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7 ELEVEN INC - 10-K - 20040315 - INCOME_STATEMENT
7-ELEVEN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in thousands, except per-share data)
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Years Ended December 31
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2001
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2002
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2003
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(Restated)
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(Restated)
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REVENUES:
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Merchandise sales
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$
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6,672,029
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$
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7,020,500
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$
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7,412,453
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Gasoline sales
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2,636,634
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2,760,576
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3,372,279
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Net sales
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9,308,663
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9,781,076
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10,784,732
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Other income
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111,894
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102,924
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96,984
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Total revenues
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9,420,557
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9,884,000
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10,881,716
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COSTS AND EXPENSES:
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Merchandise cost of goods sold
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4,338,199
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4,524,412
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4,777,884
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Gasoline cost of goods sold
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2,382,968
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2,506,421
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3,045,989
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Total cost of goods sold
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6,721,167
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7,030,833
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7,823,873
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Franchisee gross profit expense
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698,128
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742,848
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798,002
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Operating, selling, general and administrative expenses
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1,771,381
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1,943,170
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2,047,543
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Interest expense, net
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62,693
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64,721
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71,318
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Total costs and expenses
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9,253,369
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9,781,572
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10,740,736
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EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE
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167,188
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102,428
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140,980
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INCOME TAX EXPENSE
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65,203
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40,971
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53,572
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EARNINGS FROM CONTINUING OPERATIONS BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE
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101,985
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61,457
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87,408
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LOSS ON DISCONTINUED OPERATIONS (net of tax benefit of $5,382, $13,694 and $8,011)
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(8,418
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(20,541
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(13,070
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CUMULATIVE EFFECT OF ACCOUNTING CHANGE (net of tax benefit of $6,295, $18,759 and $6,550)
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(9,847
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(28,139
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(10,244
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NET EARNINGS
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$
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83,720
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$
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12,777
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$
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64,094
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NET EARNINGS PER COMMON SHARE:
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Basic
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Earnings from continuing operations before cumulative effect of accounting change
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$
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.97
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$
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.59
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$
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.82
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Loss on discontinued operations
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(.08
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(.20
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(.12
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Cumulative effect of accounting change
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(.09
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(.27
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(.10
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Net earnings
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$
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.80
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$
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.12
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$
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.60
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Diluted
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Earnings from continuing operations before cumulative effect of accounting change
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$
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.90
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$
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.56
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$
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.76
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Loss on discontinued operations
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(.07
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(.18
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(.10
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Cumulative effect of accounting change
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(.08
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(.25
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(.08
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Net earnings
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$
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.75
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$
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.13
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$
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.58
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