Dick's Sporting Goods 2014 Annual Report Download - page 110

Download and view the complete annual report

Please find page 110 of the 2014 Dick's Sporting Goods annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 114

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114

84 // DICK’S SPORTING GOODS // 2014 ANNUAL REPORT
NON-GAAP NET INCOME AND EARNINGS PER SHARE RECONCILIATION
Impairment of Non-GAAP
Year Ended February 2, 2013 As Reported Investments 1 Total
(In thousands, except per share data)
Net sales $ 5,836,119 $ - $ 5,836,119
Cost of goods sold, including occupancy and distribution costs 3,998,956 - 3,998,956
Gross Profit 1,837,163 - 1,837,163
Selling, general and administrative expenses 1,297,413 - 1,297,413
Pre-opening expenses 16,076 - 16,076
Income From Operations 523,674 - 523,674
Impairment of available-for-sale investments 32,370 (32,370) -
Interest expense 6,034 - 6,034
Other income (4,555) - (4,555)
Income Before Income Taxes 489,825 32,370 522,195
Provision for income taxes 199,116 4,734 203,850
Net Income $ 290,709 $ 27,636 $ 318,345
Earnings Per Common Share:
Basic $ 2.39 $ 2.62
Diluted $ 2.31 $ 2.53
Weighted Average Common Shares Outstanding:
Basic 121,629 121,629
Diluted 125,995 125,995
1 During the second quarter of 2012, the Company fully impaired its investment in JJB Sports and recorded a pre-tax charge of $32.4 million.
The Company recorded a deferred tax asset valuation allowance of approximately $7.9 million for a portion of the $32.4 million net capital loss
carryforward that it did not expect to realize at the time of the impairment.
FISCAL 2012 NET SALES ADJUSTED FOR THE 53RD WEEK
Net sales adjusted for the extra week during the 14 and 53 weeks ended February 2, 2013 are presented below to illustrate the impact
of the extra week on reported net sales in comparison to reported results for the 13 and 52 weeks ended February 1, 2014.
14 Weeks 53 Weeks
Year Ended February 2, 2013 Ended Ended
(Dollars in thousands)
Net sales $ 1,805,302 $ 5,836,119
Less: 53rd week net sales (74,445) (74,445)
Adjusted Net Sales $ 1,730,857 $ 5,761,674