Advance Auto Parts 2009 Annual Report Download - page 32

19
2009 2008 2007 2006 2005
Statement of O
p
erations Data:
Net sales 5,412,623$ 5,142,255$ 4,844,404$ 4,616,503$ 4,264,971$
Cost of sales
(2)(15)
2,768,397 2,743,131 2,585,665 2,472,203 2,301,799
Gross profit 2,644,226 2,399,124 2,258,739 2,144,300 1,963,172
Selling, general and administrative expenses
(
15
)
2,189,841 1,984,197 1,842,310 1,740,950 1,554,680
Operating income 454,385 414,927 416,429 403,350 408,492
Interest expense (23,337) (33,729) (34,809) (35,992) (32,384)
Gain on extinguishment of debt - - - 986
-
Other income (expense), net 607 (506) 1,014 1,571 2,815
Income from continuing operations before
income taxes and loss on
discontinued operations 431,655 380,692 382,634 369,915 378,923
Income tax expense 161,282 142,654 144,317 138,597 144,198
Net income 270,373 238,038 238,317 231,318 234,725
Per Share Data:
Net income per basic share 2.85$ 2.51$ 2.29$ 2.18$ 2.17$
Net income per diluted share 2.83$ 2.49$ 2.28$ 2.16$ 2.13$
Cash dividends declared per basic share 0.24$ 0.24$ 0.24$ 0.24$ -$
Weighted average basic shares outstanding 94,459 94,655 103,826 106,129 108,318
Weighted average diluted shares outstanding 95,113 95,205 104,637 107,124 109,987
Cash flows provided by (used in):
Operating activities 699,690$ 478,739$ 410,542$ 333,604$ 321,632$
Investing activities (185,539) (181,609) (202,143) (258,642) (302,780)
Financing activities (451,491) (274,426) (204,873) (104,617) (34,390)
Balance Sheet and Other Financial Data:
Cash and cash equivalents 100,018$ 37,358$ 14,654$ 11,128$ 40,783$
Inventory 1,631,867$ 1,623,088$ 1,529,469$ 1,463,340$ 1,367,099$
Inventory turnover
(3)
1.70 1.74 1.73 1.75 1.79
Inventory per store
(4)
477$ 482$ 469$ 475$ 476$
Accounts payable to inventory ratio
(5)
61.2% 57.2% 55.1% 53.2% 54.8%
Net working capital
(
6
)
421,591$ 442,632$ 456,897$ 498,553$ 406,476$
Capital expenditures 192,934$ 184,986$ 210,600$ 258,586$ 216,214$
Total assets 3,072,963$ 2,964,065$ 2,805,566$ 2,682,681$ 2,542,149$
Total debt 204,271$ 456,164$ 505,672$ 477,240$ 438,800$
Total net debt
(
7
)
113,781$ 439,394$ 521,018$ 500,318$ 448,187$
Total stockholders' equity 1,282,365$ 1,075,166$ 1,023,795$ 1,030,854$ 919,771$
Selected Store Data:
Comparable store sales growth
(8)
5.3% 1.5% 0.7% 1.6% 8.2%
Number of stores at beginning of year 3,368 3,261 3,082 2,872 2,652
New stores 107 127 196 215 231
Closed stores (55) (20) (17) (5) (11)
Number of stores, end of period 3,420 3,368 3,261 3,082 2,872
Relocated stores 10 10 29 47 54
Stores with commercial delivery program, end of period 3,024 2,880 2,712 2,526 2,254
Total commercial sales, as a percentage of total sales 32.0% 29.5% 26.6% 25.0% 21.8%
SG&A expenses per store (in 000s)
(9)(10)(15)
645$ 599$ 581$ 585$ 585$
Operating income per team member (in 000s)
(
11
)(
15
)
9.41$ 9.02$ 9.40$ 9.29$ 10.30$
Total store square footage, end of period 24,973 24,711 23,982 22,753 21,246
Average net sales per store (in 000s)
(10)(12)
1,595$ 1,551$ 1,527$ 1,551$ 1,555$
Average net sales per square foot
(10)(13)
218$ 211$ 207$ 210$ 209$
Gross margin return on inventory
(
14
)
3.98$ 3.47$ 3.29$ 3.29$ 3.34$
Fiscal Year
(1)
(in thousands, except per share data and ratios)
(1) Our fiscal year consists of 52 or 53 weeks ending on the Saturday nearest to December 31st. All fiscal years
presented are 52 weeks, with the exception of Fiscal 2008 which consisted of 53 weeks.