1
Exhibit 99.1
CONSOLIDATED STATEMENT OF EARNINGS
YEAR TO DATE
1999
% %
1Q TO SLS 2Q TO SLS
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SALES........................................ 13,493,100,231 10,288,898,585
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COSTS AND EXPENSES:
MERCHANDISE COSTS,INCLUDING WAREHOUSING
AND TRANSPORTATION....................... 9,956,846,538 73.79% 7,577,495,603 73.65%
OPERATING GENERAL AND ADMINISTRATIVE....... 2,469,533,284 18.30% 1,864,034,196 18.12%
RENT....................................... 199,339,407 1.48% 142,775,073 1.39%
DEPRECIATION............................... 251,483,029 1.86% 197,801,464 1.92%
AMORTIZATION OF GOODWILL................... 29,473,000 0.22% 23,194,000 0.23%
DIVIDEND AND INTEREST INCOME............... (2,733,694) -0.02% (2,590,696) -0.03%
INTEREST EXPENSE INCL. CAPITAL LEASES...... 201,609,559 1.49% 150,636,345 1.46%
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TOTAL.................................... 13,105,551,123 97.13% 9,953,345,985 96.74%
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EARNINGS BEFORE TAX EXPENSE AND
EXTRAORDINARY ITEM......................... 387,549,108 2.87% 335,552,600 3.26%
TAX EXPENSE.................................. 156,569,845 1.16% 133,516,380 1.30%
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EARNINGS BEFORE EXTRAORDINARY ITEM........... 230,979,263 1.71% 202,036,220 1.96%
EXTRAORDINARY ITEM........................... (19,000) 0.00% (9,817,634) -0.10%
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NET EARNINGS ................................ 230,960,263 1.71% 192,218,586 1.87%
============== =============
EBITDA....................................... 879,381,002 6.52% 704,593,713 6.85%
LIFO......................................... 12,000,000 0.09% 0 0.00%
NET INTEREST................................. 198,875,865 1.47% 148,045,649 1.44%
EARNINGS PER COMMON SHARE:
BASIC FROM OPERATIONS........................ 0.28 0.24
EXTRAORDINARY ITEM.......................... 0.00 -0.01
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NET EARNINGS PER COMMON SHARE................ 0.28 0.23
=========== ===========
NUMBER OF COMMON SHARES USED IN
PER SHARE CALCULATION.................... 827,303,506 828,589,780
EARNINGS PER COMMON SHARE:
DILUTED FROM OPERATIONS...................... 0.27 0.24
EXTRAORDINARY ITEM.......................... 0.00 -0.01
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NET EARNINGS PER COMMON SHARE................ 0.27 0.23
=========== ===========
NUMBER OF COMMON SHARES USED IN
PER SHARE CALCULATION.................... 863,349,210 859,647,707
% %
2Q YTD TO SLS 3Q TO SLS
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SALES........................................ 23,781,998,816 10,329,158,726
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COSTS AND EXPENSES:
MERCHANDISE COSTS,INCLUDING WAREHOUSING
AND TRANSPORTATION....................... 17,534,342,141 73.73% 7,587,755,050 73.46%
OPERATING GENERAL AND ADMINISTRATIVE....... 4,333,567,480 18.22% 1,882,887,265 18.23%
RENT....................................... 342,114,480 1.44% 155,873,080 1.51%
DEPRECIATION............................... 449,284,493 1.89% 198,027,394 1.92%
AMORTIZATION OF GOODWILL................... 52,667,000 0.22% 23,335,205 0.23%
DIVIDEND AND INTEREST INCOME............... (5,324,390) -0.02% (3,168,937) -0.03%
INTEREST EXPENSE INCL. CAPITAL LEASES...... 352,245,904 1.48% 151,094,884 1.46%
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TOTAL.................................... 23,058,897,108 96.96% 9,995,803,941 96.77%
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EARNINGS BEFORE TAX EXPENSE AND
EXTRAORDINARY ITEM......................... 723,101,708 3.04% 333,354,785 3.23%
TAX EXPENSE.................................. 290,086,225 1.22% 131,439,916 1.27%
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EARNINGS BEFORE EXTRAORDINARY ITEM........... 433,015,483 1.82% 201,914,869 1.95%
EXTRAORDINARY ITEM........................... (9,836,634) -0.04% 0 0.00%
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NET EARNINGS ................................ 423,178,849 1.78% 201,914,869 1.95%
============== =============
EBITDA....................................... 1,583,974,715 6.66% 696,143,331 6.74%
LIFO......................................... 12,000,000 0.05% (6,500,000) -0.06%
NET INTEREST................................. 346,921,514 1.46% 147,925,947 1.43%
EARNINGS PER COMMON SHARE:
BASIC FROM OPERATIONS........................ 0.52 0.24
EXTRAORDINARY ITEM.......................... -0.01 0.00
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NET EARNINGS PER COMMON SHARE................ 0.51 0.24
=========== ===========
NUMBER OF COMMON SHARES USED IN
PER SHARE CALCULATION.................... 827,870,690 831,707,607
EARNINGS PER COMMON SHARE:
DILUTED FROM OPERATIONS...................... 0.50 0.24
EXTRAORDINARY ITEM.......................... -0.01 0.00
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NET EARNINGS PER COMMON SHARE................ 0.49 0.24
=========== ===========
NUMBER OF COMMON SHARES USED IN
PER SHARE CALCULATION.................... 861,422,505 857,421,407
%
3Q YTD TO SLS
--------------
SALES........................................ 34,111,157,542
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COSTS AND EXPENSES:
MERCHANDISE COSTS,INCLUDING WAREHOUSING
AND TRANSPORTATION....................... 25,122,097,191 73.65%
OPERATING GENERAL AND ADMINISTRATIVE....... 6,216,454,746 18.22%
RENT....................................... 497,987,560 1.46%
DEPRECIATION............................... 647,311,887 1.90%
AMORTIZATION OF GOODWILL................... 76,002,205 0.22%
DIVIDEND AND INTEREST INCOME............... (8,493,327) -0.02%
INTEREST EXPENSE INCL. CAPITAL LEASES...... 503,340,788 1.48%
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TOTAL.................................... 33,054,701,050 96.90%
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EARNINGS BEFORE TAX EXPENSE AND
EXTRAORDINARY ITEM......................... 1,056,456,492 3.10%
TAX EXPENSE.................................. 421,526,140 1.24%
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EARNINGS BEFORE EXTRAORDINARY ITEM........... 634,930,352 1.86%
EXTRAORDINARY ITEM........................... (9,836,634) -0.03%
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NET EARNINGS ................................ 625,093,718 1.83%
==============
EBITDA....................................... 2,280,118,045 6.68%
LIFO......................................... 5,500,000 0.02%
NET INTEREST................................. 494,847,461 1.45%
EARNINGS PER COMMON SHARE:
BASIC FROM OPERATIONS........................ 0.77
EXTRAORDINARY ITEM.......................... -0.01
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NET EARNINGS PER COMMON SHARE................ 0.76
===========
NUMBER OF COMMON SHARES USED IN
PER SHARE CALCULATION.................... 829,089,603
EARNINGS PER COMMON SHARE:
DILUTED FROM OPERATIONS...................... 0.74
EXTRAORDINARY ITEM.......................... -0.01
-----------
NET EARNINGS PER COMMON SHARE................ 0.73
===========
NUMBER OF COMMON SHARES USED IN
PER SHARE CALCULATION.................... 860,028,747