Walgreens 2009 Annual Report Download - page 26

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Consolidated Statements of Earnings
Walgreen Co. and Subsidiaries for the years ended August 31, 2009, 2008 and 2007 (In millions, except shares and per share amounts)
Earnings 2009 2008 2007
Net sales $63,335 $59,034 $53,762
Cost of sales 45,722 42,391 38,518
Gross Profit 17,613 16,643 15,244
Selling, general and administrative expenses 14,366 13,202 12,093
Operating Income 3,247 3,441 3,151
Interest (expense) income, net (83) (11) 38
Earnings Before Income Tax Provision 3,164 3,430 3,189
Income tax provision 1,158 1,273 1,148
Net Earnings $ 2,006 $ 2,157 $ 2,041
Net earnings per common share – basic $ 2.03 $ 2.18 $ 2.04
Net earnings per common share – diluted 2.02 2.17 2.03
Average shares outstanding 989,975,768 990,609,865 998,633,559
Dilutive effect of stock options 1,355,126 4,933,681 7,706,509
Average shares outstanding assuming dilution 991,330,894 995,543,546 1,006,340,068
The accompanying Notes to Consolidated Financial Statements areintegral parts of these statements.
Page 24 2009 Walgreens Annual Report