Pottery Barn 2013 Annual Report Download - page 39

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 2013
(52 Weeks)
Fiscal 2012
(53 Weeks)
Fiscal 2011
(52 Weeks)
Fiscal 2010
(52 Weeks)
Fiscal 2009
(52 Weeks)
Results of Operations
Net revenues $4,387,889 $4,042,870 $3,720,895 $3,504,158 $3,102,704
Net revenue growth (decline) 8.5% 8.7% 6.2% 12.9% (7.7%)
Comparable brand revenue growth (decline)18.8% 6.1% 7.3% 13.9% (9.3%)
Gross margin $1,704,216 $1,592,476 $1,459,856 $1,373,859 $1,103,237
Gross margin as a percent of net revenues 38.8% 39.4% 39.2% 39.2% 35.6%
Operating income2$ 452,098 $ 409,163 $ 381,732 $ 323,414 $ 121,442
Operating margin310.3% 10.1% 10.3% 9.2% 3.9%
Net earnings $ 278,902 $ 256,730 $ 236,931 $ 200,227 $ 77,442
Basic earnings per share $ 2.89 $ 2.59 $ 2.27 $ 1.87 $ 0.73
Diluted earnings per share $ 2.82 $ 2.54 $ 2.22 $ 1.83 $ 0.72
Weighted average basic shares outstanding during
the period 96,669 99,266 104,352 106,956 105,763
Weighted average diluted shares outstanding during
the period 98,765 101,051 106,582 109,522 107,373
Financial Position
Working capital $ 558,007 $ 659,645 $ 704,567 $ 735,878 $ 616,711
Total assets $2,336,734 $2,187,679 $2,060,838 $2,131,762 $2,079,169
Return on assets 12.3% 12.0% 11.3% 9.5% 3.9%
Net cash provided by operating activities $ 453,769 $ 364,127 $ 291,334 $ 355,989 $ 490,718
Capital expenditures $ 193,953 $ 205,404 $ 130,353 $ 61,906 $ 72,263
Long-term debt and other long-term obligations $ 61,780 $ 50,216 $ 52,015 $ 59,048 $ 62,792
Stockholders’ equity $1,256,002 $1,309,138 $1,255,262 $1,258,863 $1,211,595
Stockholders’ equity per share (book value) $ 13.35 $ 13.39 $ 12.50 $ 12.00 $ 11.33
Return on equity 21.7% 20.0% 18.8% 16.2% 6.6%
Annual dividends declared per share $ 1.24 $ 0.88 $ 0.73 $ 0.58 $ 0.48
Direct-to-Customer Net Revenues
Direct-to-customer net revenue growth (decline) 13.1% 14.5% 12.4% 18.6% (12.5%)
E-commerce net revenue growth (decline) 17.7% 17.4% 17.9% 26.9% (8.7%)
Direct-to-customer net revenues as a percent of net
revenues 48.2% 46.2% 43.9% 41.5% 39.5%
E-commerce net revenues as a percent of direct-to-
customer net revenues 92.2% 88.6% 86.4% 82.4% 77.0%
Retail Net Revenues
Retail net revenue growth (decline) 4.6% 4.1% 1.8% 9.2% (4.3%)
Retail net revenues as a percent of net revenues 51.8% 53.8% 56.1% 58.5% 60.5%
Number of stores at year-end 585 581 576 592 610
Store selling square footage at year-end 3,590,000 3,548,000 3,535,000 3,609,000 3,763,000
Store leased square footage at year-end 5,838,000 5,778,000 5,743,000 5,831,000 6,081,000
1Comparable brand revenue is 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 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 percent 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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Form 10-K