Sears 2009 Annual Report Download - page 19

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
dollars in millions, except per share and store data 2009 2008 2007 2006(1) 2005(1)(2)
Summary of Operations
Total revenues(3) ................................... $44,043 $46,770 $50,703 $53,016 $49,455
Domestic comparable sales % ........................ (5.1)% (8.0)% (4.3)% (3.7)% (5.3)%
Income before cumulative effect of a change in accounting
principle(4) ...................................... 235 53 826 1,492 947
Cumulative effect of a change in accounting principle, net
of tax(4) ........................................ ———— (90)
Net income attributable to Holdings’ shareholders(4) ....... 235 53 826 1,492 857
Per Common Share
Basic:
Income before cumulative effect of a change in
accounting principle .......................... $ 1.99 $ 0.42 $ 5.71 $ 9.59 $ 6.21
Cumulative effect of change in accounting principle . . ————(0.59)
Net income attributable to Holdings’ shareholders . . . . $ 1.99 $ 0.42 $ 5.71 $ 9.59 $ 5.62
Diluted:
Income before cumulative effect of a change in
accounting principle .......................... $ 1.99 $ 0.42 $ 5.70 $ 9.58 $ 6.17
Cumulative effect of change in accounting principle . . ————(0.59)
Net income attributable to Holdings’ shareholders . . . . $ 1.99 $ 0.42 $ 5.70 $ 9.58 $ 5.58
Holdings’ book value per common share ................ $ 79.21 $ 76.91 $ 80.59 $ 82.60 $ 72.64
Financial Data
Total assets ....................................... $24,808 $25,342 $27,397 $29,906 $30,467
Long-term debt .................................... 1,123 1,527 1,922 2,109 2,488
Long-term capital lease obligations .................... 575 605 684 734 786
Capital expenditures ................................ 361 497 570 508 552
Number of stores .................................. 3,921 3,918 3,847 3,791 3,843
(1) During the fourth quarter of 2007, Sears Canada changed its fiscal year end from the Saturday nearest
December 31st to the Saturday nearest January 31st. This change was retrospectively applied to prior year
amounts reported in the fiscal 2006 and 2005 columns as required by accounting standards for reporting
changes in accounting.
(2) 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.
(3) 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 2009, 2008, 2007, and 2005 contained 52-weeks.
(4) The periods presented were impacted by certain significant items, which affected the comparability of
amounts reflected in the above selected financial data. For fiscal 2009, 2008, and 2007, these significant
items are discussed within Item 7, “Management’s Discussion and Analysis of Financial Condition and
Results of Operations.” Fiscal 2006 results include the impact of a $74 million gain derived from our
investments in total return swaps, $36 million related to the June 2006 settlement of Visa/MasterCard
antitrust litigation, a tax benefit of $31 million related to the resolution of certain income tax matters,
restructuring charges of $28 million, a $41 million gain on the sale of Kmart’s former headquarters building,
and a charge of $74 million related to an unfavorable verdict in connection with a legal settlement. Fiscal
year 2005 included a $90 million charge, net of taxes, due to the cumulative effect of a change in accounting
principle pertaining to a change in accounting for certain indirect buying, warehousing and distribution costs
and a $111 million charge for restructuring costs.
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