Dick's Sporting Goods 2003 Annual Report Download - page 26

dks 03ar 24
Fiscal Year 2003 2002 2001 2000 1999
(Dollars in thousands, except per share and sales per square foot data)
STATEMENT OF OPERATIONS DATA:
Net sales $1,470,845 $1,272,584 $1,074,568 $ 893,396 $ 728,342
Gross profit 407,739 337,392 263,569 208,844 163,896
Selling, general and administrative expenses 314,885 262,755 213,065 169,392 132,403
(Gain) on sale / loss on write-down of
non-cash investment1,2 (3,536) 2,447 – – –
Income from continuing operations 52,819 38,264 23,471 15,947 14,691
Discontinued operations3–– – 7,304 3,514
Net income 52,819 38,264 23,471 8,643 11,177
Accretion of mandatorily redeemable
preferred stock4–– – (5,654) (14,404)
Net income (loss) applicable to common stockholders $52,819 $38,264 $ 23,471 $ 2,989 $ (3,227)
EARNINGS PER COMMON SHARE DATA5:
Diluted earnings (loss) applicable to
common stockholders $ 1.05 $ 0.93 $ 0.66 $ 0.23 $ (1.14)
Diluted weighted average shares outstanding 50,280 40,958 35,736 37,004 2,828
STORE DATA:
Comparable store net sales increase (decrease) 2.1% 5.1% 3.6% 3.0% (0.6%)
Number of stores at end of period 163 141 125 105 83
Total square feet at end of period 7,919,138 6,807,021 6,149,044 5,303,124 4,355,072
Net sales per square foot $193 $192 $ 186 $ 180 $ 175
OTHER DATA:
Gross profit margin 27.7% 26.5% 24.5% 23.4% 22.5%
Operating margin 5.9% 5.4% 4.2% 3.7% 3.8%
Inventory turnover 3.69x 3.83x 3.73x 3.91x 3.63x
Depreciation and amortization $17,554 $14,420 $ 12,082 $ 9,425 $ 8,662
BALANCE SHEET DATA:
Inventories $254,360 $233,497 $ 201,585 $ 163,149 $ 139,577
Total assets $498,531 $376,235 $ 321,982 $ 264,513 $ 219,752
Total debt including capitalized lease obligations $3,916 $3,577 $ 80,861 $ 73,647 $ 14,931
Total mandatorily redeemable preferred
stock excluded from stockholders’ equity6,7 $– $ – $ – $ – $ 152,170
Retained earnings (accumulated deficit) –
including accretion of redeemable
preferred stock8$63,044 $10,225 $ (28,039) $ (51,510) $ (54,499)
Total stockholders’ equity (deficit)7$242,981 $140,499 $ 63,105 $ 38,742 $ (62,814)
1Gain on sale of investment resulted from the sale of a portion of the Company’s non-cash investment in its third-party Internet commerce
service provider. We converted a royalty arrangement with that provider into an equity investment that resulted in this non-cash investment.
2The loss on write-down of non-cash investment resulted from a write-down of the investment in our third-party Internet commerce
service provider due to a decline in the value of that company’s publicly traded stock.
3Discontinued operations resulted from our former Internet commerce business.
4Represents accretion of the redeemable preferred stock to its redemption value through a charge to retained earnings / (accumulated deficit).
5Earnings per share data gives effect to the two-for-one stock split, in the form of a stock dividend, approved by the Company’s Board of
Directors on February 10, 2004.
6In connection with our recapitalization in fiscal 2000, the preferred stockholders elected to convert all outstanding shares of preferred
stock to shares of common stock, resulting in the conversion of 9,396,612 shares of preferred stock to 25,251,162 shares of common
stock. We repurchased approximately 60% of the shares of common stock from the former preferred stockholders for cash and
promissory notes. The notes were repaid in September 2001.
7The mandatorily redeemable preferred stock was not classified within stockholders’ equity (deficit) because of the redemption feature.
8Includes $63.9 million of accretion of the redeemable preferred stock to its redemption value through a charge to accumulated deficit.
five-year financial summary