Express 2011 Annual Report Download - page 37

The selected historical consolidated data presented below should be read in conjunction with the sections entitled
“Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and
our Consolidated Financial Statements and the related Notes and other financial data included elsewhere in this
Annual Report on Form 10-K.
Successor Predecessor
Year Ended
July 7,
2007
through
February 2,
2008
February 4,
2007
through
July 6, 20072011 2010 2009 2008
(dollars in thousands, excluding net sales per gross square foot and per share data data)
Statement of Operations Data:
Net sales .................... $2,073,355 $1,905,814 $1,721,066 $1,737,010 $1,137,327 $659,019
Cost of goods sold, buying and
occupancy costs ............ 1,318,894 1,227,490 1,175,088 1,280,018 890,063 451,514
Gross profit .................. 754,461 678,324 545,978 456,992 247,264 207,505
Selling, general, and
administrative expenses ...... 483,823 461,073 409,198 447,071 275,150 170,100
Other operating (income) expense,
net ....................... (308) 18,000 9,943 6,007 5,526 302
Operating income (loss) ........ 270,946 199,251 126,837 3,914 (33,412) 37,103
Interest expense ............... 35,804 59,493 53,222 36,531 6,978 —
Interest income ............... (12) (16) (484) (3,527) (5,190) —
Other (income) expense, net ..... (411) (1,968) (2,444) (300) 4,712 —
Income (loss) before income
taxes ..................... 235,565 141,742 76,543 (28,790) (39,912) 37,103
Income tax expense (1) .......... 94,868 14,354 1,236 246 487 7,161
Net income (loss) ............. $ 140,697 $ 127,388 $ 75,307 $ (29,036)$ (40,399) $ 29,942
Dividends declared per share .... $ — $ 0.56 $ — $ — $ — $ —
Earnings (loss) per share:
Basic ....................... $ 1.59 $ 1.49 $ 1.01 $ (0.40)$ (0.57)
Diluted ...................... $ 1.58 $ 1.48 $ 1.00 $ (0.40)$ (0.57)
Weighted average shares
outstanding: (2)
Basic ....................... 88,596 85,369 74,566 72,516 71,409
Diluted ...................... 88,896 86,050 75,604 72,516 71,409
Other Financial and Operating
Data:
Comparable sales change (3) ..... 6% 10% (4)% (3)% 12% 6%
Net sales per gross square foot
(4)
...
$ 355 $ 346 $ 321 $ 337 $ 213 $ 118
Total gross square feet
(in thousands) (average) ...... 5,196 5,029 5,033 5,060 5,348 5,604
Number of stores (at period end) . . .
609 591 573 581 587 622
Capital expenditures ........... $ 77,176 $ 54,843 $ 26,853 $ 50,551 $ 15,258 $ 22,888
Balance Sheet Data
(at period end):
Cash and cash equivalents ...... $ 152,362 $ 187,762 $ 234,404 $ 176,115 $ 320,029
Working capital (excluding cash
and cash equivalents )(5) ...... (31,536) (56,054) (65,794) (28,317) (63,308)
Total assets .................. 862,199 862,749 869,554 860,413 1,025,817
Total debt (including current
portion) ................... 198,539 367,407 416,763 498,478 124,375
Total stockholders’ equity ....... $ 281,147 $ 130,162 $ 141,453 $ 97,099 $ 615,290
(1) Prior to the Reorganization, we were treated as a partnership for federal income tax purposes, and therefore
had not been subject to federal and state income tax, with the exception of a limited number of state and
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