Quarterly Results (Unaudited)

12 Months Ended

Jun. 28, 2014

Quarterly Results (Unaudited) [Abstract]

Quarterly Results (Unaudited)

23. QUARTERLY RESULTS (UNAUDITED)

Financial information for each quarter in the years ended June 28, 2014 and June 29, 2013 is set forth below:

	Fiscal 2014 Quarter Ended
	September 28		December 28		March 29		June 28		Fiscal Year
		(In thousands except for per share data)
Sales	$	11,714,267	$	11,237,969	$	11,277,484	$	12,286,992	$	46,516,712
Cost of sales		9,648,780		9,273,018		9,282,743		10,131,136		38,335,677
Gross profit		2,065,487		1,964,951		1,994,741		2,155,856		8,181,035
Operating expenses		1,587,289		1,613,174		1,662,116		1,731,334		6,593,913
Operating income		478,198		351,777		332,625		424,522		1,587,122
Interest expense		30,528		29,784		32,224		31,205		123,741
Other expense (income), net		(4,534)		(4,211)		3,718		(7,216)		(12,243)
Earnings before income taxes		452,204		326,204		296,683		400,533		1,475,624
Income taxes		166,614		115,369		115,746		146,362		544,091
Net earnings	$	285,590	$	210,835	$	180,937	$	254,171	$	931,533
Per share:
Basic net earnings	$	0.49	$	0.36	$	0.31	$	0.43	$	1.59
Diluted net earnings		0.48		0.36		0.31		0.43		1.58
Dividends declared		0.28		0.29		0.29		0.29		1.15
Market price — high/low		36-31		43-31		37-34		38-35		43-31

	Fiscal 2013 Quarter Ended
	September 29		December 29		March 30		June 29		Fiscal Year
		(In thousands except for per share data)
Sales	$	11,086,916	$	10,796,890	$	10,926,371	$	11,601,056	$	44,411,233
Cost of sales		9,057,121		8,844,780		8,983,889		9,528,836		36,414,626
Gross profit		2,029,795		1,952,110		1,942,482		2,072,220		7,996,607
Operating expenses		1,551,013		1,569,459		1,605,280		1,612,377		6,338,129
Operating income		478,782		382,651		337,202		459,843		1,658,478
Interest expense		30,868		32,242		34,215		31,170		128,495
Other (income), net		(2,477)		(1,753)		(3,410)		(9,832)		(17,472)
Earnings before income taxes		450,391		352,162		306,397		438,505		1,547,455
Income taxes		163,793		130,793		104,980		155,462		555,028
Net earnings	$	286,598	$	221,369	$	201,417	$	283,043	$	992,427
Per share:
Basic net earnings	$	0.49	$	0.38	$	0.34	$	0.48	$	1.68
Diluted net earnings		0.49		0.38		0.34		0.47		1.67
Dividends declared		0.27		0.28		0.28		0.28		1.11
Market price — high/low		31-28		32-30		36-31		35-33		36-28

Percentage change — 2014 vs. 2013:
	Quarter 1			Quarter 2			Quarter 3			Quarter 4			Fiscal Year
Sales		6	%		4	%		3	%		6	%		5	%
Operating income		-			(8)			(1)			(8)			(4)
Net earnings		-			(5)			(10)			(10)			(6)
Basic net earnings per share		-			(5)			(9)			(10)			(5)
Diluted net earnings per share		(2)			(5)			(9)			(9)			(5)

Financial results are impacted by accounting changes and the adoption of various accounting standards.  See Note 2, “Changes in Accounting.”