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Fiscal Year |
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2000 | 1999 | 1998 | 1997 | 1996 | |
In millions, except per share amounts | (52 weeks) | (53 weeks) | (52 weeks) | (52 weeks) | (52 weeks) |
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Statement of operations data: | |||||
Net sales | $ 20,087.5 | $ 18,098.3 | $ 15,273.6 | $ 13,749.6 | $ 11,831.6 |
Gross margin(1) | 5,361.7 | 4,861.4 | 4,129.2 | 3,718.3 | 3,300.9 |
Selling, general & administrative | 3,742.4 | 3,448.0 | 2,949.0 | 2,776.0 | 2,490.8 |
Depreciation and amortization | 296.6 | 277.9 | 249.7 | 238.2 | 205.4 |
Merger, restructuring and other | |||||
nonrecurring charges | - | - | 178.6 | 422.4 | 12.8 |
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Operating profit(2) | 1,322.7 | 1,135.5 | 751.9 | 281.7 | 591.9 |
Other expense (income), net | 79.3 | 59.1 | 60.9 | 44.1 | (51.5) |
Income tax provision | 497.4 | 441.3 | 306.5 | 149.2 | 271.0 |
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Earnings from continuing operations | |||||
before extraordinary item(3) | $ 746.0 | $ 635.1 | $ 384.5 | $ 88.4 | $ 372.4 |
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Per common share data: | |||||
Earnings from continuing operations | |||||
before extraordinary item:(3) | |||||
Basic | $ 1.87 | $ 1.59 | $ 0.96 | $ 0.20 | $ 0.98 |
Diluted | 1.83 | 1.55 | 0.95 | 0.19 | 0.95 |
Cash dividends per common share | 0.230 | 0.230 | 0.225 | 0.220 | 0.220 |
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Balance sheet and other data: | |||||
Total assets | $ 7,949.5 | $ 7,275.4 | $ 6,686.2 | $ 5,920.5 | $ 6,014.9 |
Long-term debt | 536.8 | 558.5 | 275.7 | 290.4 | 1,204.8 |
Total shareholders' equity | 4,304.6 | 3,679.7 | 3,110.6 | 2,626.5 | 2,413.8 |
Number of stores (at end of period) | 4,133 | 4,098 | 4,122 | 4,094 | 4,204 |
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(1) | Gross margin includes the pre-tax effect of the following nonrecurring charges: (i) in 1998, $10.0 million ($5.9 million after-tax) related to the markdown of noncompatible Arbor merchandise and (ii) in 1997, $75.0 million ($49.9 million after-tax) related to the markdown of noncompatible Revco merchandise. |
(2) | Operating profit includes the pre-tax effect of the charges discussed in Note (1) above and the following merger, restructuring and other nonrecurring charges and gain: (i) in 2000, $19.2 million ($11.5 million after-tax) nonrecurring gain in total operating expenses, which represented a partial payment of our share of the settlement proceeds from a class action lawsuit against certain manufacturers of brand name prescription drugs, (ii) in 1998, $147.3 million ($101.3 million after-tax) charge related to the merger of CVS and Arbor and $31.3 million ($18.4 million after-tax) of nonrecurring costs incurred in connection with eliminating Arbor's information technology systems and Revco's noncompatible store merchandise fixtures, (iii) in 1997, $337.1 million ($229.8 million after-tax) charge related to the merger of CVS and Revco on May 29, 1997, $54.3 million ($32.0 million after-tax) of nonrecurring costs incurred in connection with eliminating Revco's information technology systems and noncompatible store merchandise fixtures and $31.0 million ($19.1 million after-tax) charge related to the restructuring of Big B, Inc. and (iv) in 1996, $12.8 million ($6.5 million after-tax) charge related to the write-off of costs incurred in connection with the failed merger of Rite Aid Corporation and Revco. |
(3) | Earnings from continuing operations before extraordinary item and earnings per common share from continuing operations before extraordinary item include the after-tax effect of the charges and gain discussed in Notes (1) and (2) above and a $121.4 million ($72.1 million after-tax) gain realized during 1996 upon the sale of equity securities received as partial proceeds from the sale of Marshalls during 1995.
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