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Quarterly Results (Unaudited)
 12 Months Ended
Jun. 27, 2015
Quarterly Financial Data [Abstract]  
Quarterly Results (Unaudited)
QUARTERLY RESULTS (UNAUDITED)
 
Financial information for each quarter in the years ended June 27, 2015 and June 28, 2014 is set forth below:
 
Fiscal 2015 Quarter Ended
 
 
 
September 27,
 
December 27,
 
March 28,
 
June 27,
 
Fiscal Year
 
(In thousands except for per share data)
Sales
$
12,445,081

 
$
12,087,074

 
$
11,746,659

 
$
12,401,938

 
$
48,680,752

Cost of sales
10,256,364

 
10,001,937

 
9,689,161

 
10,181,774

 
40,129,236

Gross profit
2,188,717

 
2,085,137

 
2,057,498

 
2,220,164

 
8,551,516

Operating expenses
1,723,104

 
1,769,691

 
1,730,190

 
2,099,169

 
7,322,154

Operating income
465,613

 
315,446

 
327,308

 
120,995

 
1,229,362

Interest expense
30,934

 
77,042

 
69,550

 
77,281

 
254,807

Other expense (income), net
(2,188
)
 
2,207

 
(8,577
)
 
(25,034
)
 
(33,592
)
Earnings before income taxes
436,867

 
236,197

 
266,335

 
68,748

 
1,008,147

Income taxes
158,054

 
78,218

 
89,380

 
(4,278
)
 
321,374

Net earnings
$
278,813

 
$
157,979

 
$
176,955

 
$
73,026

 
$
686,773

Per share:
 

 
 

 
 

 
 

 
 

Basic net earnings
$
0.47

 
$
0.27

 
$
0.30

 
$
0.12

 
$
1.16

Diluted net earnings
0.47

 
0.27

 
0.30

 
0.12

 
1.15

Dividends declared
0.29

 
0.30

 
0.30

 
0.30

 
1.19

Market price — high/low
39-36

 
41-36

 
41-38

 
39-36

 
41-36

 
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 (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


Percentage change — 2015 vs. 2014:
 
Quarter 1
 
Quarter 2
 
Quarter 3
 
Quarter 4
 
Fiscal Year
Sales
6
 %
 
8
 %
 
4
 %
 
1
 %
 
5
 %
Operating income
(3
)
 
(10
)
 
(2
)
 
(71
)
 
(23
)
Net earnings
(2
)
 
(25
)
 
(2
)
 
(71
)
 
(26
)
Basic net earnings per share
(4
)
 
(25
)
 
(3
)
 
(72
)
 
(27
)
Diluted net earnings per share
(2
)
 
(25
)
 
(3
)
 
(72
)
 
(27
)

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