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TableofContents
AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
  Years Ended
  July 2,  June 27,  June 28,
  2016 2015 2014
  (Thousands, except per share amounts)
Sales $ 26,219,279 $ 27,924,657 $ 27,499,654
Costofsales 23,181,768 24,731,537  24,273,923
Grossprofit  3,037,511   3,193,120  3,225,731
Selling,generalandadministrativeexpenses  2,170,524   2,274,642  2,341,168
Restructuring,integrationandotherexpenses 79,318 90,805  94,623
Operatingincome  787,669  827,673  789,940
Otherexpense,net (18,105)  (19,043)  (6,092)
Interestexpense (99,055)  (95,665)  (104,823)
Gainonlegalsettlement(Note13) — —  22,102
Incomebeforeincometaxes  670,509  712,965  701,127
Incometaxexpense 163,978 141,052  155,523
Netincome $ 506,531 $ 571,913 $ 545,604
Earningspershare:      
Basic $ 3.87 $ 4.18 $ 3.95
Diluted $ 3.80 $ 4.12 $ 3.89
Sharesusedtocomputeearningspershare:      
Basic 130,858 136,688  137,991
Diluted 133,173 138,791  140,119
Cashdividendspaidpercommonshare $ 0.68 $ 0.64 $ 0.60
Seenotestoconsolidatedfinancialstatements.
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