Albertsons 2014 Annual Report Download - page 30

ITEM 6. SELECTED FINANCIAL DATA
(Dollars and shares in millions, except
percent and per share data)
2014
(52 weeks)
2013
(52 weeks)
2012
(52 weeks)
2011
(52 weeks)
2010
(52 weeks)
Results of Operations
Net sales (1) $ 17,155 $ 17,139 $ 17,383 $ 17,407 $ 18,274
Gross profit (1) 2,532 2,336 2,457 2,450 2,625
Goodwill and intangible asset impairment charges — 6 92 110 —
Operating earnings (loss) (2) 418 (157) 96 (30) 289
Net earnings (loss) from continuing operations (2)(3) 6 (263) (110) (200) 50
Net earnings (loss) 182 (1,466) (1,040) (1,510) 393
Net earnings (loss) from continuing operations per share—diluted (2)(3) 0.02 (1.24) (0.52) (0.94) 0.24
Financial Position of Continuing Operations
Working capital (4) 254 38 (169) (269) (461)
Total assets (5) 4,374 4,563 5,057 5,062 5,390
Total debt and capital lease obligations 2,777 2,889 3,226 3,654 3,620
Stockholders’ (deficit) equity (738) (1,415) 21 1,340 2,887
Other Statistics
Dividends declared per share $ — $ 0.0875 $ 0.3500 $ 0.3500 $ 0.6100
Weighted average shares outstanding—diluted (6) 258 212 212 212 213
Depreciation and amortization $ 302 $ 365 $ 355 $ 354 $ 368
Capital expenditures (7) $ 113 $ 241 $ 403 $ 323 $ 338
Adjusted EBITDA (8) $ 772 $ 493 $ 574 $ 526 $ 680
Stores Supplied and Operated:
Independent Business Primary Stores 1,819 1,901 1,948 1,902 1,944
Independent Business Secondary Stores 424 441 765 796 549
Save-A-Lot licensee stores 948 950 935 899 859
Save-A-Lot corporate stores 382 381 397 381 333
Retail Food stores 190 191 191 193 201
Total number of stores 3,763 3,864 4,236 4,171 3,886
(1) The Company earned $42, $47, $50 and $66 of fees under a transition service agreement in fiscal 2013, 2012, 2011 and
2010, respectively, which were previously recorded as reductions of selling and administrative expenses, but are now
recorded within Net sales as presented above. Refer to Note 1 – Summary of Significant Accounting Policies within Part
II, Item 8 of this Annual Report on Form 10-K for additional information.
(2) Pre-tax items recorded in fiscal 2014 included $46 of severance costs and accelerated stock-based compensation charges,
$16 of non-cash asset impairment and other charges, $6 of contract breakage and other costs, a $5 legal settlement
charge, and a $3 multi-employer pension withdrawal charge, offset in part by a $15 gain on sale of property.
Pre-tax items recorded in fiscal 2013 included $227 of non-cash asset impairment and other charges, $36 of severance
costs and a multiemployer pension withdrawal charge, $22 of store closure impairment charges and costs and $6 of non-
cash intangible asset impairment charges, offset in part by $10 in a cash settlement received from credit card companies.
Pre-tax items recorded in fiscal 2012 included $92 of non-cash goodwill impairment charges and severance costs of $15.
Pre-tax items recorded in fiscal 2011 included $110 of non-cash goodwill impairment charges, $49 of store closures and
retail market exit charges and costs, and $38 of charges for severance, labor buyout and other costs.
Pre-tax items recorded in fiscal 2010 included $36 of charges for retail market exits in Cincinnati and fees received of
$13 from the early termination of a supply agreement.
(3) Pre-tax items recorded in fiscal 2014 included $99 of non-cash unamortized financing cost charges and original issue
discount acceleration and $75 of debt refinancing costs, both reflected within interest expense, net.
A pre-tax item recorded in fiscal 2013 included $22 of non-cash unamortized financing charges within interest expense,
net.
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