Albertsons 2010 Annual Report Download - page 24

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ITEM 6. SELECTED FINANCIAL DATA
(Dollars and shares in millions, except per
share data)
2010
(52 weeks)
2009
(53 weeks)
2008
(52 weeks)
2007
(1)
(52 weeks)
2006
(52 weeks)
Operating Results
Net sales $ 40,597 $ 44,564 $ 44,048 $ 37,406 $ 19,864
Identical store retail sales increase
(decrease)
(2)
(5.1)% (1.2)% 0.5% 0.4% (0.5)%
Cost of sales 31,444 34,451 33,943 29,267 16,977
Selling and administrative expenses 7,952 8,746 8,421 6,834 2,452
Goodwill and intangible asset impairment
charges
(3)
— 3,524 — — —
Operating earnings (loss) 1,201 (2,157) 1,684 1,305 435
Interest expense, net 569 622 707 558 106
Earnings (loss) before income taxes 632 (2,779) 977 747 329
Income tax provision 239 76 384 295 123
Net earnings (loss) 393 (2,855) 593 452 206
Net earnings (loss) as a percent of net sales 0.97% (6.41)% 1.35% 1.21% 1.04%
Net earnings (loss) per share—diluted 1.85 (13.51) 2.76 2.32 1.46
Financial Position
Inventories (FIFO)
(4)
$ 2,606 $ 2,967 $ 2,956 $ 2,927 $ 1,114
Working capital
(4)
(192) (109) (280) (67) 821
Property, plant and equipment, net 7,026 7,528 7,533 8,415 1,969
Total assets 16,436 17,604 21,062 21,702 6,153
Debt and capital lease obligations 7,635 8,484 8,833 9,478 1,518
Stockholders’ equity 2,887 2,581 5,953 5,306 2,619
Other Statistics
Return on average stockholders’ equity 14.42% (59.32)% 10.44% 9.61% 7.95%
Book value per share $ 13.62 $ 12.19 $ 28.13 $ 25.40 $ 19.20
Current ratio
(4)
1.04:1 0.98:1 0.94:1 0.99:1 1.51:1
Debt to capital ratio
(5)
72.6% 76.7% 59.7% 64.1% 36.7%
Dividends declared per share $ 0.6100 $ 0.6875 $ 0.6750 $ 0.6575 $ 0.6400
Weighted average shares outstanding—diluted 213 211 215 196 146
Depreciation and amortization $ 957 $ 1,057 $ 1,017 $ 879 $ 311
Capital expenditures
(6)
$ 691 $ 1,212 $ 1,227 $ 910 $ 365
Retail stores as of fiscal year end
(7)
2,349 2,421 2,474 2,478 1,381
(1) Fiscal 2007 includes 38 weeks of operating results of the Acquired Operations as well as the assets and
liabilities of the Acquired Operations as of the end of fiscal 2007.
(2) The change in identical store sales is calculated as the change in net sales for stores operating for four full
quarters, including store expansions and excluding fuel and planned store dispositions. Fiscal 2008 and
2007 identical store sales is calculated as if the Acquired Operations stores were in the identical store base
for four full quarters in fiscal 2008, 2007 and 2006.
(3) The Company recorded goodwill and intangible asset impairment charges of $3,524 before tax ($3,326
after tax, or $15.71 per diluted share) in fiscal 2009.
18