Petsmart 2008 Annual Report Download - page 30

Item 6. Selected Financial Data
The following selected financial data is derived from our consolidated financial statements. The data below
should be read in conjunction with Item 7. “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and our consolidated financial statements and notes thereto.
February 1,
2009
February 3,
2008
January 28,
2007
January 29,
2006
January 30,
2005
As of and for the Year Ended(1)
(In thousands, except per share amounts and operating data)
Statement of Operations Data:
Net sales .................... $ 5,065,293 $ 4,672,656 $ 4,233,857 $ 3,760,499 $ 3,363,452
Gross profit .................. 1,495,433 1,436,821 1,307,770 1,173,001 1,038,587
Operating, general and
administrative expenses ....... 1,125,579 1,085,308 985,936 861,621 781,248
Operating income ............. 369,854 351,513 321,834 311,380 257,339
Gain on sale of equity
investment ................. — 95,363 — — —
Interest income ............... 579 6,813 10,551 9,037 4,791
Interest expense............... (59,336) (51,496) (42,268) (31,208) (21,326)
Income before income tax expense
and equity in income from
investee ................... 311,097 402,193 290,117 289,209 240,804
Income tax expense ............ (121,019) (145,180) (105,048) (106,719) (83,351)
Equity in income from investee . . . 2,592 1,671 — — —
Net income .................. $ 192,670 $ 258,684 $ 185,069 $ 182,490 $ 157,453
Earnings Per Common Share Data:
Basic ..................... $ 1.55 $ 1.99 $ 1.36 $ 1.30 $ 1.09
Diluted ................... $ 1.52 $ 1.95 $ 1.33 $ 1.25 $ 1.05
Dividends declared per common
share ....................... $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12
Weighted average shares outstanding:
Basic ..................... 124,342 129,851 135,836 140,791 143,888
Diluted ................... 126,751 132,954 139,537 145,577 149,652
Selected Operating Data:
Stores open at end of period ..... 1,112 1,008 908 826 726
Square footage at end of period . . . 25,102,528 22,825,783 20,787,903 19,029,359 16,967,480
Net sales per square foot(2) ...... $ 202 $ 210 $ 208 $ 206 $ 205
Net sales growth .............. 8.4% 10.4% 12.6% 11.8% 12.4%
Increase in comparable store
sales(3) ................... 3.8% 2.4% 5.0% 4.2% 6.3%
Selected Balance Sheet Data:
Merchandise inventories ........ $ 584,011 $ 501,212 $ 487,400 $ 399,413 $ 337,281
Working capital ............... $ 396,677 $ 214,404 $ 324,887 $ 377,766 $ 477,929
Total assets .................. $ 2,357,653 $ 2,167,257 $ 2,053,477 $ 1,863,691 $ 1,678,407
Total debt(4) ................. $ 585,993 $ 563,747 $ 449,001 $ 364,123 $ 250,735
Total stockholders’ equity ....... $ 1,144,136 $ 986,597 $ 1,000,894 $ 940,750 $ 973,947
Current ratio ................. 1.83 1.31 1.63 1.82 2.36
Long-term debt-to-equity ........ 48% 52% 43% 37% 25%
Total debt-to-capital............ 34% 36% 31% 28% 20%
(1) 2007 consisted of 53 weeks while all other periods presented consisted of 52 weeks. As a result, all comparisons
other than comparable store sales which was calculated on an equivalent 52 week basis, also reflect the impact
of one additional week in 2007. The estimated impact of the additional week in 2007 resulted in the following
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