Big Lots 2014 Annual Report Download - page 96

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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
(In thousands, except per share amounts and store counts) 2014 (a)(c) 2013 (a)(c) 2012 (b)(c) 2011 (a)(c) 2010 (a)
Net sales $ 5,177,078 $ 5,124,755 $ 5,212,318 $ 5,097,144 $ 4,905,631
Cost of sales (exclusive of depreciation expense shown separately below) 3,133,124 3,117,386 3,157,632 3,058,442 2,904,600
Gross margin 2,043,954 2,007,369 2,054,686 2,038,702 2,001,031
Selling and administrative expenses 1,699,764 1,664,031 1,639,770 1,594,346 1,569,271
Depreciation expense 119,702 113,228 103,146 88,324 78,540
Operating profit 224,488 230,110 311,770 356,032 353,220
Interest expense (2,588) (3,293) (4,184) (2,738) (2,573)
Other income (expense) — (12) 2 163 612
Income from continuing operations before income taxes 221,900 226,805 307,588 353,457 351,259
Income tax expense 85,239 85,515 117,071 133,880 131,132
Income from continuing operations 136,661 141,290 190,517 219,577 220,127
(Loss) income from discontinued operations, net of tax (22,385) (15,995) (13,396) (12,513) 2,397
Net income $ 114,276 $ 125,295 $ 177,121 $ 207,064 $ 222,524
Earnings per common share - basic:
Continuing operations $ 2.49 $ 2.46 $ 3.18 $ 3.21 $ 2.84
Discontinued operations (0.41) (0.28) (0.22) (0.18) 0.03
$ 2.08 $ 2.18 $ 2.96 $ 3.03 $ 2.87
Earnings per common share - diluted:
Continuing operations $ 2.46 $ 2.44 $ 3.15 $ 3.16 $ 2.80
Discontinued operations (0.40) (0.28) (0.22) (0.18) 0.03
$ 2.06 $ 2.16 $ 2.93 $ 2.98 $ 2.83
Weighted-average common shares outstanding:
Basic 54,935 57,415 59,852 68,316 77,596
Diluted 55,552 57,958 60,476 69,419 78,581
Cash dividends declared per common share $ 0.51 $ — $ — $ — $ —
Balance sheet data:
Total assets $ 1,635,891 $ 1,739,599 $ 1,753,626 $ 1,641,310 $ 1,619,599
Working capital 450,600 543,614 460,996 421,836 509,788
Cash and cash equivalents 52,261 68,629 60,581 68,547 177,539
Long-term obligations under bank credit facility 62,100 77,000 171,200 65,900 —
Shareholders’ equity $ 789,550 $ 901,427 $ 758,142 $ 823,233 $ 946,793
Cash flow data:
Cash provided by operating activities $ 318,562 $ 198,334 $ 281,133 $ 318,471 $ 315,257
Cash used in investing activities $ (90,749) $ (97,495) $ (130,357) $ (120,712) $ (114,552)
Store data:
Total gross square footage 45,134 45,708 45,505 43,932 42,037
Total selling square footage 32,006 32,732 32,623 31,512 30,210
Stores opened during the fiscal year 24 55 87 92 80
Stores closed during the fiscal year (57) (57) (43) (39) (43)
Stores open at end of the fiscal year 1,460 1,493 1,495 1,451 1,398
(a) The period presented is comprised of 52 weeks.
(b) The period presented is comprised of 53 weeks.