Dick's Sporting Goods 2011 Annual Report Download - page 51

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Fiscal Year
2011 2010 2009 2008 2007
(Dollars in thousands, except per share and per square foot data)
Statement of Income Data:
Net sales $ 5,211,802 $ 4,871,492 $ 4,412,835 $ 4,130,128 $ 3,888,422
Cost of goods sold(1) 3,616,921 3,422,462 3,195,899 2,946,079 2,730,359
Gross profit 1,594,881 1,449,030 1,216,936 1,184,049 1,158,063
Selling, general and administrative
expenses(2) 1,148,268 1,129,293 972,025 928,170 870,415
Impairment of goodwill and other
intangible assets(3) - - - 164,255 -
Impairment of store assets(3) - - - 29,095 -
Merger and integration costs - - 10,113 15,877 -
Pre-opening expenses 14,593 10,488 9,227 16,272 18,831
Income from operations 432,020 309,249 225,571 30,380 268,817
Gain on sale of investment(4) (13,900) ----
Gain on sale of asset(5) - - - (2,356) -
Interest expense(6) 13,868 14,016 4,543 17,430 20,805
Other expense (income) 26 (2,278) (2,148) 1,485 (2,065)
Income before income taxes 432,026 297,511 223,176 13,821 250,077
Provision for income taxes 168,120 115,434 87,817 53,686 99,511
Net income (loss) $ 263,906 $ 182,077 $ 135,359 $ (39,865) $ 150,566
Per Common Share Data:
Earnings (loss) per common share - Basic $ 2.19 $ 1.57 $ 1.20 $ (0.36) $ 1.38
Earnings (loss) per common share -
Diluted $ 2.10 $ 1.50 $ 1.15 $ (0.36) $ 1.29
Dividends declared per common share $ 0.50 $ - $ - $ - $ -
Weighted average common shares
outstanding:
Basic 120,232 116,236 113,184 111,662 109,383
Diluted 125,768 121,724 117,955 111,662 116,504
Store Data:
Same store sales increase (decrease)(7) 2.0% 7.2% (1.4%) (4.8%) 2.4%
Number of stores at end of period 561 525 510 487 434
Total square footage at end of period 27,596,140 25,889,771 24,816,442 23,592,850 21,084,292
Net sales per square foot(8) $ 187 $ 185 $ 177 $ 186 $ 196
Other Data:
Gross profit margin 30.6% 29.7% 27.6% 28.7% 29.8%
Selling, general and administrative
expenses as a percentage of net sales 22.0% 23.2% 22.0% 22.5% 22.4%
Operating margin 8.3% 6.3% 5.1% 0.7% 6.9%
Inventory turnover(9) 3.37x 3.39x 3.26x 3.06x 3.22x
Depreciation and amortization $ 116,581 $ 110,394 $ 100,948 $ 90,732 $ 75,052
Balance Sheet Data:
Inventories, net $ 1,014,997 $ 896,895 $ 895,776 $ 854,771 $ 887,364
Working capital(10) $ 928,247 $ 715,787 $ 426,686 $ 436,741 $ 309,630
Total assets $ 2,996,452 $ 2,597,536 $ 2,245,333 $ 1,961,846 $ 2,031,662
Total debt including capital and financing
lease obligations $ 159,022 $ 140,841 $ 142,243 $ 181,543 $ 173,558
Retained earnings $ 932,871 $ 730,468 $ 548,391 $ 413,032 $ 452,897
Total stockholders’ equity $ 1,632,745 $ 1,363,581 $ 1,083,227 $ 893,577 $ 894,303
Dick’s Sporting Goods, Inc. 2011 Annual Report 29