Advance Auto Parts 2012 Annual Report Download - page 27

20
Fiscal Year (1)
2012 2011 2010 2009 2008
(in thousands, except per share data, store data and ratios)
Selected Store Data and Performance
Measures:
Comparable store sales growth (8) (0.8)% 2.2% 8.0% 5.3% 1.5%
Number of stores at beginning of year 3,662 3,563 3,420 3,368 3,261
New stores 137 104 148 107 127
Closed stores (5) (5) (5) (55) (20)
Number of stores, end of period 3,794 3,662 3,563 3,420 3,368
Stores with commercial delivery program, end of
period 3,484 3,326 3,212 3,024 2,880
Total commercial sales, as a percentage of total
sales (in 000s) 38.1 % 37.0% 34.2% 32.0% 29.5%
Average net sales per store (in 000s) (9) $ 1,664 $ 1,708 $ 1,697 $ 1,595 $ 1,551
Operating income per store (in 000s) (10) 176 184 168 134 125
Gross margin return on inventory (11) 9.3 6.6 5.1 4.0 3.5
Total store square footage, end of period (in 000s) 27,806 26,663 25,950 24,973 24,711
(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.
(2) Cost of sales includes a non-cash inventory adjustment of $37,500 recorded in Fiscal 2008 due to a change in our inventory
management approach for slow moving inventory.
(3) Inventory turnover is calculated as cost of sales divided by the average of beginning and ending inventories.
(4) Inventory per store is calculated as ending inventory divided by ending store count.
(5) Accounts payable to inventory ratio is calculated as ending accounts payable divided by ending inventory. We aggregate
financed vendor accounts payable with accounts payable to calculate our accounts payable to inventory ratio.
(6) Net working capital is calculated by subtracting current liabilities from current assets.
(7) Net debt includes total debt and bank overdrafts, less cash and cash equivalents.
(8) Comparable store sales growth is calculated based on the change in net sales starting once a store has been open for 13
complete accounting periods (each period represents four weeks). Relocations are included in comparable store sales
growth from the original date of opening. Fiscal 2008 comparable store sales growth excludes sales from the 53rd week.
(9) Average net sales per store is calculated as net sales divided by the average of the beginning and the ending number of
stores for the respective period. Excluding the net sales impact of the 53rd week of Fiscal 2008 of approximately $88,800,
average net sales per store in Fiscal 2008 was $1,524.
(10) Operating income per store is calculated as operating income divided by the average of beginning and ending total store
count for the respective period. Operating income per store for Fiscal 2009 was $142 excluding the $26,100 impact of
store divestitures. Excluding the operating income impact of the 53rd week of Fiscal 2008 of approximately $15,800 and a
$37,500 non-cash inventory adjustment, operating income per store in Fiscal 2008 was $132.
(11) Gross margin return on inventory is calculated as gross profit divided by an average of beginning and ending inventory, net
of accounts payable and financed vendor accounts payable. Excluding the gross profit impact of the 53rd week of Fiscal 2008
of approximately $44,000 and a $37,500 non-cash inventory adjustment, gross margin return on inventory in Fiscal 2008
was 3.4.