0.90 $ 0.74
Earnings before cumulative effect of change in accounting
principle — diluted ................................. $ 0.43 $ 0.87 $ 0.73
Cumulative effect of accounting change for FIN 47, net of
taxes ........................................... — — 0.02
Net earnings — diluted ................................ $ 0.43 $ 0.87 $ 0.71
Weighted average shares outstanding:
Basic ............................................. 731.5 749.8 766.1
Diluted ........................................... 741.7 770.1 792.6
See Notes to Consolidated Financial Statements.
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