Dick's Sporting Goods 2014 Annual Report Download - page 48

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22
The information set forth below should be read in conjunction with other sections of this Annual Report on Form 10-K
including Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our
Consolidated Financial Statements and related notes appearing elsewhere in this Annual Report on Form 10-K.
Fiscal Year
2014 2013 2012 2011 2010
(Dollars in thousands, except per share and per square foot data)
Statement of Income Data:
Net sales $ 6,814,479 $ 6,213,173 $ 5,836,119 $ 5,211,802 $ 4,871,492
Cost of goods sold (1) 4,727,813 4,269,223 3,998,956 3,616,921 3,422,462
Gross profit 2,086,666 1,943,950 1,837,163 1,594,881 1,449,030
Selling, general and administrative
expenses (2) 1,502,089 1,386,315 1,297,413 1,148,268 1,129,293
Pre-opening expenses 30,518 20,823 16,076 14,593 10,488
Income from operations 554,059 536,812 523,674 432,020 309,249
Impairment of available-for-sale
investments (3) — — 32,370 — —
Gain on sale of investment (4) — — — (13,900) —
Interest expense (5) 3,215 2,929 6,034 13,868 14,016
Other (income) expense (6) (5,170) (12,224) (4,555) 26 (2,278)
Income before income taxes 556,014 546,107 489,825 432,026 297,511
Provision for income taxes 211,816 208,509 199,116 168,120 115,434
Net income $ 344,198 $ 337,598 $ 290,709 $ 263,906 $ 182,077
Per Common Share Data:
Earnings per common share - Basic $ 2.89 $ 2.75 $ 2.39 $ 2.19 $ 1.57
Earnings per common share - Diluted $ 2.84 $ 2.69 $ 2.31 $ 2.10 $ 1.50
Dividends declared per common share (7) $ 0.50 $ 0.50 $ 2.50 $ 0.50 $ —
Weighted average common shares
outstanding:
Basic 119,244 122,878 121,629 120,232 116,236
Diluted 121,238 125,628 125,995 125,768 121,724
Store Data:
Same store sales increase (8) 2.4% 1.9% 4.3% 2.0% 7.2%
Number of stores at end of period (9) 694 642 601 561 525
Total square footage at end of period (9) 34,245,885 31,621,488 29,587,733 27,596,140 25,889,771
Net sales per square foot (10) $ 185 $ 186 $ 193 $ 187 $ 185
Other Data:
Gross profit margin 30.6% 31.3% 31.5% 30.6% 29.7%
Selling, general and administrative expenses
as a percentage of net sales 22.0% 22.3% 22.2% 22.0% 23.2%
Operating margin 8.1% 8.6% 9.0% 8.3% 6.3%
Inventory turnover (11) 3.10x 3.18x 3.33x 3.37x 3.39x
Depreciation and amortization $ 179,431 $ 154,928 $ 125,096 $ 116,581 $ 110,394
Balance Sheet Data:
Inventories, net $ 1,390,767 $ 1,232,065 $ 1,096,186 $ 1,014,997 $ 896,895
Working capital (12) $ 731,551 $ 617,484 $ 595,121 $ 928,247 $ 715,787
Total assets $ 3,436,198 $ 3,071,487 $ 2,887,807 $ 2,996,452 $ 2,597,536
Total debt including capital and financing
lease obligations (5) $ 6,450 $ 7,375 $ 16,275 $ 159,022 $ 140,841
Retained earnings $ 1,471,182 $ 1,187,514 $ 911,704 $ 932,871 $ 730,468
Total stockholders' equity $ 1,832,225 $ 1,692,179 $ 1,587,324 $ 1,632,745 $ 1,363,581