Stein Mart 2011 Annual Report Download - page 14

Table of Contents
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.
12
ITEM 6.
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands, Except Per Share and Per Square Foot Data)
2011 2010 2009 2008 2007
Consolidated Statement of Operations Data:
Net sales
$
1,160,367
$
1,181,510
$
1,219,109
$
1,326,469
$
1,457,645
Cost of merchandise sold
863,003
869,202
888,752
1,032,232
1,096,235
Gross profit
297,364
312,308
330,357
294,237
361,410
Selling, general and administrative expenses
289,114
288,208
313,703
394,559
388,329
Other income, net
24,007
29,430
18,405
20,401
21,376
Operating income (loss)
32,257
53,530
35,059
(79,921
)
(5,543
)
Interest expense, net
(286
)
(338
)
(650
)
(1,961
)
(1,037
)
Income (loss) before income taxes
31,971
53,192
34,409
(81,882
)
(6,580
)
Income tax (provision) benefit
(12,143
)
(4,439
)
(10,856
)
10,581
2,050
Net income (loss)
$
19,828
$
48,753
$
23,553
$
(71,301
)
$
(4,530
)
Basic income (loss) per share
$
0.44
$
1.10
$
0.55
$
(1.72
)
$
(0.11
)
Diluted income (loss) per share
$
0.44
$
1.08
$
0.54
$
(1.72
)
$
(0.11
)
Cash dividends paid per share
$
—
$
0.50
$
—
$
—
$
0.25
Adjusted Non
-
GAAP Measures:
Adjusted income (loss) per diluted share
$
0.44
$
0.66
$
0.71
$
(0.87
)
$
(0.04
)
Consolidated Operating Data:
Stores open at end of period
262
264
267
276
280
Sales per store including shoe department
$
4,793
$
4,813
$
4,845
$
5,113
$
5,737
Sales per store excluding shoe department
$
4,427
$
4,469
$
4,515
$
4,778
$
5,363
Sales per square foot including shoe department
$
161
$
161
$
160
$
170
$
190
Sales per square foot excluding shoe department
$
160
$
161
$
161
$
171
$
192
Comparable store net sales decrease
(1.1
)%
(1.8
)%
(5.6
)%
(10.9
)%
(4.0
)%
Consolidated Balance Sheet Data:
Working capital
$
172,872
$
172,302
$
152,781
$
206,104
$
165,469
Total assets
473,216
436,444
404,213
449,890
460,539
Long
-
term debt
—
—
—
100,000
27,133
Capital lease obligations/long
-
term
1,480
—
—
—
—
Total shareholders
’
equity
259,338
247,251
215,689
186,350
256,689
(1) Selling, general and administrative expenses include asset impairment and store closing charges of $2.3 million in 2011, $3.1 million in
2010, $11.1 million in 2009, $25.4 million in 2008 and $5.2 million in 2007.
(2) Earnings per share (“EPS”) data for the years 2007-2008 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.
(3) 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. Internet sales are excluded from these calculations.
(4) 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. Internet sales are excluded from these calculations.
(5) Comparable store sales information for a period reflects stores open throughout that period and for the same 52-week period in the prior
year and internet sales. Comparable sales does not include Other income.
(6) SEC Regulation S-K 10(e) – 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
( 1
)
( 2
)
( 2
)
( 6
)
( 3
)
( 4
)
( 3
)
( 4
)
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)