Barnes and Noble 2004 Annual Report Download - page 14

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[MANAGEMENT’S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS continued ]
12
2004 Annual ReportBarnes & Noble, Inc.
RESULTS OF OPERATIONS
The Company’s sales, operating profit, comparable store sales, store openings, store closings, number of stores open
and square feet of selling space at year end are set forth below:
Fiscal Year 2004 2003(a) 2002(a)(b)
SALES
(in thousands)
$ 4,873,595 4,372,177 3,916,544
OPERATING PROFIT
(in thousands)
$ 244,216 225,774 176,254
COMPARABLE STORE SALES INCREASE (DECREASE)(C)
Barnes & Noble stores
3.1 % 3.2 % 0.0 %
B. Dalton stores
(2.2 ) (2.0 ) (6.4 )
STORES OPENED
Barnes & Noble stores
32 31 47
B. Dalton stores
-- -- --
Total
32 31 47
STORES CLOSED
Barnes & Noble stores
13 12 10
B. Dalton stores
41 63 47
Total
54 75 57
NUMBER OF STORES OPEN AT YEAR END
Barnes & Noble stores
666 647 628
B. Dalton stores
154 195 258
Total
820 842 886
SQUARE FEET OF SELLING SPACE AT YEAR END (IN MILLIONS)
Barnes & Noble stores
16.4 15.8 15.2
B. Dalton stores
0.6 0.8 1.0
Total
17.0 16.6 16.2
(a) Operating profit is restated to reflect adjustments related
to lease accounting as discussed in Note 1 to the Notes to
Consolidated Financial Statements.
(b) Operating profit is net of a non-cash impairment charge
of $25,328.
(c) Comparable store sales for Barnes & Noble stores are
determined using stores open at least 15 months, due to
the high sales volume associated with grand openings.
Comparable store sales for B. Dalton stores are
determined using stores open at least 12 months.