Stein Mart 2012 Annual Report Download - page 16

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ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA (Dollars in Thousands, Except Per Share and Per Square Foot Data)
The following selected consolidated financial data for 2012, 2011 and 2010 have 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. The selected consolidated financial data for 2009 and 2008 have been derived from our unaudited Consolidated Financial Statements
not included herein. See the “Explanatory Note” to this Annual Report on Form 10-K and Note 2 to our Consolidated Financial Statements
in Item 8 for further information regarding the restated financial information presented below.
Other than our Quarterly Report on Form 10-Q/A for April 28, 2012 and our Quarterly Reports on Form 10-Q for the quarterly periods
ended on July 28, 2012 and October 27, 2012, the financial information that has been previously filed or otherwise reported for these
periods is superseded by the information in this Annual Report on Form 10-K, and the financial statements and related financial information
contained in previously-filed reports should no longer be relied upon.
Consolidated Statement of Operations Data:
(Unaudited) (Unaudited)
2012
(1)
2011
(5)
2010
(5)
2009
(6)
2008
(6)
(Restated) (Restated) (Restated) (Restated)
Net sales 1,232,366$ 1,177,951$ 1,201,081$ 1,235,958$ 1,345,042$
Cost of merchandise sold 889,736 858,335 868,415 882,716 1,016,160
Gross profit 342,630 319,616 332,666 353,242 328,882
Selling, general and administrative expenses 306,407 287,184 277,330 319,317 401,193
Operating income (loss) 36,223 32,432 55,336 33,925 (72,311)
Interest expense, net 225 286 338 650 1,961
Income (loss) before income taxes 35,998 32,146 54,998 33,275 (74,272)
Income tax expense (benefit) 10,971 12,215 (1,688) 10,869 (1,519)
Net income (loss) 25,027$ 19,931$ 56,686$ 22,406$ (72,753)$
Basic income (loss) per share 0.57$ 0.45$ 1.28$ 0.52$ (1.76)$
Diluted income (loss) per share 0.57$ 0.44$ 1.26$ 0.51$ (1.76)$
Cash dividends paid per share 1.00$ -$ 0.50$ -$ -$
Consolidated O
p
eratin
g
Data:
Stores open at end of period 263 262 264 267 276
Sales
p
er store
(2)
4,879$ 4,793$ 4,813$ 4,845$ 5,113$
Sales
p
er s
q
uare foot
(3)
169$ 161$ 161$ 160$ 170$
Com
p
arable store net sales increase
(
decrease
)
(4)
2.7% (1.1)% (1.8)% (5.6)% (10.9)%
Consolidated Balance Sheet Data:
Working capital 136,352$ 172,898$ 171,038$ 153,356$ 203,862$
Total assets 491,709 479,583 442,023 402,434 453,403
Long-term debt - - - - 100,000
Capital lease obligations/long-term - 1,480 - - -
Total shareholders’ equity 234,034 249,671 237,481 197,986 169,794
(1) 2012 is a 53-week year; all others are 52-week years.
(2) Sales per store is calculated by dividing (a) total sales including shoe department sales for stores open at the end of the year, excluding stores open for less than
12-months by (b) the number of stores open at the end of such period, exclusive of stores open for less than 12 months. Internet sales are excluded from the
calculation.
(3) Sales per square foot is calculated by dividing (a) total sales including shoe department sales for stores open at the end of the year, excluding stores open for less than
12 months by (b) square footage for stores open at the end of the year, excluding stores open for less than 12 months. Internet sales are excluded from the calculation.
(4) 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, except
for the year 2012. Comparable store net sales increase for 2012 compares sales for the 52 weeks ended January 26, 2013 to the 52 weeks ended January 28, 2012.
Comparable store sales does not include leased department commissions.
(5) See Note 2, “Restatement of Financial Statements” in the Notes to Consolidated Financial Statements in Item 8, “Financial Statements and Supplementary Data” of this
Form 10-K for the effect of these corrections and changes.
(6) This period has been restated to conform with the corrections and changes as discussed in Note 2, “Restatement of Financial Statements” in the Notes to Consolidated
Financial Statements in Item 8, “Financial Statements and Supplementary Data” of this Form 10-K.