Big Lots 2009 Annual Report Download - page 133

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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)
2009 2008 (b) 2007 (c) 2006 (b)(d) 2005
(In thousands, except per share amounts and store counts)
Net sales...................................... $4,726,772 $4,645,283 $4,656,302 $4,743,048 $4,429,905
Cost of sales (exclusive of depreciation expense
shown separately below) ...................... 2,807,466 2,787,854 2,815,959 2,851,616 2,698,239
Gross margin .................................. 1,919,306 1,857,429 1,840,343 1,891,432 1,731,666
Selling and administrative expenses................ 1,532,356 1,523,882 1,515,379 1,622,339 1,596,136
Depreciation expense ........................... 74,904 78,624 88,484 101,279 108,657
Gain on sale of real estate ........................ (12,964) — — — —
Operating profit................................ 325,010 254,923 236,480 167,814 26,873
Interest expense................................ (1,840) (5,282) (2,513) (581) (6,272)
Interest and investment income ................... 175 65 5,236 3,257 313
Income from continuing operations before
income taxes ............................... 323,345 249,706 239,203 170,490 20,914
Income tax expense............................. 121,975 94,908 88,023 57,872 5,189
Income from continuing operations ................ 201,370 154,798 151,180 112,618 15,725
Income (loss) from discontinued operations,
net of tax .................................. (1,001) (3,251) 7,281 11,427 (25,813)
Net income (loss)............................... $ 200,369 $ 151,547 $ 158,461 $ 124,045 $ (10,088)
Earnings per common share - basic:
Continuing operations ........................ $ 2.47 $ 1.91 $ 1.49 $ 1.02 $ 0.14
Discontinued operations ...................... (0.01) (0.04) 0.07 0.10 (0.23)
$ 2.45 $ 1.87 $ 1.56 $ 1.12 $ (0.09)
Earnings per common share - diluted:
Continuing operations ........................ $ 2.44 $ 1.89 $ 1.47 $ 1.01 $ 0.14
Discontinued operations ...................... (0.01) (0.04) 0.07 0.10 (0.23)
$ 2.42 $ 1.85 $ 1.55 $ 1.11 $ (0.09)
Weighted-average common shares outstanding:
Basic ..................................... 81,619 81,111 101,393 110,336 113,240
Diluted .................................... 82,681 82,076 102,542 111,930 113,677
Balance sheet data:
Total assets................................. $1,669,493 $1,432,458 $1,443,815 $1,720,526 $1,625,497
Working capital (e) .......................... 580,446 355,776 390,766 674,815 557,231
Cash and cash equivalents..................... 283,733 34,773 37,131 281,657 1,710
Long-term obligations under bank credit facility ... — — 163,700 — 5,500
Shareholders’ equity ......................... $1,001,412 $ 774,845 $ 638,486 $1,129,703 $1,078,724
Cash flow data:
Cash provided by operating activities ............ $ 392,026 $ 211,063 $ 307,932 $ 381,477 $ 212,965
Cash used in investing activities ................ $ (77,937) $ (88,192) $ (58,764) $ (30,421) $ (66,702)
Store data:
Total gross square footage ..................... 40,591 39,888 40,195 40,770 41,413
Total selling square footage.................... 29,176 28,674 28,902 29,376 29,856
Stores opened during the fiscal year ............. 52 21 7 11 73
Stores closed during the fiscal year.............. (30) (35) (29) (37) (174)
Stores open at end of the fiscal year ............. 1,361 1,339 1,353 1,375 1,401