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16
ITEM 6. SELECTED FINANCIAL DATA
The following statements of operations and balance sheet data have been derived from our consolidated
financial statements and should be read in conjunction with MD&A and the consolidated financial statements
and related notes included herein.
Fiscal Year (a)
2008 (b) 2007 (c) 2006 (b)(d) 2005 2004
(In thousands, except per share amounts and store counts)
Net sales.................................... $4,645,283 $4,656,302 $4,743,048 $4,429,905 $4,149,252
Cost of sales................................. 2,787,854 2,815,959 2,851,616 2,698,239 2,462,114
Gross margin................................ 1,857,429 1,840,343 1,891,432 1,731,666 1,687,138
Selling and administrative expenses.............. 1,523,882 1,515,379 1,622,339 1,596,136 1,518,589
Depreciation expense ......................... 78,624 88,484 101,279 108,657 99,362
Operating profit.............................. 254,923 236,480 167,814 26,873 69,187
Interest expense.............................. (5,282) (2,513) (581) (6,272) (24,845)
Interest and investment income ................. 65 5,236 3,257 313 618
Income from continuing operations before income
taxes.................................... 249,706 239,203 170,490 20,914 44,960
Income tax expense........................... 94,908 88,023 57,872 5,189 13,528
Income from continuing operations .............. 154,798 151,180 112,618 15,725 31,432
Income (loss) from discontinued operations, net of
tax ..................................... (3,251) 7,281 11,427 (25,813) (7,669)
Net income (loss)............................. $ 151,547 $ 158,461 $ 124,045 $ (10,088) $ 23,763
Earnings per common share - basic:
Continuing operations ...................... $ 1.91 $ 1.49 $ 1.02 $ 0.14 $ 0.28
Discontinued operations .................... (0.04) 0.07 0.10 (0.23) (0.07)
$ 1.87 $ 1.56 $ 1.12 $ (0.09) $ 0.21
Earnings per common share - diluted:
Continuing operations ...................... $ 1.89 $ 1.47 $ 1.01 $ 0.14 $ 0.27
Discontinued operations .................... (0.04) 0.07 0.10 (0.23) (0.06)
$ 1.85 $ 1.55 $ 1.11 $ (0.09) $ 0.21
Weighted-average common shares outstanding:
Basic ................................... 81,111 101,393 110,336 113,240 114,281
Diluted .................................. 82,076 102,542 111,930 113,677 114,801
Balance sheet data:
Total assets............................... $1,432,458 $1,443,815 $1,720,526 $1,625,497 $1,733,584
Working capital (e) ......................... 355,776 390,766 674,815 557,231 622,269
Cash and cash equivalents ................... 34,773 37,131 281,657 1,710 2,521
Long-term obligations under bank credit facility . — 163,700 — 5,500 159,200
Shareholders’ equity ....................... $ 774,845 $ 638,486 $1,129,703 $1,078,724 $1,075,490
Cash flow data:
Cash provided by operating activities .......... $ 211,063 $ 307,932 $ 381,477 $ 212,965 $ 71,261
Cash used in investing activities .............. $ (88,192) $ (58,764) $ (30,421) $ (66,702) $ (127,756)
Store data:
Total gross square footage ................... 39,888 40,195 40,770 41,413 42,975
Total selling square footage .................. 28,674 28,902 29,376 29,856 30,943
Stores opened during the fiscal year ........... 21 7 11 73 103
Stores closed during the fiscal year ............ (35) (29) (37) (174) (31)
Stores open at end of the fiscal year ........... 1,339 1,353 1,375 1,401 1,502
(a) 2006 is comprised of 53 weeks. All other periods presented included 52 weeks.
(b) We adopted the funding recognition provisions of Statement of Financial Accounting Standards (“SFAS”)
No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans in 2006 and
the measurement date provisions of SFAS No. 158 in 2008, the impacts of which are more fully described
in notes 1 and 8 to the accompanying consolidated financial statements.
(c) We adopted Financial Accounting Standards Board (“FASB”) Interpretation (“FIN”) No. 48, Accounting
for Uncertainty in Income Taxes, in the first quarter of 2007, on a prospective basis, the impact of which is
more fully discussed in notes 1 and 9 to the accompanying consolidated financial statements.