Whole Foods 2014 Annual Report Download - page 28

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25
development and approximately $263 million, $198 million and $194 million, respectively, was for remodels and other property
and equipment expenditures.
The following table provides information about the Company’s store growth and development activities:
Stores
opened
during fiscal
year 2013
Stores
opened
during fiscal
year 2014
Stores opened
during fiscal
year 2015 as of
Nov. 5, 2014
Total leases
signed as of
Nov. 5, 2014
Number of stores (including relocations) 32 38 3 114
Number of relocations 5 1 1 14
Percentage in new markets 31% 55% 0% 17%
Average store size (gross square feet) 36,000 37,000 46,000 41,000
Total square footage 1,138,000 1,408,000 139,000 4,723,000
Average pre-opening expense per store $2 million $2 million
Average pre-opening rent per store $1 million $1 million
We believe we will produce operating cash flows in excess of the capital expenditures needed to open the 114 stores in our
current store development pipeline. As of November 5, 2014, the Company operated 401 stores totaling approximately 15.2
million square feet and expects to cross the 500-store mark in fiscal year 2017. Longer term, the Company sees demand for
1,200 Whole Foods Market stores in the United States. We have a disciplined, opportunistic real estate strategy, opening stores
in existing trade areas as well as new areas, including international locations. Our growth strategy is to expand primarily through
new store openings, and while we may continue to pursue acquisitions of smaller chains that provide access to desirable geographic
areas and experienced team members, such acquisitions are not expected to significantly impact our future store growth or
financial results.
Net cash used in financing activities totaled approximately $698 million and $517 million in fiscal years 2014 and 2013,
respectively. Net cash provided by financing activities totaled approximately $297 million in fiscal year 2012.
Share repurchase activity for fiscal years 2014, 2013 and 2012 was as follows (in millions, except per share amounts):
Number of
common shares
acquired (1)
Average price
per common
share acquired
Total cost of
common shares
acquired
Fiscal year 2014:
First Quarter 1.1 $ 56.06 $ 62
Second Quarter 1.0 52.86 55
Third Quarter 9.1 39.45 361
Fourth Quarter 2.6 38.06 100
Total fiscal year 2014 13.9 $ 41.51 $ 578
Fiscal year 2013:
First Quarter 0.5 $ 46.04 $ 26
Second Quarter 0.9 43.46 37
Third Quarter 0.5 51.83 25
Fourth Quarter 0.7 55.36 37
Total fiscal year 2013 2.6 $ 48.70 $ 125
Fiscal year 2012:
First Quarter 0.1 $ 31.85 $ 4
Second Quarter — — —
Third Quarter 0.6 43.20 24
Fourth Quarter — — —
Total fiscal year 2012 0.7 $ 41.34 $ 28
(1) Number of shares may not sum due to rounding
Share repurchase activity during fiscal years 2014, 2013 and 2012 was pursuant to various share repurchase programs authorized
by the Company’s Board of Directors. As of September 28, 2014, one share repurchase program remains in effect, with prior
programs having expired or been cancelled.