Pottery Barn 2010 Annual Report Download - page 38

ITEM 6. SELECTED FINANCIAL DATA
Five-Year Selected Financial Data
Dollars and amounts in thousands, except percentages,
per share amounts and retail stores data
Jan. 30, 2011
(52 Weeks)
Jan. 31, 2010
(52 Weeks)
Feb. 1, 2009
(52 Weeks)
Feb. 3, 2008
(53 Weeks)
Jan. 28, 2007
(52 Weeks)
Results of Operations
Net revenues $3,504,158 $3,102,704 $3,361,472 $3,944,934 $3,727,513
Net revenue growth (decline) 12.9% (7.7%) (14.8%) 5.8% 5.3%
Gross margin $1,373,859 $1,103,237 $1,135,172 $1,535,971 $1,487,287
Earnings before income taxes $ 323,060 $ 120,289 $ 41,953 $ 316,340 $ 337,186
Net earnings $ 200,227 $ 77,442 $ 30,024 $ 195,757 $ 208,868
Basic net earnings per share $ 1.87 $ 0.73 $ 0.28 $ 1.79 $ 1.83
Diluted net earnings per share $ 1.83 $ 0.72 $ 0.28 $ 1.76 $ 1.79
Gross margin as a percent of net revenues 39.2% 35.6% 33.8% 38.9% 39.9%
Pre-tax operating margin as a percent of net revenues19.2% 3.9% 1.2% 8.0% 9.0%
Financial Position
Working capital $ 735,878 $ 616,711 $ 479,936 $ 438,241 $ 473,229
Total assets $2,131,762 $2,079,169 $1,935,464 $2,093,854 $2,048,331
Return on assets 9.5% 3.9% 1.5% 9.4% 10.1%
Long-term debt and other long-term obligations $ 59,048 $ 62,792 $ 62,071 $ 68,761 $ 32,562
Shareholders’ equity $1,258,863 $1,211,595 $1,147,984 $1,165,723 $1,151,431
Shareholders’ equity per share (book value) $ 12.00 $ 11.33 $ 10.86 $ 11.07 $ 10.48
Return on equity 16.2% 6.6% 2.6% 16.9% 18.3%
Debt-to-equity ratio 0.7% 0.8% 2.2% 2.2% 2.5%
Annual dividends declared per share $ 0.58 $ 0.48 $ 0.48 $ 0.46 $ 0.40
Direct-to-Customer Revenues
Direct-to-customer revenue growth (decline) 18.6% (12.5%) (15.9%) 5.7% 4.5%
Direct-to-customer revenues as a percent of net revenues 41.5% 39.5% 41.6% 42.2% 42.2%
Internet revenue growth (decline) 26.9% (8.7%) (6.4%) 19.0% 21.0%
Internet revenues as a percent of direct-to-customer revenues 82.4% 77.0% 73.9% 66.3% 58.9%
Catalogs circulated during the year 265,138 262,351 313,740 393,160 379,011
Percent increase (decrease) in number of catalogs circulated 1.1% (16.4%) (20.2%) 3.7% (1.6%)
Percent increase (decrease) in number of pages circulated (1.3%) (21.1%) (30.3%) 7.9% 3.2%
Retail Revenues
Retail revenue growth (decline) 9.2% (4.3%) (14.0%) 5.9% 6.0%
Retail revenues as a percent of net revenues 58.5% 60.5% 58.4% 57.8% 57.8%
Comparable store sales growth (decline)29.8% (5.1%) (17.2%) 0.3% 0.3%
Store count
Williams-Sonoma 260 259 264 256 254
Pottery Barn 193 199 204 198 197
Pottery Barn Kids 85 87 95 94 92
West Elm 36 36 36 27 22
Williams-Sonoma Home — 11 10 9 7
Outlets 18 18 18 16 16
Number of stores at year-end 592 610 627 600 588
Store selling area at fiscal year-end (sq. ft.) 3,609,000 3,763,000 3,828,000 3,575,000 3,389,000
Store leased area at fiscal year-end (sq. ft.) 5,831,000 6,081,000 6,148,000 5,739,000 5,451,000
1Pre-tax operating margin is defined as earnings before income taxes.
2Calculated on a 52-week to 52-week basis, with the exception of fiscal 2007 which 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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