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23. QUARTERLY RESULTS (UNAUDITED)
Financial information for each quarter in the years ended June 27, 2009 and June 28, 2008 is set forth below:
September 27 December 27 March 28 June 27 Fiscal Year
Fiscal 2009 Quarter Ended
(In thousands except for share data)
Sales . . ................................. $ 9,877,429 $ 9,149,803 $ 8,739,350 $ 9,086,748 $ 36,853,330
Cost of sales ............................. 7,990,873 7,399,690 7,102,274 7,324,162 29,816,999
Gross margin ............................. 1,886,556 1,750,113 1,637,076 1,762,586 7,036,331
Operating expenses. . . ...................... 1,381,804 1,328,249 1,231,753 1,222,314 5,164,120
Operating income .......................... 504,752 421,864 405,323 540,272 1,872,211
Interest expense . .......................... 26,410 28,400 28,233 33,279 116,322
Other income, net . ......................... (2,813) (5,223) (3,514) (3,395) (14,945)
Earnings before income taxes . ................. 481,155 398,687 380,604 510,388 1,770,834
Income taxes ............................. 204,341 161,033 154,438 195,074 714,886
Net earnings . ............................. $ 276,814 $ 237,654 $ 226,166 $ 315,314 $ 1,055,948
Per share:
Basic net earnings . . ...................... $ 0.46 $ 0.40 $ 0.38 $ 0.53 $ 1.77
Diluted net earnings . ...................... 0.46 0.40 0.38 0.53 1.77
Dividends declared . . ...................... 0.22 0.24 0.24 0.24 0.94
Market price — high/low . ................... 35-27 33-21 25-19 25-21 35-19
September 29 December 29 March 29 June 28 Fiscal Year
Fiscal 2008 Quarter Ended
(In thousands except for share data)
Sales . . ................................. $ 9,405,844 $ 9,239,505 $ 9,146,557 $ 9,730,205 $ 37,522,111
Cost of sales ............................. 7,614,702 7,471,725 7,412,036 7,828,791 30,327,254
Gross margin ............................. 1,791,142 1,767,780 1,734,521 1,901,414 7,194,857
Operating expenses. . . ...................... 1,336,509 1,318,768 1,316,877 1,342,754 5,314,908
Operating income .......................... 454,633 449,012 417,644 558,660 1,879,949
Interest expense . .......................... 26,371 28,915 28,744 27,511 111,541
Other income, net . ......................... (3,032) (8,343) (7,285) (4,270) (22,930)
Earnings before income taxes . ................. 431,294 428,440 396,185 535,419 1,791,338
Income taxes ............................. 164,305 164,292 155,284 201,306 685,187
Net earnings . ............................. $ 266,989 $ 264,148 $ 240,901 $ 334,113 $ 1,106,151
Per share:
Basic net earnings . . ...................... $ 0.44 $ 0.43 $ 0.40 $ 0.56 $ 1.83
Diluted net earnings . ...................... 0.43 0.43 0.40 0.55 1.81
Dividends declared . . ...................... 0.19 0.22 0.22 0.22 0.85
Market price — high/low . ................... 36-30 36-31 32-26 32-27 36-26
Percentage increases— 2009 vs. 2008:
Sales . . ................................. 5% (1)% (4)% (7)% (2)%
Operating income .......................... 11 (6) (3) (3) (0)
Net earnings . ............................. 4 (10) (6) (6) (5)
Basic net earnings per share . .................. 5 (7) (5) (5) (3)
Diluted net earnings per share ................. 7 (7) (5) (4) (2)
Financial results are impacted by accounting changes and the adoption of various accounting standards. See Note 2, Changes in Accounting.
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