DSW 2013 Annual Report Download - page 23

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Table of Contents
Fiscal years ended(1)
2/1/2014
2/2/2013
1/28/2012
1/29/2011
1/30/2010
(dollars in thousands, except per share and net sales per average gross square foot)
DSW total square footage (in
thousands)(12) 8,687
8,120
7,289
6,972
6,840
Average gross square footage (in
thousands)(13) 8,415
7,690
7,158
6,928
6,840
DSW segment net sales per average
gross square foot(14) $265
$276
$262
$243
$213
Number of affiliated business
departments at end of period 356
344
336
352
356
Total comparable sales change(11) 0.2%
5.5%
8.3%
13.2%
3.2%
____________
(1) See Note 4 to the Consolidated Financial Statements included elsewhere in this Annual Report on form 10-K for a discussion of the impact of the Merger
on DSW’s consolidated financial statements.
(2) All fiscal years are based on a 52-week year, except for fiscal 2012, which is based on a 53-week year.
(3) Includes net sales for our three sales channels: DSW stores, dsw.com and the Affiliated Business Group.
(4) Gross profit is defined as net sales less cost of sales. Cost of sales includes the cost of merchandise, which includes markdowns and shrinkage. Also
included in the cost of sales are expenses associated with distribution and fulfillment (including depreciation) and store occupancy (excluding depreciation
and including store impairments).
(5) Working capital represents current assets less current liabilities.
(6) Current ratio represents current assets divided by current liabilities.
(7) Long-term obligations represent Premium Income Exchangeable Securities ("PIES") which were settled in DSW Class A Common Shares on September
15, 2011.
(8) The Board of Directors of DSW declared the first dividends in fiscal 2011. In August 2011, our Board of Directors declared a special dividend of $1.00
per share as well as our first quarterly dividend of $0.075 per share. In May 2012, our Board of Directors increased our quarterly dividend from $0.075
per share to $0.090 per share. In September 2012, our Board of Directors declared a special dividend of $1.00 per share. In December 2012, our Board of
Directors accelerated payment of the next quarterly dividend. In March 2013, our Board of Directors increased our quarterly dividend from $0.09 per
share to $0.125 per share.
(9) Fiscal 2012 capital expenditures excluded the $72 million purchase of DSW's corporate office headquarters and distribution center as this was considered
a permitted acquisition under our credit facility. For financial reporting purposes, as a transaction between entities under common control, the net book
value of assets transferred to DSW was considered an investing cash flow while the difference between the cash paid the net book value of assets
transferred to DSW was considered a financing cash flow.
(10) One combination DSW/Filene’s Basement store was re-categorized as a DSW store at the beginning of fiscal 2010.
(11) DSW store and affiliated business departments are comparable when in operation for at least 14 months at the beginning of the fiscal year. In fiscal 2010,
dsw.com was included in comparable sales as the sales channel had been open at least 14 months at the beginning of fiscal 2010. Stores or affiliated
business departments, as the case may be, are added to the comparable base at the beginning of the year and are dropped for comparative purposes in the
quarter that they are closed.
(12) DSW total square footage represents the total amount of square footage for DSW stores only; it does not reflect square footage of affiliated business
departments.
(13)Average gross square footage represents the monthly average of square feet for DSW stores only for each period presented and consequently reflects the
effect of opening stores in different months throughout the period.
19
Source: DSW Inc., 10-K, March 27, 2014 Powered by Morningstar® Document Research℠
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