Sysco 2008 Annual Report Download - page 60

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SYSCO
CONSOLIDATED RESULTS OF OPERATIONS
June 28, 2008 June 30, 2007 July 1, 2006
Year Ended
(In thousands except for share data)
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37,522,111 $ 35,042,075 $ 32,628,438
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,327,254 28,284,603 26,337,107
Gross margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,194,857 6,757,472 6,291,331
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,314,908 5,048,990 4,796,301
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,879,949 1,708,482 1,495,030
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,541 105,002 109,100
Other income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,930) (17,735) (9,016)
Earnings before income taxes and cumulative effect of accounting change . . 1,791,338 1,621,215 1,394,946
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 685,187 620,139 548,906
Earnings before cumulative effect of accounting change. . . . . . . . . . . . . . . . 1,106,151 1,001,076 846,040
Cumulative effect of accounting change . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 9,285
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,106,151 $ 1,001,076 $ 855,325
Earnings before cumulative effect of accounting change:
Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.83 $ 1.62 $ 1.36
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.81 1.60 1.35
Net earnings:
Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.83 1.62 1.38
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.81 1.60 1.36
See Notes to Consolidated Financial Statements
36