Dollar General 2009 Annual Report Download - page 38

Successor Predecessor
March 6, February 3,
2007 2007
Year Ended Year Ended
(Amounts in millions, excluding per through through
share data, number of stores, selling January 29, January 30, February 1, July 6, February 2, February 3,
square feet, and net sales per square 2010 2009 2008(1)(2) 2007(2) 2007(2) 2006(3)
foot)
Statement of Operations Data:
Net sales ...................... $11,796.4 $10,457.7 $ 5,571.5 $3,923.8 $9,169.8 $8,582.2
Cost of goods sold ................ 8,106.5 7,396.6 3,999.6 2,852.2 6,801.6 6,117.4
Gross profit .................... 3,689.9 3,061.1 1,571.9 1,071.6 2,368.2 2,464.8
Selling, general and administrative ...... 2,736.6 2,448.6 1,324.5 960.9 2,119.9 1,903.0
Litigation settlement and related costs, net . — 32.0 — — — —
Transaction and related costs ......... — — 1.2 101.4 — —
Operating profit .................. 953.3 580.5 246.1 9.2 248.3 561.9
Interest income .................. (0.1) (3.1) (3.8) (5.0) (7.0) (9.0)
Interest expense .................. 345.7 391.9 252.9 10.3 34.9 26.2
Other (income) expense ............. 55.5 (2.8) 3.6 — — —
Income (loss) before income taxes ...... 552.1 194.4 (6.6) 4.0 220.4 544.6
Income tax expense (benefit) ......... 212.7 86.2 (1.8) 12.0 82.4 194.5
Net income (loss) ................. $ 339.4 $ 108.2 $ (4.8) $ (8.0) $ 137.9 $ 350.2
Earnings per share—basic ........... $ 1.05 $ 0.34 $ (0.02)
Earnings per share—diluted .......... 1.04 0.34 (0.02)
Dividends per share ............... 0.7525 — —
Statement of Cash Flows Data:
Net cash provided by (used in):
Operating activities .............. $ 668.6 $ 575.2 $ 239.6 $ 201.9 $ 405.4 $ 555.5
Investing activities ............... (248.0) (152.6) (6,848.4) (66.9) (282.0) (264.4)
Financing activities .............. (576.5) (144.8) 6,709.0 25.3 (134.7) (323.3)
Total capital expenditures ............ (250.7) (205.5) (83.6) (56.2) (261.5) (284.1)
Other Financial and Operating Data:
Same store sales growth(4) ........... 9.5% 9.0% 1.9% 2.6% 3.3% 2.2%
Same store sales(4) ................ $11,356.5 $10,118.5 $ 5,264.2 $3,656.6 $8,327.2 $7,555.8
Number of stores included in same store
sales calculation ................ 8,324 8,153 7,735 7,655 7,627 7,186
Number of stores (at period end) ....... 8,828 8,362 8,194 8,205 8,229 7,929
Selling square feet (in thousands at period
end) ........................ 62,494 58,803 57,376 57,379 57,299 54,753
Net sales per square foot(5) .......... $ 194.8 $ 179.7 $ 165.4 $ 163.9 $ 162.6 $ 159.8
Consumables sales ................ 70.8% 69.3% 66.4% 66.7% 65.7% 65.3%
Seasonal sales ................... 14.5% 14.6% 16.3% 15.4% 16.4% 15.7%
Home products sales ............... 7.4% 8.2% 9.1% 9.2% 10.0% 10.6%
Apparel sales ................... 7.3% 7.9% 8.2% 8.7% 7.9% 8.4%
Rent expense ................... $ 428.6 $ 389.6 $ 214.5 $ 150.2 $ 343.9 $ 312.3
Balance Sheet Data (at period end):
Cash and cash equivalents and short-term
investments ................... $ 222.1 $ 378.0 $ 119.8 $ 219.2 $ 209.5
Total assets ..................... 8,863.5 8,889.2 8,656.4 3,040.5 2,980.3
Total debt ...................... 3,403.4 4,137.1 4,282.0 270.0 278.7
Total shareholders’ equity ............ 3,390.3 2,831.7 2,703.9 1,745.7 1,720.8
(1) Includes the results of BAC for the period prior to the Merger with and into Dollar General Corporation from March 6,
2007 (the date of BAC’s formation) through July 6, 2007 and the post-Merger results of Dollar General Corporation for
the period from July 7, 2007 through February 1, 2008.
(2) Includes the effects of certain strategic merchandising and real estate initiatives that resulted in the closing of approximately
460 stores and changes in the Company’s inventory management model which resulted in greater inventory markdowns than
in previous years.
(3) The fiscal year ended February 3, 2006 was comprised of 53 weeks.
(4) Same-store sales are calculated based upon stores that were open at least 13 full fiscal months and remain open at the end
of the reporting period. The Company excludes the sales in the 53rd week of a 53-week year from the same-store sales
calculation.
(5) Net sales per square foot was calculated based on total sales for the preceding 12 months as of the ending date of the
reporting period divided by the average selling square footage during the period, including the end of the fiscal year, the
beginning of the fiscal year, and the end of each of the Company’s three interim fiscal quarters. For the period from
February 3, 2007 through July 6, 2007, average selling square footage was calculated using the average square footage as of
July 6, 2007 and as of the end of each of the four preceding quarters. For the fiscal year ended February 3, 2006, net sales
per square foot was calculated based on 52 weeks’ sales.
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