Financial Highlights


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(In thousands, except per share amounts and statistical data) 2002   2001 (1) 2000 (1)(5) 1999 (1) 1998 (1)
STATEMENTS OF EARNINGS DATA(2):
Sales $ 11,356,633   $ 11,082,112   $ 11,495,493   $ 10,197,373   $ 8,934,227  
Cost of goods sold and occupancy costs   8,022,663     7,940,067     8,435,928     7,405,870     6,448,046  
    Gross profit   3,333,970     3,142,045     3,059,565     2,791,503     2,486,181  
Store and warehouse operating and selling expenses   2,331,384     2,322,577     2,388,108     1,999,791     1,664,100  
General and administrative expenses   486,279     445,538     447,693     322,172     284,239  
Facility closure costs   6,744     8,436     110,038     40,425     -  
Other operating expenses   9,855     12,125     6,733     16,524     136,279  
    Operating profit   499,708     353,369     106,993     412,591     401,563  
Interest income   18,509     12,980     11,345     30,043     25,309  
Interest expense   (46,195 )   (43,339 )   (32,683 )   (24,852 )   (21,202 )
Miscellaneous income (expense), net   7,183     (9,057 )   4,632     (3,514 )   (18,985 )
Earnings from continuing operations before income taxes   479,205     313,953     90,287     414,268     386,685  
Income taxes   167,722     112,296     41,972     155,875     155,531  
Earnings from continuing operations   311,483     201,657     48,315     258,393     231,154  
Discontinued operations   (775 )   (614 )   1,017     (755 )   2,042  
Net earnings $ 310,708   $ 201,043   $ 49,332   $ 257,638   $ 233,196  
Earnings per share from continuing operations(3):
    Basic $ 1.02   $ 0.68   $ 0.16   $ 0.72   $ 0.63  
    Diluted   0.98     0.66     0.16     0.69     0.60  
Net earnings per share(3):
    Basic $ 1.01   $ 0.67   $ 0.16   $ 0.71   $ 0.64  
    Diluted   0.98     0.66     0.16     0.69     0.61  
STATISTICAL DATA:
Facilities open at end of period:
    United States and Canada:
        Office supply stores   867     859     888     825     702  
        Customer service centers   24     24     25     30     30  
        Call centers   13     13     7     7     8  
    International(4):
        Office supply stores   171     143     132     118     87  
        Customer service centers   20     20     17     17     16  
        Call centers   20     15     14     14     13  
BALANCE SHEET DATA:
Working capital $ 1,217,706   $ 721,867   $ 790,752   $ 687,007   $ 1,293,370  
Total assets   4,765,812     4,331,643     4,196,334     4,276,183     4,025,283  
Long-term debt, excluding current maturities   411,970     317,552     598,499     321,099     470,711  
Common stockholders' equity   2,297,112     1,848,438     1,601,251     1,907,720     2,028,879  
(1)   As applicable, amounts have been adjusted to reflect the Australian business as discontinued operations.
(2)   Certain amounts in prior year financial statements have been reclassified to conform to current year presentation.
(3)   Earnings per share amounts previously reported for 1998 have been restated to reflect the three-for-two stock split declared on February 24, 1999.
(4)   Includes facilities in our International Division that are wholly owned or leased, as well as those that we operate through licensing and joint venture agreements.
(5)   Includes 53 weeks in accordance with our 52–53 week reporting convention.