JCPenney 2007 Annual Report Download - page 21

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(1) Includes the effect of the 53rd week in 2006 and 2003. Excluding sales of $254
million for the 53rd week in 2006, total net sales increased 1.1% and 4.6% for 2007
and 2006, respectively. Excluding sales of $198 million for the 53rd week in 2003,
total net sales increased 4.5% and decreased 0.4% for 2004 and 2003, respectively.
(2) Comparable store sales are presented on a 52-week basis, and include sales of new
and relocated stores, and stores reopened after being closed for an extended period
(e.g., stores closed due to natural disasters), after such stores have been open for 12
full consecutive fiscal months. Stores remodeled and minor expansions not requiring
store closure remain in the comparable store sales calculation. Beginning in 2008,
the Company changed its sales reporting to include online sales, through jcp.com, in
comparable store sales. Comparable store sales presented in the table above have
been reclassified for all periods presented to include jcp.com sales.
(3) Calculations include the sales and square footage of department stores that were
open for a full fiscal year as of each year end, as well as online sales through
jcp.com. The 2006 and 2003 calculations exclude sales of the 53rd week.
OPERATING RESULTS 2007 2006 2005 2004 2003
Total net sales ($ in millions) $ 19,860 $ 19,903 $ 18,781 $ 18,096 $ 17,513
Total net sales percent (decrease)/increase (0.2)%(1) 6.0%(1) 3.8% 3.3%(1) 0.7%(1)
Comparable store sales increase(2) 0.0% 4.9% 4.2% 5.9% 2.4%
Sales per gross square foot(3) $ 177 $ 176 $ 167 $ 159 $ 150
Sales per net selling square foot(3) $ 248 $ 248 $ 236 $ 225 $ 212
Gross margin ($ in millions)
As a percent of sales
$ 7,671
38.6%
$ 7,825
39.3%
$ 7,191
38.3%
$ 6,792
37.5%
$ 6,276
35.8%
Operating income ($ in millions)
As a percent of sales
$ 1,888
9.5%
$ 1,922
9.7%
$ 1,631
8.7%
$ 1,275
7.0%
$ 786
4.5%
Income from continuing operations
($ in millions) $ 1,105 $ 1,134 $ 977 $ 657 $ 360
Diluted earnings per share
from continuing operations $ 4.90 $ 4.88 $ 3.83 $ 2.20 $ 1.20
Return on beginning stockholders’
equity – continuing operations 25.8% 28.3% 20.1% 12.1% 5.7%
Cash flow from operating activities
of continuing operations ($ in millions) $ 1,244 $ 1,255 $ 1,337 $ 1,111 $ 795
Capital expenditures ($ in millions) $ 1,243 $ 772 $ 535 $ 398 $ 359
Dividends declared per common share $ 0.80 $ 0.72 $ 0.50 $ 0.50 $ 0.50
Number of JCPenney stores 1,067 1,033 1,019 1,017 1,020
Gross selling space (square feet in millions) 106.6 103.1 101.4 101.3 101.1
COMMON STOCK HOLDINGS
The following table shows the approximate
ownership percentage of the Company’s
common stock by major category
as of December 31, 2007:
% Ownership
83% Institutional
8% Company savings plan
9% Individual and other