Dollar General 2012 Annual Report Download - page 111

10-K
The following table contains results of operations data for fiscal years 2012, 2011 and 2010, and
the dollar and percentage variances among those years.
2012 vs. 2011 2011 vs. 2010
Amount % Amount %
(amounts in millions, except per 2012 2011 2010 Change Change Change Change
share amounts)
Net sales by category:
Consumables ............ $11,844.8 $10,833.7 $ 9,332.1 $1,011.1 9.3%$1,501.6 16.1%
% of net sales ........... 73.93% 73.17% 71.59%
Seasonal ............... 2,172.4 2,051.1 1,887.9 121.3 5.9 163.2 8.6
% of net sales ........... 13.56% 13.85% 14.48%
Home products .......... 1,061.6 1,005.2 917.6 56.4 5.6 87.6 9.5
% of net sales ........... 6.63% 6.79% 7.04%
Apparel ................ 943.3 917.1 897.3 26.2 2.9 19.8 2.2
% of net sales ........... 5.89% 6.19% 6.88%
Net sales ............... $16,022.1 $14,807.2 $13,035.0 $1,214.9 8.2%$1,772.2 13.6%
Cost of goods sold ........ 10,936.7 10,109.3 8,858.4 827.4 8.2 1,250.8 14.1
% of net sales ........... 68.26% 68.27% 67.96%
Gross profit ............. 5,085.4 4,697.9 4,176.6 387.5 8.2 521.4 12.5
% of net sales ........... 31.74% 31.73% 32.04%
Selling, general and
administrative expenses . . . 3,430.1 3,207.1 2,902.5 223.0 7.0 304.6 10.5
% of net sales ........... 21.41% 21.66% 22.27%
Operating profit .......... 1,655.3 1,490.8 1,274.1 164.5 11.0 216.7 17.0
% of net sales ........... 10.33% 10.07% 9.77%
Interest expense .......... 127.9 204.9 274.0 (77.0) (37.6) (69.1) (25.2)
% of net sales ........... 0.80% 1.38% 2.10%
Other (income) expense .... 30.0 60.6 15.1 (30.7) (50.6) 45.5 301.4
% of net sales ........... 0.19% 0.41% 0.12%
Income before income taxes . 1,497.4 1,225.3 985.0 272.1 22.2 240.3 24.4
% of net sales ........... 9.35% 8.27% 7.56%
Income taxes ............ 544.7 458.6 357.1 86.1 18.8 101.5 28.4
% of net sales ........... 3.40% 3.10% 2.74%
Net income ............. $ 952.7 $ 766.7 $ 627.9 $ 186.0 24.3%$ 138.8 22.1%
% of net sales ........... 5.95% 5.18% 4.82%
Diluted earnings per share . . $ 2.85 $ 2.22 $ 1.82 $ 0.63 28.4%$ 0.40 22.0%
Net Sales. The net sales increase in 2012 reflects a same-store sales increase of 4.7% compared to
2011. For 2012, there were 9,783 same-stores which accounted for sales of $14.99 billion. Same-stores
include stores that have been open for at least 13 months and remain open at the end of the reporting
period. Same-store sales increases are calculated based on the comparable calendar weeks in the prior
year. The remainder of the increase in sales in 2012 was attributable to new stores, partially offset by
sales from closed stores. The increase in sales reflects increased customer traffic and average
transaction amounts, as a result of the refinement of our merchandise offerings, improvements in our
category management processes and store standards, and increased utilization of square footage in our
stores. Increases in sales of consumables outpaced our non-consumables, with sales of snacks, candy,
beverages and perishables contributing the majority of the increase throughout the year.
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