Pottery Barn 2011 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. 29, 2012
(52 Weeks)
Jan. 30, 2011
(52 Weeks)
Jan. 31, 2010
(52 Weeks)
Feb. 1, 2009
(52 Weeks)
Feb. 3, 2008
(53 Weeks)
Results of Operations
Net revenues $3,720,895 $3,504,158 $3,102,704 $3,361,472 $3,944,934
Net revenue growth (decline) 6.2% 12.9% (7.7%) (14.8%) 5.8%
Comparable brand revenue growth (decline)17.3% 13.9% (9.3%) (15.6%) 2.2%
Gross margin $1,459,856 $1,373,859 $1,103,237 $1,135,172 $1,535,971
Gross margin as a percent of net revenues 39.2% 39.2% 35.6% 33.8% 38.9%
Operating income2$ 381,732 $ 323,414 $ 121,442 $ 42,153 $ 313,398
Operating margin310.3% 9.2% 3.9% 1.3% 7.9%
Net earnings $ 236,931 $ 200,227 $ 77,442 $ 30,024 $ 195,757
Basic net earnings per share $ 2.27 $ 1.87 $ 0.73 $ 0.28 $ 1.79
Diluted net earnings per share $ 2.22 $ 1.83 $ 0.72 $ 0.28 $ 1.76
Financial Position
Working capital $ 704,567 $ 735,878 $ 616,711 $ 479,936 $ 438,241
Total assets $2,060,838 $2,131,762 $2,079,169 $1,935,464 $2,093,854
Return on assets 11.3% 9.5% 3.9% 1.5% 9.4%
Long-term debt and other long-term obligations $ 52,015 $ 59,048 $ 62,792 $ 62,071 $ 68,761
Stockholders’ equity $1,255,262 $1,258,863 $1,211,595 $1,147,984 $1,165,723
Stockholders’ equity per share (book value) $ 12.50 $ 12.00 $ 11.33 $ 10.86 $ 11.07
Return on equity 18.8% 16.2% 6.6% 2.6% 16.9%
Debt-to-equity ratio 0.6% 0.7% 0.8% 2.2% 2.2%
Annual dividends declared per share $ 0.73 $ 0.58 $ 0.48 $ 0.48 $ 0.46
Direct-to-Customer Net Revenues
Direct-to-customer net revenue growth (decline) 12.4% 18.6% (12.5%) (15.9%) 5.7%
Direct-to-customer net revenues as a percent of net revenues 43.9% 41.5% 39.5% 41.6% 42.2%
E-commerce net revenue growth (decline) 17.9% 26.9% (8.7%) (6.4%) 19.0%
E-commerce net revenues as a percent of direct-to-customer
net revenues 86.4% 82.4% 77.0% 73.9% 66.3%
Catalogs circulated during the year 259,675 265,138 262,351 313,740 393,160
Percent increase (decrease) in number of catalogs circulated (2.1%) 1.1% (16.4%) (20.2%) 3.7%
Percent increase (decrease) in number of pages circulated (2.6%) (1.3%) (21.1%) (30.3%) 7.9%
Retail Net Revenues
Retail net revenue growth (decline) 1.8% 9.2% (4.3%) (14.0%) 5.9%
Retail net revenues as a percent of net revenues 56.1% 58.5% 60.5% 58.4% 57.8%
Comparable store sales growth (decline)13.5% 9.8% (5.1%) (17.2%) 0.3%
Store count
Williams-Sonoma 259 260 259 264 256
Pottery Barn 194 193 199 204 198
Pottery Barn Kids 83 85 87 95 94
West Elm 37 36 36 36 27
Williams-Sonoma Home — — 11 10 9
Rejuvenation 3 — — — —
Outlets4—18181816
Number of stores at year-end 576 592 610 627 600
Store selling square footage at year-end 3,535,000 3,609,000 3,763,000 3,828,000 3,575,000
Store leased square footage at year-end 5,743,000 5,831,000 6,081,000 6,148,000 5,739,000
1Comparable brand revenue and comparable store sales are calculated 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. See definition of comparable brand revenue and comparable stores within Management’s Discussion
and Analysis of Financial Condition and Results of Operations.
2Operating income is defined as earnings before net interest income or expense and income taxes.
3Operating margin is defined as operating income as a percentage of net revenues.
4Beginning in fiscal 2011, Outlet stores and their leased square footage have been reclassified into their respective brands.
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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