Stein Mart 2009 Annual Report Download - page 13

ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA (Dollars in Thousands, Except Per Share and Per Square Foot Data)
The following selected consolidated financial data has been derived from our audited consolidated financial statements and should
be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our
Consolidated Financial Statements and notes thereto and the other information contained elsewhere in this Form 10-K.
Consolidated Statement of Operations Data: 2009 2008 2007 2006(1) 2005
Net sales $1,219,109 $1,326,469 $1,457,645 $1,501,296 $1,481,615
Cost of merchandise sold 888,752 1,032,232 1,096,235 1,084,975 1,065,409
Gross profit 330,357 294,237 361,410 416,321 416,206
Selling, general and administrative expenses (2) 314,115 394,767 388,572 376,611 353,104
Other income, net 18,405 20,401 21,376 18,214 15,477
Income (loss) from operations 34,647 (80,129) (5,786) 57,924 78,579
Interest (expense) income, net (238) (1,753) (794) 1,006 2,026
Income (loss) before income taxes 34,409 (81,882) (6,580) 58,930 80,605
Income tax (provision) benefit (10,856) 10,581 2,050 (21,754) (29,721)
Net income (loss) $ 23,553 $ (71,301) $ (4,530) $ 37,176 $ 50,884
Basic income (loss) per share (3) $0.55 $(1.72) $(0.11) $0.85 $1.17
Diluted income (loss) per share (3) $0.54 $(1.72) $(0.11) $0.84 $1.14
Cash dividends paid per share $ - $ - $ 0.25 $1.75 $0.1875
Adjusted Non-GAAP Measures: (7)
Adjusted income (loss) per diluted share $0.71 $(0.87) $(0.04) $0.88 $1.19
Consolidated Operating Data:
Stores open at end of period 267 276 280 268 262
Sales per store including shoe department (4) $4,845 $5,113 $5,737 $6,079 $6,123
Sales per store excluding shoe department (5) $4,515 $4,778 $5,363 $5,644 $5,687
Sales per square foot including shoe department (4) $160 $170 $190 $201 $202
Sales per square foot excluding shoe department (5) $161 $171 $192 $201 $202
Comparable store net sales (decrease) increase (6) (5.6)% (10.9)% (4.0)% (1.2)% 0.2%
Consolidated Balance Sheet Data:
Working capital $152,781 $206,104 $165,469 $174,785 $237,079
Total assets 404,213 449,890 460,539 480,351 519,845
Long-term debt - 100,000 27,133 - -
Total stockholders’ equity 215,689 186,350 256,689 288,172 323,739
(1) 2006 is a 53-week year; all others are 52-week years.
(2) Selling, general and administrative expenses include asset impairment and store closing charges of $11.1 million in 2009, $25.4 million in 2008, $5.2 million in
2007, $2.6 million in 2006 and $3.5 million in 2005.
(3) Earnings per share (“EPS”) data for the years 2005-2008 has been adjusted retrospectively for the February 1, 2009 adoption of new EPS guidance on
participating securities included in the computation of EPS under the two-class method.
(4) These sales per store and sales per square foot calculations include shoe department sales, which are not included in our reported net sales. Sales per store is
calculated by dividing (a) total sales including shoe department sales by (b) the number of stores open at the end of such period, exclusive of stores open for less
than 12 months. Sales per square foot includes shoe department sales and selling space and excludes administrative, receiving and storage areas. All periods
are calculated on a 52-week basis.
(5) These sales per store and sales per square foot calculations exclude shoe department sales, which are not included in our reported net sales. Sales per store is
calculated by dividing (a) total sales, excluding shoe department sales by (b) the number of stores open at the end of such period, exclusive of stores open for less
than 12 months. Sales per square foot excludes shoe department sales and selling space, administrative, receiving and storage areas. All periods are calculated
on a 52-week basis.
(6) Comparable store sales information for a period reflects stores open throughout that period and for the same 52-week period in the prior year, except for the year
2006. Comparable store net sales decrease for 2006 represents comparable store sales for the 52 weeks ended January 27, 2007 compared to the 52 weeks
ended January 28, 2006.
(7) SEC Regulation G – We report our consolidated financial results in accordance with generally accepted accounting principles (GAAP). However, to
supplement these consolidated financial results, we believe that certain non-GAAP operating results, which exclude asset impairment and store closing
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