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TableofContents
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
Costofsales 23,181,768 24,731,537 24,273,923
Grossprofit 3,037,511 3,193,120 3,225,731
Selling,generalandadministrativeexpenses 2,170,524 2,274,642 2,341,168
Restructuring,integrationandotherexpenses 79,318 90,805 94,623
Operatingincome 787,669 827,673 789,940
Otherexpense,net (18,105) (19,043) (6,092)
Interestexpense (99,055) (95,665) (104,823)
Gainonlegalsettlement(Note13) — — 22,102
Incomebeforeincometaxes 670,509 712,965 701,127
Incometaxexpense 163,978 141,052 155,523
Netincome $ 506,531 $ 571,913 $ 545,604
Earningspershare:
Basic $ 3.87 $ 4.18 $ 3.95
Diluted $ 3.80 $ 4.12 $ 3.89
Sharesusedtocomputeearningspershare:
Basic 130,858 136,688 137,991
Diluted 133,173 138,791 140,119
Cashdividendspaidpercommonshare $ 0.68 $ 0.64 $ 0.60
Seenotestoconsolidatedfinancialstatements.
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