Sears 2007 Annual Report Download - page 19

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Item 6. Selected Financial Data
The table below summarizes our recent financial information. The data set forth below should be read in
conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in
Item 7 and our consolidated financial statements and notes thereto in Item 8.
Fiscal
39 Weeks
Ended
January 28,
2004
Predecessor
Company
13 Weeks
Ended
April 30,
2003dollars in millions, except per share and store data 2007 2006(4) 2005(1)(4) 2004
Summary of Operations
Total revenues(2) ..................... $50,703 $53,016 $49,455 $19,843 $17,190 $6,181
Domestic comparable sales % ........... (4.3)% (3.7)% (5.3)% (11.0)% (9.5)% (3.2)%
Income (loss) before cumulative effect of a
change in accounting principle(3) ....... 826 1,492 947 1,106 234 (852)
Cumulative effect of a change in
accounting principle, net of tax(3) ...... — — (90) — — —
Discontinued operations ............... — — — — — (10)
Net income (loss)(3) ................... 826 1,492 857 1,106 234 (862)
Per Common Share
Basic:
Continuing income (loss) .......... $ 5.71 $ 9.59 $ 6.21 $ 12.39 $ 2.61 $ (1.63)
Cumulative effect of change in
accounting principle ............ — — (0.59) — — —
Discontinued operations ........... — — — — — (0.02)
Net income (loss) ................. $ 5.71 $ 9.59 $ 5.62 $ 12.39 $ 2.61 $ (1.65)
Diluted:
Continuing income (loss) .......... $ 5.70 $ 9.58 $ 6.17 $ 11.00 $ 2.51 $ (1.63)
Cumulative effect of change in
accounting principle ............ — — (0.59) — — —
Discontinued operations ........... — — — — — (0.02)
Net income (loss) ................. $ 5.70 $ 9.58 $ 5.58 $ 11.00 $ 2.51 $ (1.65)
Book value per common share .......... $ 80.59 $ 82.60 $ 72.64 $ 50.39 $ 24.64 $19.45
Financial Data
Total assets ......................... $27,397 $29,906 $30,467 $ 8,651 $ 6,074 $6,660
Long-term debt ...................... 1,922 2,109 2,488 91 76 59
Long-term capital lease obligations ....... 684 734 786 275 374 415
Capital expenditures (Predecessor
Company for the 13 weeks ended
April 30, 2003) .................... 582 508 552 230 108 4
Number of Stores ..................... 3,847 3,791 3,843 1,480 1,511 1,513
(1) Fiscal 2005 includes the results of Sears subsequent to the Merger date. As a result, fiscal 2005 results
include approximately 44 weeks of Sears’ results and 52 weeks of Kmart’s results.
(2) We follow a retail-based financial reporting calendar. Accordingly, our fiscal 2006 results reflect the
53-week period ended February 3, 2007 whereas fiscal years 2007, 2005, and 2004 contained 52-weeks.
Fiscal 2007, 2006 and 2005 ended on the Saturday closest to January 31st. The 39 weeks ended January 28,
2004 and fiscal 2004 ended on the last Wednesday in January. The reported results for fiscal 2003 have been
divided into two parts as a result of Kmart’s emergence from Chapter 11 bankruptcy in fiscal 2003. As
further discussed in Note 13 of Notes to Consolidated Financial Statements, due to the application of
Fresh-Start Accounting (defined in Note 13 of Notes to Consolidated Financial Statements) upon emergence
from Chapter 11 bankruptcy, the reported historical financial statements of the Predecessor Company for the
periods prior to May 1, 2003 generally are not comparable to those of the Successor Company. Thus, the
results of operations of the Successor Company were not combined with those of the Predecessor Company.
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