Petsmart 2004 Annual Report Download - page 41

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Item 6. Selected Financial Data
The following selected Ñnancial data are derived from the consolidated Ñnancial statements of PET-
sMART, Inc. The data for periods prior to Ñscal year 2004 has been restated to reÖect corrections to lease
accounting as described in Note 2: ""Restatement of Financial Statements'' under Notes to Consolidated
Financial Statements included in Item 8, ""Financial Statements and Supplementary Data'' of this Form 10-K.
The data set forth below should be read in conjunction with Item 7. ""Management's Discussion and Analysis
of Financial Condition and Results of Operations'' and the Company's consolidated Ñnancial statements and
notes thereto.
As of and for the Fiscal Year Ended(1)(2)
January 30, February 1, February 2, February 3, January 28,
2005 2004(7) 2003(7) 2002(7) 2001(7)
(In thousands, except per share amounts and operating data)
Statement of Operations Data:
Net sales ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 3,363,452 $ 2,993,115 $ 2,695,184 $ 2,501,012 $ 2,224,222
Gross proÑt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,035,200 897,951 783,015 666,412 517,675
Operating, general and
administrative expenses ÏÏÏÏÏÏÏ 754,221 660,972 616,996 600,665 501,671
Operating incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 280,979 236,979 166,019 65,747 16,004
Interest expense, net ÏÏÏÏÏÏÏÏÏÏÏ (16,535) (15,892) (17,829) (25,392) (20,483)
Income before equity loss in
PETsMART.com, income tax
expense and minority interest ÏÏ 264,444 221,087 148,190 40,355 (4,479)
Equity loss in PETsMART.comÏÏÌÌÌÌ(33,109)
Net income (loss)(3) ÏÏÏÏÏÏÏÏÏÏ $ 171,228 $ 135,402 $ 85,619 $ 36,662 $ (36,453)
Earnings (Loss) Per Common
Share Data:
Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 1.19 $ 0.96 $ 0.64 $ 0.33 $ (0.33)
Diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 1.14 $ 0.92 $ 0.61 $ 0.32 $ (0.33)
Dividends declared per common
share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 0.12 $ 0.04 $ Ì $ Ì $ Ì
Weighted average common and
potentially dilutive common
shares outstanding:
Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 143,888 141,641 134,148 112,006 111,351
Diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 149,652 147,255 141,682 114,067 111,351
Selected Operating Data:
Stores open at end of periodÏÏÏÏÏ 726 643 583 560 533
Square footage at end of period ÏÏ 16,967,480 15,314,577 14,105,873 13,644,908 13,159,283
Net sales per square foot(4) ÏÏÏÏ $ 205 $ 197 $ 188 $ 175 $ 163
Net sales growth ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12.4% 11.1% 7.8% 12.4% 5.4%
Increase in comparable store
sales(5) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6.3% 7.0% 9.6% 6.5% 1.3%
Selected Balance Sheet Data:
Merchandise inventories ÏÏÏÏÏÏÏÏ $ 337,281 $ 309,140 $ 257,090 $ 271,342 $ 322,462
Working capital ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 471,887 $ 343,974 $ 271,558 $ 186,001 $ 184,091
Total assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 1,655,454 $ 1,408,260 $ 1,188,309 $ 989,570 $ 823,453
Total debt(6) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 250,735 $ 170,395 $ 167,167 $ 341,718 $ 255,029
Total stockholders' equity ÏÏÏÏÏÏÏ $ 950,994 $ 797,646 $ 643,837 $ 291,680 $ 249,358
Current ratioÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2.34 2.00 1.93 1.66 1.73
Long-term debt-to-equity ÏÏÏÏÏÏÏ 26% 21% 25% 113% 98%
Total debt-to-capital ÏÏÏÏÏÏÏÏÏÏÏ 21% 18% 21% 54% 51%
19