Dick's Sporting Goods 2013 Annual Report Download - page 52

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26
• Gross profit decreased to 31.29% in fiscal 2013 as a percentage of net sales from 31.48% in fiscal 2012 due primarily
to increased occupancy and shipping expenses, partially offset by higher merchandise margins.
• In fiscal 2013, the Company:
• Declared and paid aggregate cash dividends of $0.50 per share.
• Launched two Field & Stream stores, a specialized outdoor concept.
• Repurchased 4.8 million shares of common stock for $255.6 million.
• Made substantial capital investments in the business, increasing capital expenditures to $285.7 million in fiscal
2013 from $219.0 million in fiscal 2012.
• The Company ended fiscal 2013 with no outstanding borrowings under the current senior secured credit agreement
(the "Credit Agreement").
Results of Operations
The following table presents for the periods indicated selected items in the Consolidated Statements of Income as a percentage
of the Company's net sales, as well as the basis point change in percentage of net sales from the prior year:
Fiscal Year
Basis Point
Increase /
(Decrease) in
Percentage of Net
Sales from Prior
Year
Basis Point
Increase /
(Decrease) in
Percentage of Net
Sales from Prior
Year
2013 2012 (A) 2011 2013 - 2012 (A) 2012 - 2011 (A)
Net sales (1) 100.00% 100.00% 100.00% N/A N/A
Cost of goods sold, including
occupancy and distribution
costs (2) 68.71 68.52 69.40 19 (88)
Gross profit 31.29 31.48 30.60 (19) 88
Selling, general and administrative
expenses (3) 22.31 22.23 22.03 8 20
Pre-opening expenses (4) 0.34 0.28 0.28 6 —
Income from operations 8.64 8.97 8.29 (33) 68
Impairment of available-for-sale
investments (5) — 0.55 — (55) 55
Gain on sale of investment (6) — — (0.27) — 27
Interest expense (7) 0.05 0.10 0.27 (5) (17)
Other (income) expense (8) (0.20) (0.08) — (12) (8)
Income before income taxes 8.79 8.39 8.29 40 10
Provision for income taxes 3.36 3.41 3.23 (5) 18
Net income 5.43% 4.98% 5.06% 45 (8)