Big Lots 2010 Annual Report Download - page 2

Financial Highlights (Unaudited Adjusted Results)
Earnings Data
Net sales $ 4,952,244 $ 4,726,772 $ 4,645,283
Net sales increase (decrease) 4.8% 1.8% (0.2)%
Income from continuing operations
( a) $ 222,547 $ 195,627 $ 154,798
Income from continuing operations increase
( a) 13.8% 26.4% 6.7%
Earnings from continuing operations per share - diluted
( a) $ 2.83 $ 2.37 $ 1.89
Earnings from continuing operations per share - diluted increase
( a) 19.4% 25.4% 34.0%
Average diluted common shares outstanding (000's) 78,581 82,681 82,076
Gross margin - % of net sales 40.6% 40.6% 40.0%
Selling and administrative expenses - % of net sales
( a) 31.8% 32.3% 32.8%
Depreciation expense - % of net sales 1.6% 1.6% 1.7%
Operating profit - % of net sales
( a) 7.2% 6.7% 5.5%
Net interest expense - % of net sales 0.0% 0.0% 0.1%
Income from continuing operations - % of net sales
( a) 4.5% 4.1% 3.3%
Balance Sheet Data and Financial Ratios
Cash and cash equivalents $ 177,539 $ 283,733 $ 34,773
Inventories 762,146 731,337 736,616
Property and equipment - net 524,906 491,256 490,041
Total assets 1,619,599 1,669,493 1,432,458
Borrowings under bank credit facility - - 61,700
Shareholders’ equity 946,793 1,001,412 774,845
Working capital (b) $ 509,788 $ 580,446 $ 355,776
Current ratio 1.9 2.1 1.7
Inventory turnover 3.6 3.7 3.6
Bank borrowings to total capitalization 0.0% 0.0% 7.4%
Return on assets - continuing operations
( a) 13.5% 12.6% 10.8%
Return on shareholders’ equity - continuing operations
( a) 22.8% 22.0% 21.9%
Cash Flow Data
Cash provided by operating activities (c) $ 315,257 $ 392,026 $ 211,063
Cash used in investing activities (d) (114,552) (77,937) (88,192)
Cash flow (e) $ 200,705 $ 314,089 $ 122,871
Store Data
Stores open at end of the fiscal year 1,398 1,361 1,339
Gross square footage (000’s) 42,037 40,591 39,888
Selling square footage (000’s) 30,210 29,176 28,674
Increase (decrease) in selling square footage 3.5% 1.8% (0.8)%
Average selling square footage per store 21,609 21,437 21,415
Other Sales Data
Comparable store sales growth 2.5% 0.7% 0.5%
Average sales per store $ 3,556 $ 3,462 $ 3,416
Sales per selling square foot $ 166 $ 162 $ 160
(a) This item is shown excluding the impact of certain items for fiscal year 2009. A reconciliation of the difference between GAAP and the non-GAAP financial measures presented in this table
for fiscal year 2009 is shown on the following page.
(b) Includes $61,700 in fiscal 2008 for current maturities of borrowings under bank credit facility because the credit facility was terminating in less than one year.
(c) Includes depreciation and amortization of $74,041, $71,501, and $73,787 for fiscal years 2010, 2009, and 2008, respectively.
(d) Includes capital expenditures of $107,563, $78,708, and $88,735, for fiscal years 2010, 2009, and 2008, respectively.
(e) Cash flow is calculated as cash provided by operating activities less cash used in investing activities.
($ in thousands, except per share amounts and sales per selling square foot) 2010 2009 2008
Fiscal Year
$3.00
$2.40
$1.80
$1.20
$0.60
$0.00
2008 2009 2010
Earnings from continuing
operations per share - diluted
( a)
4.0
3.8
3.6
3.4
3.2
3.0
2008 2009 2010
Inventory turnover
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
2008 2009 2010
Operating profit - % of net sales ( a)
$1.89
$2.37
$2.83
5.5%
6.7% 7.2%
3.6
3.7
3.6
Big Lots, Inc. 2010 Annual Report