AutoZone 2013 Annual Report Download - page 81

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19
Item 6. Selected Financial Data
(in thousands, except per share data, same store sales and selected
operating data)
Fiscal Year Ended August
2013(1) 2012 2011 2010 2009
Income Statement Data
Net sales .............................................................................................
.
$ 9,147,530 $ 8,603,863 $ 8,072,973 $ 7,362,618 $ 6,816,824
Cost of sales, including warehouse and delivery expenses...............
.
4,406,595 4,171,827 3,953,510 3,650,874 3,400,375
Gross profi
t
........................................................................................
.
4,740,935 4,432,036 4,119,463 3,711,744 3,416,449
Operating, selling, general and administrative expenses ..................
.
2,967,837 2,803,145 2,624,660 2,392,330 2,240,387
Operating profi
t
..................................................................................
.
1,773,098 1,628,891 1,494,803 1,319,414 1,176,062
Interest expense, ne
t
...........................................................................
.
185,415 175,905 170,557 158,909 142,316
Income before income taxes ..............................................................
.
1,587,683 1,452,986 1,324,246 1,160,505 1,033,746
Income tax expense ............................................................................
.
571,203 522,613 475,272 422,194 376,697
Net income .........................................................................................
.
$ 1,016,480 $ 930,373 $ 848,974 $ 738,311 $ 657,049
Diluted earnings per share .................................................................
.
$ 27.79 $ 23.48 $ 19.47 $ 14.97 $ 11.73
Adjusted weighted average shares for diluted earnings per share ....
.
36,581 39,625 43,603 49,304 55,992
Same Store Sales
Increase in domestic comparable store net sales(2) ...........................
.
0.0% 3.9% 6.4% 5.4% 4.4%
Balance Sheet Data
Current assets .....................................................................................
.
$ 3,278,013 $ 2,978,946 $ 2,792,425 $ 2,611,821 $ 2,561,730
Working (deficit) ...............................................................................
.
(891,137) (676,646) (638,471) (452,139) (145,022)
Total assets .........................................................................................
.
6,892,089 6,265,639 5,869,602 5,571,594 5,318,405
Current liabilities ...............................................................................
.
4,169,150 3,655,592 3,430,896 3,063,960 2,706,752
Deb
t
....................................................................................................
.
4,187,000 3,768,183 3,351,682 2,908,486 2,726,900
Long-term capital leases ....................................................................
.
73,925 72,414 61,360 66,333 38,029
Stockholders’ (deficit) .......................................................................
.
(1,687,319) (1,548,025) (1,254,232) (738,765) (433,074)
Selected O
p
eratin
g
Data
Number of stores at beginning of yea
r
..............................................
.
5,006 4,813 4,627 4,417 4,240
New stores ........................................................................................
.
197 193 188 213 180
Closed stores ....................................................................................
.
2 - 2 3 3
Net new stores ..................................................................................
.
195 193 186 210 177
Relocated stores ...............................................................................
.
11 10 10 3 9
Number of stores at end of year ........................................................
.
5,201 5,006 4,813 4,627 4,417
Domestic commercial programs ........................................................
.
3,421 3,053 2,659 2,424 2,303
Total store square footage (in thousands) .........................................
.
34,076 32,706 31,337 30,027 28,550
Average square footage per store ......................................................
.
6,552 6,533 6,511 6,490 6,464
Increase in store square footage .........................................................
.
4.2% 4.4% 4.4% 5.2% 4.6%
Inventory per store (in thousands) .....................................................
.
$ 550 $ 525 $ 512 $ 498 $ 500
Average net sales per store (in thousands) ........................................
.
$ 1,736 $ 1,716 $ 1,675 $ 1,595 $ 1,541
Net sales per store square foo
t
...........................................................
.
$ 265 $ 263 $ 258 $ 246 $ 239
Total employees at end of year (in thousands) ..................................
.
71 70 65 63 60
Inventory turnove
r
(3) ...........................................................................
.
1.6x 1.6x 1.6x 1.6x 1.5x
Accounts payable to inventory ratio ..................................................
.
115.6% 111.4% 111.7% 105.6% 96.0%
Afte
r
-tax return on invested capital (4) ................................................
.
32.7% 33.0% 31.3% 27.6% 24.4%
Adjusted debt to EBITDAR (5) ..........................................................
.
2.5 2.5 2.4 2.4 2.5
Net cash provided by operating activities (in thousands)..................
.
$ 1,415,011 $ 1,223,981 $ 1,291,538 $ 1,196,252 $ 923,808
Cash flow before share repurchases and changes in debt
(in thousands)(6) ................................................................................
.
$ 1,007,761 $ 949,627 $ 1,023,927 $ 947,643 $ 673,347
Share repurchases (in thousands) ......................................................
.
$ 1,387,315 $ 1,362,869 $ 1,466,802 $ 1,123,655 $ 1,300,002
Number of shares repurchased (in thousands) ...................................
.
3,511 3,795 5,598 6,376 9,313
(1) The fiscal year ended August 31, 2013 consisted of 53 weeks.
(2) The domestic comparable sales increases are based on sales for all domestic stores open at least one year.
Relocated stores are included in the same store sales computation based on the year the original store was
opened. Closed store sales are included in the same store sales computation up to the week it closes, and
excluded from the computation for all periods subsequent to closing. In addition, beginning in fiscal 2013, it
also includes all sales through our AutoZone branded websites, including consumer direct ship-to-home sales.
All prior period same store sales have been restated to be comparable. The effect of including sales from
AutoZone branded websites was not material to any period.
(3) Inventory turnover is calculated as cost of sales divided by the average merchandise inventory balance over
the trailing 5 quarters.
10-K