Petsmart 2005 Annual Report Download - page 39

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Item 6. Selected Financial Data
The following selected financial data is derived from the consolidated financial statements of PetSmart, Inc.
The data for periods prior to fiscal 2005 has been adjusted to reflect the adoption of SFAS No. 123(R), “Share-Based
Payments” as described in “Note 2: Change in Accounting Principle and Reclassifications in Consolidated
Financial Statements and Notes to Consolidated Financial Statements” under Notes to Consolidated Financial
Statements included in Item 8, “Financial Statements and Supplementary Data” of this Form 10-K. The data below
should be read in conjunction with Item 7. “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and the Company’s consolidated financial statements and notes thereto.
January 29,
2006
January 30,
2005(6)
February 1,
2004(6)
February 2,
2003(6)
February 3,
2002(6)
As of and for the Fiscal Year Ended(1)(2)
(In thousands, except per share amounts and operating data)
Statement of Operations Data:
Net sales .................... $ 3,760,499 $ 3,363,452 $ 2,993,115 $ 2,695,184 $ 2,501,012
Gross profit .................. 1,176,195 1,038,587 900,118 783,015 666,412
Operating, general and
administrative expenses ....... 864,815 781,248 681,270 629,803 607,617
Operating income ............. 311,380 257,339 218,848 153,212 58,795
Interest expense, net ........... 22,171 16,535 15,892 17,829 25,392
Income before income tax
expense ................... 289,209 240,804 202,956 135,383 33,403
Income tax expense ............ 106,719 83,351 78,005 56,883 1,277
Net income .................. $ 182,490 $ 157,453 $ 124,951 $ 78,500 $ 32,126
Earnings Per Common Share Data:
Basic ..................... $ 1.30 $ 1.09 $ 0.88 $ 0.59 $ 0.29
Diluted ................... $ 1.25 $ 1.05 $ 0.85 $ 0.55 $ 0.28
Dividends declared per common
share ....................... $ 0.12 $ 0.12 $ 0.04 $ — $ —
Weighted average common and
potentially dilutive common shares
outstanding:
Basic ..................... 140,791 143,888 141,641 134,148 112,006
Diluted ................... 145,577 149,652 147,255 141,682 114,067
Selected Operating Data:
Stores open at end of period ..... 826 726 643 583 560
Square footage at end of period . . . 19,029,359 16,967,480 15,314,577 14,105,873 13,644,908
Net sales per square foot(3) ...... $ 206 $ 205 $ 197 $ 188 $ 175
Net sales growth .............. 11.8% 12.4% 11.1% 7.8% 12.4%
Increase in comparable store
sales(4) ................... 4.2% 6.3% 7.0% 9.6% 6.5%
Selected Balance Sheet Data:
Merchandise inventories ........ $ 399,413 $ 337,281 $ 309,140 $ 257,090 $ 271,342
Working capital ............... $ 377,766 $ 477,929 $ 343,974 $ 271,558 $ 186,001
Total assets .................. $ 1,863,691 $ 1,678,407 $ 1,427,265 $ 1,203,547 $ 1,001,917
Total debt(5) ................. $ 364,123 $ 250,735 $ 170,395 $ 167,167 $ 341,718
Total stockholders’ equity ....... $ 940,750 $ 973,947 $ 816,651 $ 659,075 $ 304,027
Current ratio ................. 1.82 2.36 2.00 1.93 1.66
Long-term debt-to-equity ........ 37% 25% 20% 24% 109%
Total debt-to-capital............ 28% 20% 17% 20% 53%
(1) Certain items have been reclassified to conform to current year presentation.
(2) Fiscal 2001 consisted of 53 weeks; all other years reported consisted of 52 weeks.
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