Home


Fiscal Year Ended
In millions, except per share amounts January 1,
2000
(53 weeks)
  December 26,
1998
(52 weeks)
  December 27,
1997
(52 weeks)

Net sales $18,098.3 $15,273.6 $13,749.6
Cost of goods sold, buying and warehousing costs 13,236.9 11,144.4 10,031.3

  Gross margin 4,861.4 4,129.2 3,718.3
         
Selling, general and administrative expenses 3,448.0 2,949.0 2,776.0
Depreciation and amortization 277.9 249.7 238.2
Merger, restructuring and other nonrecurring charges 178.6 422.4

  Total operating expenses 3,725.9 3,377.3 3,436.6

Operating profit 1,135.5 751.9 281.7
Interest expense, net 59.1 60.9 44.1

Earnings from continuing operations before income tax provision and extraordinary item 1,076.4 691.0 237.6
Income tax provision 441.3 306.5 149.2

Earnings from continuing operations before extraordinary item 635.1 384.5 88.4
Discontinued operations:
  Gain on disposal, net of income tax provision of $12.4 17.5

Earnings from discontinued operations 17.5

Earnings before extraordinary item 635.1 384.5 105.9
Extraordinary item, loss related to early retirement of debt, net of income tax benefit of $11.4 (17.1)

Net earnings 635.1 384.5 88.8
Preference dividends, net of income tax benefit (14.7) (13.6) (13.7)

Net earnings available to common shareholders $620.4 $370.9 $75.1

Basic earnings per common share:
  Earnings from continuing operations before extraordinary item $1.59 $0.96 $0.20
  Earnings from discontinued operations 0.05
  Extraordinary item, net of income tax benefit (0.05)

  Net earnings $1.59 $0.96 $0.20

  Weighted average common shares outstanding 391.3 387.1 377.2

Diluted earnings per common share:
  Earnings from continuing operations before extraordinary item $1.55 $0.95 $0.19
  Earnings from discontinued operations 0.05
  Extraordinary item, net of income tax benefit (0.05)

  Net earnings $1.55 $0.95 $0.19

  Weighted average common shares outstanding 408.9 405.2 385.1

Dividends declared per common share $0.230 $0.225 $0.220

See accompanying notes to consolidated financial statements.

Download this section in PDF format.

home

copyright 1999 CVS/pharmacy, Inc.
For Investor web site questions/comments, send e-mail to investorinfo@cvs.com