DSW 2014 Annual Report Download - page 22

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Table of Contents
Fiscal
2014
2013
2012
2011(1)
2010(1)
Number of DSW stores:
Beginning of period 394
364
326
311
305
New stores 37
30
39
17
9
Closed/re-categorized stores —
—
(1)
(2)
(3)
End of period 431
394
364
326
311
DSW total square footage (in
thousands)(11) 9,277
8,687
8,120
7,289
6,972
Average gross square footage (in
thousands)(12) 9,009
8,415
7,690
7,158
6,928
DSW segment net sales per average
gross square foot(13) $ 261
$ 265
$ 276
$ 262
$ 243
Number of affiliated business departments
at end of period 371
356
344
336
352
Total comparable sales change(14) 1.8%
0.2%
5.5%
8.3%
13.2%
____________
(1) Pre-merger financial information presented in the DSW Inc. consolidated financial statements represents consolidated RVI financial information. The
pre-merger financial information was retrospectively recast in fiscal 2011. The Company recast all RVI historical share and per share information,
including earnings per share, to reflect the exchange ratio of 0.435 for periods prior to the Merger.
(2) All fiscal years are based on a 52-week year, except for fiscal 2012, which is based on a 53-week year.
(3) Includes net sales for DSW and the Affiliated Business Group.
(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 distribution and fulfillment (including depreciation) and store occupancy (excluding
depreciation and including store impairments).
(5) Includes cash and equivalents, short-term and long-term investments.
(6) Working capital represents current assets less current liabilities.
(7) Current ratio represents current assets divided by current liabilities.
(8) Long-term obligations represent Premium Income Exchangeable Securities which were settled in DSW Class A Common Shares on September 15, 2011.
(9) The Board of Directors of DSW Inc. declared the first dividend in fiscal 2011.
(10) Fiscal 2012 capital expenditures excluded the $72 million purchase of DSW Inc.'s corporate office headquarters and distribution center as this was
considered a permitted acquisition under our credit facility. As a transaction between entities under common control, the net book value of assets
transferred was considered an investing cash flow while the difference between the cash paid and the net book value of assets transferred was considered
a financing cash flow.
(11) DSW total square footage represents the total amount of square footage for DSW stores only; it does not reflect square footage of affiliated business
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.
(13) Net sales per average gross square foot is the result of dividing net sales for the DSW segment only for the period presented by average gross square
footage calculated as described in note 12 above. Net sales for fiscal 2012 are based on a 53-week year. In fiscal 2013, we changed the measure to DSW
segment net sales to better reflect the omni-channel nature
18
Source: DSW Inc., 10-K, March 26, 2015 Powered by Morningstar® Document Research℠
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