Petsmart 2012 Annual Report Download - page 38

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Share Purchase Program
The following table presents purchases of our common stock under the respective share purchase programs (in thousands):
Year Ended
Share Purchase Program February 3, 2013 January 29, 2012 January 30, 2011
(53 weeks) (52 weeks) (52 weeks)
Authorized
Amount Date Approved by Board Program Termination Date Shares Purchased Purchase Value Shares Purchased Purchase Value Shares Purchased Purchase Value
$ 350,000 June 2009 July 31, 2011 — $ — — $ — 3,412 $ 107,069
$ 400,000 June 2010 July 31, 2011 — — 3,909 165,383 4,165 156,222
$ 450,000 June 2011 January 31, 2013 4,594 278,553 3,683 171,447 — —
$ 525,000 June 2012 January 31, 2014 2,599 178,058 — — — —
7,193 $ 456,611 7,592 $ 336,830 7,577 $ 263,291
The $450.0 million program was completed during the thirteen weeks ended October 28, 2012. As of February 3, 2013, $346.9
million remained available under the $525.0 million program.
Common Stock Dividends
We believe our ability to generate cash allows us to invest in the growth of the business and, at the same time, distribute a
quarterly dividend. Our revolving credit facility and letter of credit facility permit us to pay dividends, as long as we are not in
default and the payment of dividends would not result in default. During 2012, 2011 and 2010, we paid aggregate dividends of
$0.775 per share, $0.53 per share, and $0.45 per share, respectively.
Operating Capital and Capital Expenditure Requirements
Substantially all our stores are leased facilities. We opened 60 new stores and closed 14 stores in 2012. Generally, each new
store requires capital expenditures of approximately $0.7 million for fixtures, equipment and leasehold improvements,
approximately $0.3 million for inventory and approximately $0.1 million for preopening costs. We expect total capital spending
to be $140 million to $150 million for 2013, based on our plan to continue our store growth, remodel or replace certain store assets,
enhance our supply chain, continue our investment in the development of our information systems, and improve our infrastructure.
Our ability to fund our operations and make planned capital expenditures depends on our future operating performance and
cash flow, which are subject to prevailing economic conditions and to financial, business and other factors, some of which are
beyond our control.
The following table presents our capital expenditures (in thousands):
Year Ended
February 3,
2013 January 29, 2012 January 30, 2011
Capital Expenditures: (53 weeks) (52 weeks) (52 weeks)
New stores...................................................................................................................... $ 40,313 $ 44,737 $ 38,715
Store-related projects(1)................................................................................................. 57,139 32,623 49,989
PetsHotels(2).................................................................................................................. 983 3,758 9,980
Information technology.................................................................................................. 32,032 36,035 20,222
Supply chain................................................................................................................... 7,056 3,080 5,484
Other .............................................................................................................................. 944 487 684
Total capital expenditures ............................................................................................ $ 138,467 $ 120,720 $ 125,074
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(1) Includes store and grooming salon remodels, equipment replacement, relocations, and various merchandising projects.
(2) For new and existing stores.