Albertsons 2016 Annual Report Download - page 30

Download and view the complete annual report

Please find page 30 of the 2016 Albertsons annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 125

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125

28
ITEM 6. SELECTED FINANCIAL DATA
(Dollars and shares in millions,
except per share data and stores) 2016
(52 weeks) 2015(1)
(53 weeks) 2014(1)
(52 weeks) 2013(1)
(52 weeks) 2012(1)
(52 weeks)
Results of Operations
Net sales $ 17,529 $ 17,917 $ 17,252 $ 17,236 $ 17,479
Cost of sales 14,945 15,329 14,712 14,893 15,017
Gross profit 2,584 2,588 2,540 2,343 2,462
Selling and administrative expenses 2,124 2,164 2,117 2,487 2,266
Goodwill and intangible asset impairment charges 6 — — 6 92
Operating earnings (loss)(2) 454 424 423 (150) 104
Interest expense, net(3) 196 243 407 269 247
Equity earnings in unconsolidated affiliates (5) (4) (2) (3) (5)
Earnings (loss) from continuing operations before income taxes(2)(3) 263 185 18 (416) (138)
Income tax provision (benefit) 85 58 5 (163) (41)
Net earnings (loss) from continuing operations 178 127 13 (253) (97)
Income (loss) from discontinued operations, net of tax 8 72 176 (1,203) (930)
Net earnings (loss) including noncontrolling interests 186 199 189 (1,456) (1,027)
Less net earnings attributable to noncontrolling interests (8) (7) (7) (10) (13)
Net earnings attributable to SUPERVALU INC. $ 178 $ 192 $ 182 $ (1,466) $ (1,040)
Net earnings (loss) from continuing operations per share—diluted(2)(3) $ 0.63 $ 0.45 $ 0.02 $ (1.24) $ (0.52)
Financial Position of Continuing Operations
Working capital(4) $ 278 $ 394 $ 302 $ 48 $ (216)
Total assets(5) $ 4,370 $ 4,434 $ 4,283 $ 4,472 $ 5,008
Total debt and capital lease obligations $ 2,524 $ 2,693 $ 2,734 $ 2,809 $ 3,177
Stockholders’ (deficit) equity $ (441) $ (646) $ (738) $ (1,415) $ 21
Other Statistics
Dividends declared per share $ — $ — $ — $ 0.0875 $ 0.3500
Weighted average shares outstanding—diluted(6) 268 264 258 212 212
Depreciation and amortization $ 276 $ 285 $ 302 $ 365 $ 355
Capital expenditures(7) $ 281 $ 240 $ 113 $ 241 $ 403
Adjusted EBITDA(8) $ 771 $ 789 $ 772 $ 493 $ 574
Stores Supplied and Operated:
Wholesale primary stores 1,796 1,825 1,819 1,901 1,948
Wholesale secondary stores 232 208 424 441 765
Save-A-Lot licensee stores 897 903 948 950 935
Save-A-Lot corporate stores 463 431 382 381 397
Retail stores 200 194 190 191 191
Total number of stores 3,588 3,561 3,763 3,864 4,236
(1) The presentation of certain professional services and certain other transactions has been revised to conform to the current year presentation. 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 2016 included $15 of costs related to the potential separation of Save-A-Lot, $12 of store closure and impairment
charges, $8 of severance costs and $6 of intangible asset impairment charges.
Pre-tax items recorded in fiscal 2015 included $64 of non-cash pension settlement charges, a $5 benefit plan charge, $3 of store closure charges, $2 of
net information technology intrusion costs and $1 of severance costs.
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.
(3) Pre-tax items recorded in fiscal 2016 included $6 of debt refinancing costs and $4 of non-cash unamortized financing cost charges, within interest
expense, net.
Pre-tax items recorded in fiscal 2015 included $37 of debt refinancing costs and $6 of non-cash unamortized financing cost charges, within interest
expense, net.
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.