Pottery Barn 2012 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
Fiscal 2012
(53 Weeks)
Fiscal 2011
(52 Weeks)
Fiscal 2010
(52 Weeks)
Fiscal 2009
(52 Weeks)
Fiscal 2008
(52 Weeks)
Results of Operations
Net revenues $4,042,870 $3,720,895 $3,504,158 $3,102,704 $3,361,472
Net revenue growth (decline) 8.7% 6.2% 12.9% (7.7%) (14.8%)
Comparable brand revenue growth (decline)16.1% 7.3% 13.9% (9.3%) (15.6%)
Gross margin $1,592,476 $1,459,856 $1,373,859 $1,103,237 $1,135,172
Gross margin as a percent of net revenues 39.4% 39.2% 39.2% 35.6% 33.8%
Operating income2$ 409,163 $ 381,732 $ 323,414 $ 121,442 $ 42,153
Operating margin310.1% 10.3% 9.2% 3.9% 1.3%
Net earnings $ 256,730 $ 236,931 $ 200,227 $ 77,442 $ 30,024
Basic earnings per share $ 2.59 $ 2.27 $ 1.87 $ 0.73 $ 0.28
Diluted earnings per share $ 2.54 $ 2.22 $ 1.83 $ 0.72 $ 0.28
Weighted average basic shares outstanding during
the period 99,266 104,352 106,956 105,763 105,530
Weighted average diluted shares outstanding during
the period 101,051 106,582 109,522 107,373 106,880
Financial Position
Working capital $ 659,645 $ 704,567 $ 735,878 $ 616,711 $ 479,936
Total assets $2,187,679 $2,060,838 $2,131,762 $2,079,169 $1,935,464
Return on assets 12.0% 11.3% 9.5% 3.9% 1.5%
Net cash provided by operating activities $ 364,127 $ 291,334 $ 355,989 $ 490,718 $ 230,163
Capital expenditures $ 205,404 $ 130,353 $ 61,906 $ 72,263 $ 191,789
Long-term debt and other long-term obligations $ 50,216 $ 52,015 $ 59,048 $ 62,792 $ 62,071
Stockholders’ equity $1,309,138 $1,255,262 $1,258,863 $1,211,595 $1,147,984
Stockholders’ equity per share (book value) $ 13.39 $ 12.50 $ 12.00 $ 11.33 $ 10.86
Return on equity 20.0% 18.8% 16.2% 6.6% 2.6%
Annual dividends declared per share $ 0.88 $ 0.73 $ 0.58 $ 0.48 $ 0.48
Direct-to-Customer Net Revenues
Direct-to-customer net revenue growth (decline) 14.5% 12.4% 18.6% (12.5%) (15.9%)
Direct-to-customer net revenues as a percent of net
revenues 46.2% 43.9% 41.5% 39.5% 41.6%
E-commerce net revenue growth (decline) 17.4% 17.9% 26.9% (8.7%) (6.4%)
E-commerce net revenues as a percent of direct-to-
customer net revenues 88.6% 86.4% 82.4% 77.0% 73.9%
Retail Net Revenues
Retail net revenue growth (decline) 4.1% 1.8% 9.2% (4.3%) (14.0%)
Retail net revenues as a percent of net revenues 53.8% 56.1% 58.5% 60.5% 58.4%
Comparable store sales growth (decline)12.3% 3.5% 9.8% (5.1%) (17.2%)
Number of stores at year-end 581 576 592 610 627
Store selling square footage at year-end 3,548,000 3,535,000 3,609,000 3,763,000 3,828,000
Store leased square footage at year-end 5,778,000 5,743,000 5,831,000 6,081,000 6,148,000
1Comparable brand revenue and comparable store sales are calculated on a 52-week to 52-week basis, with the exception of fiscal 2012
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.
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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