Big Lots 2011 Annual Report Download - page 134

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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)
2011 (e) 2010 2009 2008 (b) 2007 (c)
(In thousands, except per share amounts and store counts)
Net sales...................................... $5,202,269 $4,952,244 $4,726,772 $4,645,283 $4,656,302
Cost of sales (exclusive of depreciation expense
shown separately below) ...................... 3,131,862 2,939,793 2,807,466 2,787,854 2,815,959
Gross margin .................................. 2,070,407 2,012,451 1,919,306 1,857,429 1,840,343
Selling and administrative expenses ................ 1,634,532 1,576,500 1,532,356 1,523,882 1,515,379
Depreciation expense............................ 90,280 78,606 74,904 78,624 88,484
Gain on sale of real estate ........................ — — (12,964) — —
Operating profit ................................ 345,595 357,345 325,010 254,923 236,480
Interest expense ................................ (3,530) (2,573) (1,840) (5,282) (2,513)
Other income (expense).......................... (173) 612 175 65 5,236
Income from continuing operations before
income taxes ............................... 341,892 355,384 323,345 249,706 239,203
Income tax expense ............................. 134,657 132,837 121,975 94,908 88,023
Income from continuing operations................. 207,235 222,547 201,370 154,798 151,180
Income (loss) from discontinued operations,
net of tax .................................. (171) (23) (1,001) (3,251) 7,281
Net income.................................... $ 207,064 $ 222,524 $ 200,369 $ 151,547 $ 158,461
Earnings per common share - basic:
Continuing operations ........................ $ 3.03 $ 2.87 $ 2.47 $ 1.91 $ 1.49
Discontinued operations ...................... — — (0.01) (0.04) 0.07
$ 3.03 $ 2.87 $ 2.45 $ 1.87 $ 1.56
Earnings per common share - diluted:
Continuing operations ........................ $ 2.99 $ 2.83 $ 2.44 $ 1.89 $ 1.47
Discontinued operations ...................... — — (0.01) (0.04) 0.07
$ 2.98 $ 2.83 $ 2.42 $ 1.85 $ 1.55
Weighted-average common shares outstanding:
Basic ..................................... 68,316 77,596 81,619 81,111 101,393
Diluted .................................... 69,419 78,581 82,681 82,076 102,542
Balance sheet data:
Total assets................................. $1,641,310 $1,619,599 $1,669,493 $1,432,458 $1,443,815
Working capital (d) ........................... 421,836 509,788 580,446 355,776 390,766
Cash and cash equivalents..................... 68,547 177,539 283,733 34,773 37,131
Long-term obligations under bank credit facility ... 65,900 — — — 163,700
Shareholders’ equity ......................... $ 823,233 $ 946,793 $1,001,412 $ 774,845 $ 638,486
Cash flow data:
Cash provided by operating activities ............ $ 318,471 $ 315,257 $ 392,026 $ 211,063 $ 307,932
Cash used in investing activities ................ $ (120,712) $ (114,552) $ (77,937) $ (88,192) $ (58,764)
Store data:
Total gross square footage ..................... 45,780 42,037 40,591 39,888 40,195
Total selling square footage.................... 33,119 30,210 29,176 28,674 28,902
Stores opened during the fiscal year ............. 92 80 52 21 7
Stores acquired during the fiscal year ............ 89 — — — —
Stores closed during the fiscal year.............. (46) (43) (30) (35) (29)
Stores open at end of the fiscal year ............. 1,533 1,398 1,361 1,339 1,353
(a) All periods presented are comprised of 52 weeks.