Pottery Barn 2008 Annual Report Download - page 35

ITEM 6. SELECTED FINANCIAL DATA
Five-Year Selected Financial Data
Dollars and amounts in thousands, except percentages,
per share amounts and retail stores data
Feb. 1, 2009
(52 Weeks)
Feb. 3, 2008
(53 Weeks)
Jan. 28, 2007
(52 Weeks)
Jan. 29, 2006
(52 Weeks)
Jan. 30, 2005
(52 Weeks)
Results of Operations
Net revenues $3,361,472 $3,944,934 $3,727,513 $3,538,947 $3,136,931
Net revenue growth (decline) (14.8%) 5.8% 5.3% 12.8% 13.9%
Gross margin $1,135,172 $1,535,971 $1,487,287 $1,435,482 $1,271,145
Earnings before income taxes $ 41,953 $ 316,340 $ 337,186 $ 348,798 $ 310,205
Net earnings $ 30,024 $ 195,757 $ 208,868 $ 214,866 $ 191,234
Basic net earnings per share $ 0.28 $ 1.79 $ 1.83 $ 1.86 $ 1.65
Diluted net earnings per share $ 0.28 $ 1.76 $ 1.79 $ 1.81 $ 1.60
Gross margin as a percent of net revenues 33.8% 38.9% 39.9% 40.6% 40.5%
Pre-tax operating margin as a percent of net revenues11.2% 8.0% 9.0% 9.9% 9.9%
Financial Position
Working capital $ 479,936 $ 438,241 $ 473,229 $ 492,772 $ 351,608
Total assets $1,935,464 $2,093,854 $2,048,331 $1,981,620 $1,745,545
Return on assets 1.5% 9.4% 10.1% 11.4% 11.9%
Long-term debt and other long-term obligations $ 62,071 $ 68,761 $ 32,562 $ 29,201 $ 32,476
Shareholders’ equity $1,147,984 $1,165,723 $1,151,431 $1,125,318 $ 957,662
Shareholders’ equity per share (book value) $ 10.86 $ 11.07 $ 10.48 $ 9.80 $ 8.30
Return on equity 2.6% 16.9% 18.3% 20.6% 21.7%
Debt-to-equity ratio 2.2% 2.2% 2.5% 3.0% 4.4%
Annual dividends declared per share $ 0.48 $ 0.46 $ 0.40 — —
Retail Revenues
Retail revenue growth (decline) (14.0%) 5.9% 6.0% 12.3% 11.6%
Retail revenues as a percent of net revenues 58.4% 57.8% 57.8% 57.4% 57.7%
Comparable store sales growth (decline)2(17.2%) 0.3% 0.3% 4.9% 3.5%
Store count
Williams-Sonoma 264 256 254 254 254
Pottery Barn 204 198 197 188 183
Pottery Barn Kids 95 94 92 89 87
West Elm 36 27 22 12 4
Williams-Sonoma Home 10 9 7 3 —
Outlets 18 16 16 16 15
Hold Everything — — — 8 9
Number of stores at year-end 627 600 588 570 552
Store selling area at fiscal year-end (sq. ft.) 3,828,000 3,575,000 3,389,000 3,140,000 2,911,000
Store leased area at fiscal year-end (sq. ft.) 6,148,000 5,739,000 5,451,000 5,035,000 4,637,000
Direct-to-Customer Revenues
Direct-to-customer revenue growth (decline) (15.9%) 5.7% 4.5% 13.6% 17.1%
Direct-to-customer revenues as a percent of net revenues 41.6% 42.2% 42.2% 42.6% 42.3%
Catalogs circulated during the year 313,740 393,160 379,011 385,158 368,210
Percent increase (decrease) in number of catalogs
circulated (20.2%) 3.7% (1.6%) 4.6% 12.1%
Percent increase (decrease) in number of pages circulated (30.3%) 7.9% 3.2% 9.7% 19.5%
1Pre-tax operating margin is defined as earnings before income taxes.
2Fiscal 2008 was calculated on a 52-week to 52-week basis. Fiscal 2007 was calculated on a 53-week to 53-week basis.
The information set forth above is not necessarily indicative of future operations and should be read in
conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and
the Consolidated Financial Statements and notes thereto in this Annual Report on Form 10-K.
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Form 10-K