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SWY » Topics » 24-WEEKS ENDED JUNE 17, 2006 COMPARED WITH 24-WEEKS ENDED JUNE 18, 2005

This excerpt taken from the SWY 10-Q filed Jul 21, 2006.

24-WEEKS ENDED JUNE 17, 2006 COMPARED WITH 24-WEEKS ENDED JUNE 18, 2005

Net income for the first 24 weeks of 2006 was $389.1 million ($0.86 per diluted share) compared to $265.3 million ($0.59 per diluted share) in the first 24 weeks of 2005. Net income for the first 24 weeks of 2006 includes a $58.5 million ($0.13 per diluted share) reduction in income tax expense for interest earned on a previously announced federal income tax refund. The gross profit margin was 28.87% in 2006 compared to 28.98% in 2005. This decline was primarily due to higher fuel sales (which have a lower gross margin), selected price investments, partly offset by reduced shrink. Operating and administrative expense was 25.04% of sales in 2006 compared to 25.55% of sales in 2005. This improvement is primarily due to increased sales and lower employee costs, as a percentage of sales.

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