Consolidated Statements of Earnings


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(In thousands, except per share amounts) 2002 2001 2000
Sales   $ 11,356,633     $ 11,082,112     $ 11,495,493  
Cost of goods sold and occupancy costs   8,022,663     7,940,067     8,435,928  
    Gross profit   3,333,970     3,142,045     3,059,565  
Store and warehouse operating and selling expenses   2,331,384     2,322,577     2,388,108  
General and administrative expenses   486,279     445,538     447,693  
Facility closure costs   6,744     8,436     110,038  
Other operating expenses   9,855     12,125     6,733  
    Operating profit   499,708     353,369     106,993  
Other income (expense):
    Interest income   18,509     12,980     11,345  
    Interest expense   (46,195 )   (43,339 )   (32,683 )
    Miscellaneous income (expense), net   7,183     (9,057 )   4,632  
Earnings from continuing operations before income taxes   479,205     313,953     90,287  
Income taxes   167,722     112,296     41,972  
Earnings from continuing operations   311,483     201,657     48,315  
Discontinued operations   (775 )   (614 )   1,017  
Net earnings $ 310,708   $ 201,043   $ 49,332  
Earnings per share from continuing operations:
    Basic $ 1.02   $ 0.68   $ 0.16  
    Diluted   0.98     0.66     0.16  
Net earnings per share:
    Basic $ 1.01   $ 0.67   $ 0.16  
    Diluted   0.98     0.66     0.16  
The accompanying notes are an integral part of these statements.