Walgreens 2010 Annual Report Download - page 26

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Consolidated Statements of Earnings
Walgreen Co. and Subsidiaries for the years ended August 31, 2010, 2009 and 2008 (In millions, except per share amounts)
Earnings 2010 2009 2008
Net sales $ 67,420 $ 63,335 $ 59,034
Cost of sales 48,444 45,722 42,391
Gross Profit 18,976 17,613 16,643
Selling, general and administrative expenses 15,518 14,366 13,202
Operating Income 3,458 3,247 3,441
Interest expense, net (85) (83) (11)
Earnings Before Income Tax Provision 3,373 3,164 3,430
Income tax provision 1,282 1,158 1,273
Net Earnings $ 2,091 $ 2,006 $ 2,157
Net earnings per common share — basic $ 2.13 $ 2.03 $ 2.18
Net earnings per common share — diluted 2.12 2.02 2.17
Average shares outstanding 981.7 990.0 990.6
Dilutive effect of stock options 6.2 1.3 4.9
Average shares outstanding assuming dilution 987.9 991.3 995.5
The accompanying Notes to Consolidated Financial Statements are integral parts of these statements.
Page 24 2010 Walgreens Annual Report