Petsmart 2009 Annual Report Download - page 30

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.
January 31,
2010
February 1,
2009
February 3,
2008
January 28,
2007
January 29,
2006
As of and for the Year Ended(1)
(In thousands, except per share amounts and operating data)
Statement of Operations Data:
Net sales .................... $ 5,336,392 $ 5,065,293 $ 4,672,656 $ 4,233,857 $ 3,760,499
Gross profit .................. 1,519,217 1,495,433 1,436,821 1,307,770 1,173,001
Operating, general and
administrative expenses ....... 1,150,138 1,125,579 1,085,308 985,936 861,621
Operating income ............. 369,079 369,854 351,513 321,834 311,380
Gain on sale of equity
investment ................. — — 95,363 — —
Interest expense, net ........... (59,748) (58,757) (44,683) (31,717) (22,171)
Income before income tax expense
and equity in income from
investee ................... 309,331 311,097 402,193 290,117 289,209
Income tax expense ............ (117,554) (121,019) (145,180) (105,048) (106,719)
Equity in income from investee . . . 6,548 2,592 1,671 — —
Net income .................. $ 198,325 $ 192,670 $ 258,684 $ 185,069 $ 182,490
Earnings Per Common Share Data:
Basic ..................... $ 1.62 $ 1.55 $ 1.99 $ 1.36 $ 1.30
Diluted ................... $ 1.59 $ 1.52 $ 1.95 $ 1.33 $ 1.25
Dividends declared per common
share ....................... $ 0.33 $ 0.12 $ 0.12 $ 0.12 $ 0.12
Weighted average shares outstanding:
Basic ..................... 122,363 124,342 129,851 135,836 140,791
Diluted ................... 124,701 126,751 132,954 139,537 145,577
Selected Operating Data:
Stores open at end of period ..... 1,149 1,112 1,008 908 826
Square footage at end of period . . . 25,876,510 25,102,528 22,825,783 20,787,903 19,029,359
Net sales per square foot(2) ...... $ 205 $ 208 $ 210 $ 208 $ 206
Net sales growth .............. 5.4% 8.4% 10.4% 12.6% 11.8%
Increase in comparable store
sales(3) ................... 1.6% 3.8% 2.4% 5.0% 4.2%
Selected Balance Sheet Data:
Merchandise inventories ........ $ 563,389 $ 584,011 $ 501,212 $ 487,400 $ 399,413
Average inventory per store(4) .... $ 490 $ 525 $ 497 $ 537 $ 484
Working capital ............... $ 501,381 $ 396,677 $ 214,404 $ 324,887 $ 377,766
Total assets .................. $ 2,461,986 $ 2,357,653 $ 2,167,257 $ 2,053,477 $ 1,863,691
Total debt(5) ................. $ 571,474 $ 585,993 $ 563,747 $ 449,001 $ 364,123
Total stockholders’ equity ....... $ 1,172,715 $ 1,144,136 $ 986,597 $ 1,000,894 $ 940,750
Current ratio ................. 1.89 1.83 1.31 1.63 1.82
Long-term debt-to-equity ........ 46% 48% 52% 43% 37%
Total debt-to-capital............ 33% 34% 36% 31% 28%
(1) The year ended February 3, 2008 consisted of 53 weeks while all other periods presented consisted of 52 weeks.
As a result, all comparisons for the year ended February 3, 2008, other than comparable store sales, which was
calculated on an equivalent 52 week basis, also reflect the impact of one additional week. The estimated impact
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