Big Lots 2010 Annual Report Download - page 91

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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)
2010 2009 2008 (b) 2007 (c) 2006 (b)(d)
(In thousands, except per share amounts and store counts)
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,952,244 $ 4,726,772 $ 4,645,283 $ 4,656,302 $ 4,743,048
Cost of sales (exclusive of depreciation expense
shown separately below) . . . . . . . . . . . . . . . . . . . . . . . 2,939,793 2,807,466 2,787,854 2,815,959 2,851,616
Gross margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,012,451 1,919,306 1,857,429 1,840,343 1,891,432
Selling and administrative expenses . . . . . . . . . . . . . . . . . 1,576,500 1,532,356 1,523,882 1,515,379 1,622,339
Depreciation expense ............................. 78,606 74,904 78,624 88,484 101,279
Gain on sale of real estate . . . . . . . . . . . . . . . . . . . . . . . . . — (12,964) — — —
Operating profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357,345 325,010 254,923 236,480 167,814
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,573) (1,840) (5,282) (2,513) (581)
Interest and investment income ..................... 612 175 65 5,236 3,257
Income from continuing operations before
income taxes ................................. 355,384 323,345 249,706 239,203 170,490
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,837 121,975 94,908 88,023 57,872
Income from continuing operations .................. 222,547 201,370 154,798 151,180 112,618
Income (loss) from discontinued operations,
net of tax .................................... (23) (1,001) (3,251) 7,281 11,427
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 222,524 $ 200,369 $ 151,547 $ 158,461 $ 124,045
Earnings per common share - basic:
Continuing operations .......................... $ 2.87 $ 2.47 $ 1.91 $ 1.49 $ 1.02
Discontinued operations ........................ — (0.01) (0.04) 0.07 0.10
$ 2.87 $ 2.45 $ 1.87 $ 1.56 $ 1.12
Earnings per common share - diluted:
Continuing operations .......................... $ 2.83 $ 2.44 $ 1.89 $ 1.47 $ 1.01
Discontinued operations ........................ — (0.01) (0.04) 0.07 0.10
$ 2.83 $ 2.42 $ 1.85 $ 1.55 $ 1.11
Weighted-average common shares outstanding:
Basic ....................................... 77,596 81,619 81,111 101,393 110,336
Diluted ...................................... 78,581 82,681 82,076 102,542 111,930
Balance sheet data:
Total assets................................... $1,619,599 $1,669,493 $1,432,458 $1,443,815 $1,720,526
Working capital (e) ............................. 509,788 580,446 355,776 390,766 674,815
Cash and cash equivalents ....................... 177,539 283,733 34,773 37,131 281,657
Long-term obligations under bank credit facility ..... — — — 163,700 —
Shareholders’ equity ........................... $ 946,793 $1,001,412 $ 774,845 $ 638,486 $1,129,703
Cash flow data:
Cash provided by operating activities .............. $ 315,257 $ 392,026 $ 211,063 $ 307,932 $ 381,477
Cash used in investing activities .................. $ (114,552) $ (77,937) $ (88,192) $ (58,764) $ (30,421)
Store data:
Total gross square footage ....................... 42,037 40,591 39,888 40,195 40,770
Total selling square footage ...................... 30,210 29,176 28,674 28,902 29,376
Stores opened during the fiscal year ............... 80 52 21 7 11
Stores closed during the fiscal year ................ (43) (30) (35) (29) (37)
Stores open at end of the fiscal year ............... 1,398 1,361 1,339 1,353 1,375
(a) 2006 is comprised of 53 weeks. All other periods presented are comprised of 52 weeks.