Table of Contents AVNET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Years Ended June 29, June 30, July 1, 2019 2018 2017 (Thousands, except per share amounts) Sales $ 19,518,592 $ 19,036,892 $ 17,439,963 Cost of sales 17,032,490 16,509,708 15,070,521 Gross profit 2,486,102 2,527,184 2,369,442 Selling, general and administrative expenses 1,874,651 1,991,401 1,788,330 Goodwill impairment expense (Note 7) 137,396 181,440  — Restructuring, integration and other expenses 108,144 145,125 137,415 Operating income 365,911 209,218 443,697 Other income (expense), net 11,231 28,606 (33,717) Interest and other financing expenses, net (134,874) (92,747) (99,576) Income from continuing operations before taxes 242,268 145,077 310,404 Income tax expense 62,157 287,966 47,053 Income (loss) from continuing operations, net of tax 180,111 (142,889)  263,351 Income (loss) from discontinued operations, net of tax (3,774) (13,535) 261,927 Net income (loss) $ 176,337 $ (156,424)  $ 525,278 Earnings (loss) per share - basic: Continuing operations $ 1.64 $ (1.19) $ 2.07 Discontinued operations (0.03)  (0.11)  2.06 Net income (loss) per share basic $ 1.61 $ (1.30) $ 4.13 Earnings (loss) per share - diluted: Continuing operations $ 1.63 $ (1.19)  $ 2.05 Discontinued operations (0.04) (0.11) 2.03 Net income (loss) per share diluted $ 1.59 $ (1.30)  $ 4.08 Shares used to compute earnings per share: Basic 109,820 119,909 127,032 Diluted 110,798 119,909 128,651 Cash dividends paid per common share $ 0.80 $ 0.74 $ 0.70 See notes to consolidated financial statements. 43