DSW 2011 Annual Report Download - page 23

Table of Contents
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(7) Long-
term obligations represent Premium Income Exchangeable Securities ("PIES") which were settled in DSW Class A Common Shares on
September 15, 2011. The PIES were classified as a current liability as of January 29, 2011.
(8) DSW declared its first dividends in fiscal 2011. On August 10, 2011, our Board of Directors declared a special dividend of $2.00
per share with a
record date of September 20, 2011, which was distributed on September 30, 2011. On both August 19, 2011 and November 22, 2011, our Board of
Directors declared a quarterly dividend of $0.15
per share with record dates of September 20, 2011 and December 19, 2011, respectively, which
were distributed on September 30, 2011 and December 30, 2011, respectively.
(13) Net sales per average gross square foot is the result of dividing net sales for DSW stores only for the period presented by average gross square
footage calculated as described in note 12 above.
18
For the fiscal years ended
(1)
1/28/2012
1/29/2011 1/30/2010 1/31/2009 2/2/2008
(dollars in thousands, except per share and net sales per average gross square foot)
End of period
326
311
305
298
259
Comparable DSW stores
(10)
300
293
249
217
192
DSW total square footage (in
thousands)
(11)
7,289
6,972
6,840
6,750
6,143
Average gross square footage (in
thousands)
(12)
7,158
6,928
6,840
6,454
5,814
Net sales per average gross square
foot (in thousands)
(13)
$
243
$
228
$
203
$
196
$
212
Number of leased departments at end
of period
336
352
356
377
378
Total comparable sales change
(10)
8.3
%
13.2
%
3.2
%
(5.9
)%
(0.8
)%
(1) See Note 1 for a discussion of the impact of the Merger on DSW’
s consolidated financial statements.
( 2
)
All fiscal years are based on a 52 week year.
(3)
Includes net sales for our three sales channels, DSW stores, dsw.com and the leased business division.
(4)
Gross profit is defined as net sales less cost of sales. Cost of sales includes the cost of merchandise, which includes markdowns and shrinkage.
Also included in the cost of sales are expenses associated with warehousing (including depreciation), distribution and store occupancy (excluding
depreciation and including impairments). For fiscal 2010 , 2009 , 2008 and 2007 , store occupancy and warehousing expenses of $246.6 million
,
$244.6 million , $242.3 million and $213.6 million
respectively, which were included in operating expenses for RVI are included in cost of sales
for DSW.
(5)
Working capital represents current assets less current liabilities.
(6)
Current ratio represents current assets divided by current liabilities.
(9) One combination DSW/Filene’s Basement store was re-
categorized as a DSW store at the beginning of fiscal 2010.
(10)
DSW store and leased departments are comparable when in operation for at least 14 months at the beginning of the fiscal year. In fiscal 2010,
dsw.com was included in comparable sales as the sales channel had been open at least 14 months at the beginning of fiscal 2010. Stores or leased
departments, as the case may be, are added to the comparable base at the beginning of the year and are dropped for comparative purposes in the
quarter that they are closed.
(11)
DSW total square footage represents the total amount of square footage for DSW stores only; it does not reflect square footage of leased
departments.
( 12
)
Average gross square footage represents the monthly average of square feet for DSW stores only for each period presented and consequently
reflects the effect of opening stores in different months throughout the period.