Whole Foods 2009 Annual Report Download - page 36

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The following table provides information about the Company’s store development activities:
Properties Total
Stores Opened Stores Opened Tendered Leases Signed
During Fiscal During Fiscal as of as of
Year 2008 Year 2009 November 4, 2009 November 4, 20091
Number of stores (including relocations) 20 15 18 53
Number of relocations 6 6 1 8
Number of lease acquisitions, ground leases
and owned properties 4 4 4 4
New areas 3 1 4 7
Average store size (gross square feet) 53,000 53,500 43,500 44,800
Total square footage 1,060,700 801,800 783,800 2,409,700
Average tender period in months 9.7 12.6
Average pre-opening expense per store $2.5 million $3.0 million
Average pre-opening rent per store $1.1 million $1.3 million
1 Includes leased properties tendered
The following table provides information about the Company’s historical store growth:
2009 2008 2007
Stores at beginning of fiscal year 275 276 186
Stores opened 15 20 21
Acquired stores - - 109
Divested stores - - (35)
Relocations and closures (6) (21) (5)
Stores at end of fiscal year 284 275 276
Remodels with major expansions1 2 1 2
Total gross square footage at end of fiscal year 10,566,000 9,895,000 9,312,000
1 Defined as remodels with expansions of square footage greater than 20% completed during the fiscal year.
We are focused on the right sized store for each location and, since announcing in the third quarter of 2007 our intent to
decrease the size of several leases in development, we have downsized 14 leases by an average of 12,000 square feet each.
We also have terminated 16 leases for stores in development totaling approximately 846,000 square feet, or an average of
53,000 square feet per store. In addition, we are building out a smaller footprint (averaging 15,000 square feet each) at seven
locations, two of which opened in fiscal year 2009. We currently operate 12 stores in excess of 65,000 gross square feet and
have an additional five stores of that size in development, two of which are relocations.
The Company has opened three stores and closed one store in fiscal year 2010 as of November 4, 2009. The following table
provides additional information about the Company’s estimated store openings for the remainder of fiscal years 2010
through 2013 based on the Company’s current development pipeline. These openings reflect estimated tender dates which
are subject to change and do not incorporate any potential new leases, terminations or square footage reductions:
Average Ending
New Store Ending Square
Total Square Square Footage
Openings Relocations Footage Footage1 Growth
Remaining fiscal year 2010 stores in development 13 - 44,600 11,216,100 6.2%
Fiscal year 2011 stores in development 17 4 39,600 11,772,300 5.0%
Fiscal year 2012 stores in development 15 2 46,900 12,426,600 5.6%
Fiscal year 2013 stores in development 8 2 53,200 12,781,200 2.9%
Total 53 8 44,800
1 Reflects openings and closures in fiscal year 2010 through November 4, 2009 and one expansion in development in fiscal
year 2011.
Net cash provided by financing activities was approximately $199.5 million, $69.8 million and $494.1 million in fiscal years
2009, 2008 and 2007, respectively. Proceeds from the exercise of stock options by team members are driven by a number of
factors, including fluctuations in our stock price, and totaled approximately $4.3 million, $18.0 million and $54.4 million in
fiscal years 2009, 2008 and 2007, respectively.