Walgreens 2011 Annual Report Download - page 26

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Consolidated Statements of Earnings
Walgreen Co. and Subsidiaries for the years ended August 31, 2011, 2010, and 2009 (In millions, except per share amounts)
Earnings 2011 2010 2009
Net sales $ 72,184 $ 67,420 $ 63,335
Cost of sales 51,692 48,444 45,722
Gross Profit 20,492 18,976 17,613
Selling, general and administrative expenses 16,561 15,518 14,366
Gain on sale of business 434 — —
Operating Income 4,365 3,458 3,247
Interest expense, net (71) (85) (83)
Earnings Before Income Tax Provision 4,294 3,373 3,164
Income tax provision 1,580 1,282 1,158
Net Earnings $ 2,714 $ 2,091 $ 2,006
Net earnings per common share – basic $ 2.97 $ 2.13 $ 2.03
Net earnings per common share – diluted 2.94 2.12 2.02
Average shares outstanding 915.1 981.7 990.0
Dilutive effect of stock options 9.4 6.2 1.3
Average diluted shares 924.5 987.9 991.3
The accompanying Notes to Consolidated Financial Statements are integral parts of these statements.
Page 24 2011 Walgreens Annual Report