AutoZone 2015 Annual Report Download - page 114

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Item 6. Selected Financial Data
(in thousands, except per share data, same store sales and selected
operating data)
Fiscal Year Ended August
2015 2014 2013(1) 2012 2011
Income Statement Data
Net sales ............................................................................................. $ 10,187,340 $ 9,475,313 $ 9,147,530 $ 8,603,863 $ 8,072,973
Cost of sales, including warehouse and delivery expenses ............... 4,860,309 4,540,406 4,406,595 4,171,827 3,953,510
Gross profi
t
........................................................................................ 5,327,031 4,934,907 4,740,935 4,432,036 4,119,463
Operating, selling, general and administrative expenses .................. 3,373,980 3,104,684 2,967,837 2,803,145 2,624,660
Operating profi
t
.................................................................................. 1,953,051 1,830,223 1,773,098 1,628,891 1,494,803
Interest expense, ne
t
........................................................................... 150,439 167,509 185,415 175,905 170,557
Income before income taxes .............................................................. 1,802,612 1,662,714 1,587,683 1,452,986 1,324,246
Income tax expense ............................................................................ 642,371 592,970 571,203 522,613 475,272
Net income ......................................................................................... $ 1,160,241 $ 1,069,744 $ 1,016,480 $ 930,373 $ 848,974
Diluted earnings per share ................................................................. $ 36.03 $ 31.57 $ 27.79 $ 23.48 $ 19.47
Adjusted weighted average shares for diluted earnings per share .... 32,206 33,882 36,581 39,625 43,603
Same Store Sales
Increase in domestic comparable store net sales(2) ........................... 3.8% 2.8% 0.0% 3.9% 6.4%
Balance Sheet Data
Current assets ..................................................................................... $ 3,970,294 $ 3,580,612 $ 3,278,013 $ 2,978,946 $ 2,792,425
Working (deficit) ............................................................................... (742,579) (960,482) (891,137) (676,646) (638,471)
Total assets(3) ...................................................................................... 8,102,349 7,497,163 6,869,167 6,248,934 5,853,221
Current liabilities ............................................................................... 4,712,873 4,541,094 4,169,150 3,655,592 3,430,896
Deb
t
(3) ................................................................................................. 4,624,876 4,323,106 4,164,078 3,751,478 3,335,301
Long-term capital leases .................................................................... 87,639 83,098 73,925 72,414 61,360
Stockholders’ (deficit) ....................................................................... (1,701,390) (1,621,857) (1,687,319) (1,548,025) (1,254,232)
Selected O
p
eratin
g
Data
Numbe
r
of locations at beginning of yea
r
......................................... 5,391 5,201 5,006 4,813 4,627
Acquired locations(4) ........................................................................ 17
–
–
–
–
New locations .................................................................................. 202 190 197 193 188
Closed locations ............................................................................... 1 - 2 - 2
Net new locations ............................................................................ 201 190 195 193 186
Relocated locations .......................................................................... 5 811 10 10
Number of locations at end of year ................................................... 5,609 5,391 5,201 5,006 4,813
AutoZone domestic commercial programs ........................................ 4,141 3,845 3,421 3,053 2,659
Inventory pe
r
location (in thousands) ................................................ $ 610 $ 582 $ 550 $ 525 $ 512
Total AutoZone store square footage (in thousands) ........................ 36,815 35,424 34,076 32,706 31,337
Average square footage per AutoZone store ..................................... 6,587 6,571 6,552 6,533 6,511
Increase in AutoZone store square footage ....................................... 3.9% 4.0% 4.2% 4.4% 4.4%
Average net sales per AutoZone store (in thousands) ....................... $ 1,761 $ 1,724 $ 1,736 $ 1,716 $ 1,675
Net sales per AutoZone store square foo
t
.......................................... $ 26 8 $ 263 $ 265 $ 263 $ 258
Total employees at end of year (in thousands) .................................. 81 76 71 70 65
Inventory turnove
r
(5) ........................................................................... 1.4x 1.5x 1.6x 1.6x 1.6x
Accounts payable to inventory ratio .................................................. 112.9% 114.9% 115.6% 111.4% 111.7%
Afte
r
-tax return on invested capital (6) ................................................ 31.2% 32.1% 32.9% 33 .1% 31.5%
Adjusted debt to EBITDAR (7) .......................................................... 2.5 2.5 2.5 2.5 2.4
Net cash provided by operating activities (in thousands).................. $ 1,525,123 $ 1,341,234 $ 1,415,011 $ 1,223,981 $ 1,291,538
Cash flow before share repurchases and changes in debt
(in thousands)(8) ................................................................................ $ 1,018,440 $ 924,706 $ 1,007,761 $ 949,627 $ 1,023,927
Share repurchases (in thousands) ...................................................... $ 1,271,416 $ 1,099,212 $ 1,387,315 $ 1,362,869 $ 1,466,802
Number of shares repurchased (in thousands) ................................... 2,010 2,232 3,511 3,795 5,598
(1) The fiscal year ended August 31, 2013 consisted of 53 weeks.
(2) The domestic comparable sales increases are based on sales for all AutoZone domestic stores open at least
one year. Relocated stores are included in the same store sales computation based on the year the original
store was opened. Closed store sales are included in the same store sales computation up to the week it
closes, and excluded from the computation for all periods subsequent to closing. In addition, beginning in
fiscal 2013, it also includes all sales through our AutoZone branded websites, including consumer direct ship-
to-home sales. All prior period same store sales have been restated to be comparable. The effect of including
sales from AutoZone branded websites was not material to any period.
10-K