DSW 2015 Annual Report Download - page 21

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Table of Contents
Fiscal
2015
2014
2013
2012
2011(1)
Number of DSW stores:
Beginning of period 431
394
364
326
311
New stores 40
37
30
39
17
Closed/re-categorized stores (3)
—
—
(1)
(2)
End of period 468
431
394
364
326
DSW total square footage (in thousands)(10) 9,805
9,277
8,687
8,120
7,289
Average gross square footage (in
thousands)(11) 9,591
9,009
8,415
7,690
7,158
DSW segment net sales per average gross
square foot(12) $ 258
$ 261
$ 265
$ 276
$ 262
Number of affiliated business departments at
end of period 379
371
356
344
336
Total comparable sales change(13) 0.8%
1.8%
0.2%
5.5%
8.3%
____________
(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) The Board of Directors of DSW Inc. declared the first dividend in fiscal 2011.
(9) 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.
(10) 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.
(11) 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.
(12) 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 11 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 of our business with the addition of ship from store, shoephoria and drop ship capabilities. See
"Sales and Revenue Recognition" in Note 4 to the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K for a
discussion of categories of omni-channel sales.
17
Source: DSW Inc., 10-K, March 24, 2016 Powered by Morningstar® Document Research℠
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