Dollar General 2003 Annual Report Download - page 14

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2003 vs. 2002 2002 vs. 2001
(amounts in millions, $% $%
excluding per share amounts) 2003 2002 2001 change change change change
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––-
Net sales by category:
Highly consumable $ 4,206.9 $ 3,674.9 $ 3,085.1 $ 531.9 14.5% $ 589.8 19.1%
% of net sales 61.22% 60.24% 57.96%
Seasonal 1,156.1 994.3 888.3 161.9 16.3 106.0 11.9
% of net sales 16.82% 16.30% 16.69%
Home products 860.9 808.5 767.7 52.3 6.5 40.8 5.3
% of net sales 12.53% 13.25% 14.42%
Basic clothing 648.1 622.7 581.8 25.4 4.1 40.9 7.0
% of net sales 9.43% 10.21% 10.93%
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Net sales $ 6,872.0 $ 6,100.4 $ 5,322.9 $ 771.6 12.6% $ 777.5 14.6%
Cost of goods sold 4,853.9 4,376.1 3,813.5 477.7 10.9 562.7 14.8
% of net sales 70.63% 71.74% 71.64%
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Gross profit 2,018.1 1,724.3 1,509.4 293.9 17.0 214.9 14.2
% of net sales 29.37% 28.26% 28.36%
SG&A:
SG&A excluding
restatement-related
expenses 1,496.3 1,290.1 1,107.4 206.1 16.0 182.8 16.5
% of net sales 21.77% 21.15% 20.80%
Restatement-related expenses
included in SG&A 0.6 6.4 28.4 (5.8) (90.9) (22.0) (77.5)
% of net sales 0.01% 0.10% 0.53%
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––-
Total SG&A 1,496.9 1,296.5 1,135.8 200.3 15.5 160.7 14.2
% of net sales 21.78% 21.25% 21.34%
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––-
Penalty and litigation
settlement proceeds 10.0 (29.5) - 39.5 - (29.5) -
% of net sales 0.15% (0.48)% -
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––-
Operating profit 511.3 457.3 373.6 54.0 11.8 83.7 22.4
% of net sales 7.44% 7.50% 7.02%
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––-
Interest expense, net 31.5 42.6 45.8 (11.1) (26.1) (3.2) (6.9)
% of net sales 0.46% 0.70% 0.86%
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––-
Income before taxes on
income 479.8 414.6 327.8 65.1 15.7 86.8 26.5
% of net sales 6.98% 6.80% 6.16%
Provisions for taxes on
income 178.8 149.7 120.3 29.1 19.4 29.4 24.4
% of net sales 2.60% 2.45% 2.26%
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––-
Net income $ 301.0 $ 264.9 $ 207.5 $ 36.1 13.6% $ 57.4 27.7%
% of net sales 4.38% 4.34% 3.90%
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––-
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––-
Diluted earnings per share $ 0.89 $ 0.79 $ 0.62 $ 0.10 12.7% $ 0.17 27.4%
Weighted average diluted
shares 337.6 335.1 335.0 2.6 0.8 --
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–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––-
Restatement-related items:
Penalty and litigation
settlement proceeds 10.0 (29.5) - 39.5 - (29.5) -
Restatement-related expenses
included in SG&A 0.6 6.4 28.4 (5.8) (90.9) (22.0) (77.5)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––-
10.6 (23.1) 28.4 33.7 - (51.6) -
Tax effect (0.2) 9.1 (10.4) (9.3) - 19.5 -
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––-
Total restatement-related
items, net of tax 10.4 (14.1) 18.0 24.4 - (32.1) -
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––-
Net income, excluding
restatement-related items $ 311.4 $ 250.9 $ 225.5 $ 60.5 24.1% $ 25.4 11.2%
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––-
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––-
Diluted earnings per share,
excluding restatement-
related items $ 0.92 $ 0.75 $ 0.67 $ 0.17 22.7% $ 0.08 11.9%
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M D & A
12