23. QUARTERLY RESULTS (UNAUDITED)
Financial information for each quarter in the years ended June 29, 2013 and June 30, 2012 is set forth below:
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Fiscal 2013 Quarter Ended |
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September 29 |
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December 29 |
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March 30 |
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June 29 |
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Fiscal Year |
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(In thousands except for per share data) |
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Sales |
$ |
11,086,916 |
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$ |
10,796,890 |
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$ |
10,926,371 |
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$ |
11,601,056 |
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$ |
44,411,233 |
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Cost of sales |
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9,083,372 |
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8,879,324 |
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9,016,052 |
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9,564,894 |
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36,543,642 |
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Gross profit |
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2,003,544 |
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1,917,566 |
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1,910,319 |
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2,036,162 |
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7,867,591 |
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Operating expenses |
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1,524,762 |
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1,534,915 |
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1,573,117 |
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1,576,319 |
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6,209,113 |
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Operating income |
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478,782 |
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382,651 |
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337,202 |
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459,843 |
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1,658,478 |
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Interest expense |
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30,868 |
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32,242 |
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34,215 |
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31,170 |
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128,495 |
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Other expense (income), net |
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(2,477) |
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(1,753) |
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(3,410) |
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(9,832) |
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(17,472) |
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Earnings before income taxes |
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450,391 |
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352,162 |
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306,397 |
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438,505 |
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1,547,455 |
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Income taxes |
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163,793 |
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130,793 |
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104,980 |
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155,462 |
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555,028 |
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Net earnings |
$ |
286,598 |
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$ |
221,369 |
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$ |
201,417 |
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$ |
283,043 |
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$ |
992,427 |
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Per share: |
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Basic net earnings |
$ |
0.49 |
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$ |
0.38 |
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$ |
0.34 |
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$ |
0.48 |
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$ |
1.68 |
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Diluted net earnings |
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0.49 |
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0.38 |
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0.34 |
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0.47 |
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1.67 |
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Dividends declared |
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0.27 |
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0.28 |
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0.28 |
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0.28 |
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1.11 |
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Market price — high/low |
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31-28 |
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32-30 |
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36-31 |
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35-33 |
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36-28 |
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Fiscal 2012 Quarter Ended |
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October 1 |
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December 31 |
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March 31 |
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June 30 |
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Fiscal Year |
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(In thousands except for per share data) |
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Sales |
$ |
10,586,390 |
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$ |
10,244,421 |
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$ |
10,504,746 |
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$ |
11,045,382 |
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$ |
42,380,939 |
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Cost of sales |
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8,638,790 |
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8,398,771 |
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8,633,130 |
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9,033,671 |
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34,704,362 |
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Gross profit |
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1,947,600 |
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1,845,650 |
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1,871,616 |
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2,011,711 |
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7,676,577 |
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Operating expenses |
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1,438,260 |
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1,418,652 |
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1,432,786 |
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1,496,247 |
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5,785,945 |
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Operating income |
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509,340 |
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426,998 |
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438,830 |
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515,464 |
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1,890,632 |
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Interest expense |
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29,474 |
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28,324 |
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28,290 |
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27,308 |
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113,396 |
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Other (income), net |
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250 |
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(3,472) |
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(2,248) |
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(1,296) |
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(6,766) |
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Earnings before income taxes |
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479,616 |
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402,146 |
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412,788 |
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489,452 |
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1,784,002 |
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Income taxes |
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176,963 |
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152,033 |
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153,238 |
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180,183 |
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662,417 |
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Net earnings |
$ |
302,653 |
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$ |
250,113 |
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$ |
259,550 |
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$ |
309,269 |
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$ |
1,121,585 |
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Per share: |
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Basic net earnings |
$ |
0.51 |
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$ |
0.43 |
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$ |
0.44 |
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$ |
0.53 |
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$ |
1.91 |
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Diluted net earnings |
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0.51 |
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0.43 |
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0.44 |
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0.53 |
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1.90 |
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Dividends declared |
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0.26 |
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0.27 |
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0.27 |
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0.27 |
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1.07 |
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Market price — high/low |
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32-25 |
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30-25 |
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31-29 |
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30-27 |
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32-25 |
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Percentage change — 2013 vs. 2012: |
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Quarter 1 |
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Quarter 2 |
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Quarter 3 |
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Quarter 4 |
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Fiscal Year |
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Sales |
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5 |
% |
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5 |
% |
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4 |
% |
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5 |
% |
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5 |
% |
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Operating income |
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(6) |
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(10) |
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(23) |
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(11) |
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(12) |
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Net earnings |
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(5) |
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(11) |
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(22) |
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(8) |
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(12) |
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Basic net earnings per share |
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(4) |
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(12) |
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(23) |
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(9) |
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(12) |
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Diluted net earnings per share |
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(4) |
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(12) |
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(23) |
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(11) |
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(12) |
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Financial results are impacted by accounting changes and the adoption of various accounting standards. See Note 2, “Changes in Accounting.”