Petsmart 2011 Annual Report Download - page 33

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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.
As of and for the Year Ended(1)
January 29,
2012
January 30,
2011
January 31,
2010
February 1,
2009
February 3,
2008
(In thousands, except per share amounts and operating data)
Statement of Operations Data:
Net sales ..................... $ 6,113,304 $ 5,693,797 $ 5,336,392 $ 5,065,293 $ 4,672,656
Gross profit ................... 1,804,423 1,654,531 1,519,217 1,495,433 1,436,821
Operating, general and
administrative expenses ....... 1,301,304 1,225,803 1,150,138 1,125,579 1,085,308
Operating income .............. 503,119 428,728 369,079 369,854 351,513
Gain on sale of equity
investment ..................————95,363
Interest expense, net ............ (56,842) (58,837) (59,748) (58,757) (44,683)
Income before income tax expense
and equity in income from
Banfield .................... 446,277 369,891 309,331 311,097 402,193
Income tax expense ............. (166,960) (140,396) (117,554) (121,019) (145,180)
Equity in income from Banfield . . . 10,926 10,372 6,548 2,592 1,671
Net income ................... $ 290,243 $ 239,867 $ 198,325 $ 192,670 $ 258,684
Earnings Per Common Share Data:
Basic ...................... $ 2.59 $ 2.05 $ 1.62 $ 1.55 $ 1.99
Diluted ..................... $ 2.55 $ 2.01 $ 1.59 $ 1.52 $ 1.95
Dividends declared per common
share ........................ $ 0.545 $ 0.475 $ 0.33 $ 0.12 $ 0.12
Weighted average shares outstanding:
Basic ...................... 111,909 116,799 122,363 124,342 129,851
Diluted ..................... 113,993 119,405 124,701 126,751 132,954
Selected Operating Data:
Stores open at end of period ...... 1,232 1,187 1,149 1,112 1,008
Square footage at end of period .... 27,247,399 26,617,162 25,876,510 25,102,528 22,825,783
Net sales per square foot(2) ....... $ 224 $ 214 $ 205 $ 208 $ 210
Net sales growth ............... 7.4% 6.7% 5.4% 8.4% 10.4%
Increase in comparable store
sales(3) .................... 5.4% 4.8% 1.6% 3.8% 2.4%
Selected Balance Sheet Data:
Merchandise inventories ......... $ 644,864 $ 615,841 $ 563,389 $ 584,011 $ 501,212
Average inventory per store(4) .... $ 523 $ 519 $ 490 $ 525 $ 497
Working capital ................ $ 582,582 $ 550,124 $ 501,381 $ 396,677 $ 214,404
Total assets ................... $ 2,544,084 $ 2,470,220 $ 2,461,986 $ 2,357,653 $ 2,167,257
Total debt(5) .................. $ 559,492 $ 566,829 $ 571,474 $ 585,993 $ 563,747
Total stockholders’ equity ........ $ 1,153,829 $ 1,170,642 $ 1,172,715 $ 1,144,136 $ 986,597
Current ratio .................. 1.86 1.96 1.89 1.83 1.31
Long-term debt-to-equity ........ 44% 45% 46% 48% 52%
Total debt-to-capital ............ 33% 33% 33% 34% 36%
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