Petsmart 2007 Annual Report Download - page 31

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Item 6. Selected Financial Data
The following selected financial data is derived from our consolidated financial statements. The data below
should be read in conjunction with Item 7. “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and our consolidated financial statements and notes thereto.
February 3,
2008
January 28,
2007
January 29,
2006
January 30,
2005
February 1,
2004
As of and for the Year Ended(1)
(In thousands, except per share amounts and operating data)
Statement of Operations Data:
Net sales .................... $ 4,672,656 $ 4,233,857 $ 3,760,499 $ 3,363,452 $ 2,993,115
Gross profit .................. 1,436,821 1,307,770 1,173,001 1,038,587 900,118
Operating, general and
administrative expenses ....... 1,085,308 985,936 861,621 781,248 681,270
Operating income ............. 351,513 321,834 311,380 257,339 218,848
Gain on sale of investment....... 95,363 — — — —
Interest income ............... 6,813 10,551 9,037 4,791 3,358
Interest expense............... (51,496) (42,268) (31,208) (21,326) (19,250)
Income before income tax expense
and equity in income from
investee ................... 402,193 290,117 289,209 240,804 202,956
Income tax expense ............ (145,180) (105,048) (106,719) (83,351) (78,005)
Equity in income from investee . . . 1,671 — — — —
Net income .................. $ 258,684 $ 185,069 $ 182,490 $ 157,453 $ 124,951
Earnings Per Common Share Data:
Basic ..................... $ 1.99 $ 1.36 $ 1.30 $ 1.09 $ 0.88
Diluted ................... $ 1.95 $ 1.33 $ 1.25 $ 1.05 $ 0.85
Dividends declared per common
share ....................... $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.04
Weighted average shares outstanding:
Basic ..................... 129,851 135,836 140,791 143,888 141,641
Diluted ................... 132,954 139,537 145,577 149,652 147,255
Selected Operating Data:
Stores open at end of period ..... 1,008 908 826 726 643
Square footage at end of period . . . 22,825,783 20,787,903 19,029,359 16,967,480 15,314,577
Net sales per square foot(2) ...... $ 210 $ 208 $ 206 $ 205 $ 197
Net sales growth .............. 10.4% 12.6% 11.8% 12.4% 11.1%
Increase in comparable store
sales(3) ................... 2.4% 5.0% 4.2% 6.3% 7.0%
Selected Balance Sheet Data:
Merchandise inventories ........ $ 501,212 $ 487,400 $ 399,413 $ 337,281 $ 309,140
Working capital ............... $ 172,982 $ 324,887 $ 377,766 $ 477,929 $ 343,974
Total assets .................. $ 2,167,257 $ 2,053,477 $ 1,863,691 $ 1,678,407 $ 1,427,265
Total debt(4) ................. $ 563,747 $ 449,001 $ 364,123 $ 250,735 $ 170,395
Total stockholders’ equity ....... $ 986,597 $ 1,000,894 $ 940,750 $ 973,947 $ 816,651
Current ratio ................. 1.31 1.63 1.82 2.36 2.00
Long-term debt-to-equity ........ 52% 43% 37% 25% 20%
Total debt-to-capital............ 36% 31% 28% 20% 17%
(1) Fiscal 2007 consisted of 53 weeks while all other periods presented consisted of 52 weeks. As a result, all
comparisons to 2006 other than comparable store sales which was calculated on an equivalent 53 week basis,
also reflect the impact of one additional week in 2007. The estimated impact of the additional week in 2007
resulted in the following increases: Net sales, $89.7 million; gross profit, $34.4 million; operating, general and
25