Stein Mart 2014 Annual Report Download - page 14

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ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA (Dollars in Thousands, Except Per Share and Per Square Foot Data)
Consolidated Statement of Operations Data:
2014 2013 2012 (1) 2011 2010
Net sales 1,317,677$ 1,263,571$ 1,232,366$ 1,177,951$ 1,201,081$
Cost of merchandise sold 930,941 896,218 889,736 858,335 868,415
Gross profit 386,736 367,353 342,630 319,616 332,666
Selling, general and administrative expenses 342,027 326,520 306,407 287,184 277,330
Operating income 44,709 40,833 36,223 32,432 55,336
Interest expense, net 266 265 225 286 338
Income before income taxes 44,443 40,568 35,998 32,146 54,998
Income tax expense (benefit) 17,537 15,013 10,971 12,215 (1,688)
Net income 26,906$ 25,555$ 25,027$ 19,931$ 56,686$
Basic income per share 0.60$0.58$0.57$ 0.45$1.28$
Diluted income per share 0.59$0.57$0.57$ 0.44$1.26$
Cash dividends paid per share 0.275$0.15$ 1.00$-$ 0.50$
Consolidated Operatin
g
Data:
Stores open at end of period 270 264 263 262 264
Sales per store including gross shoe department (2)(4) 5,217$ 5,085$ 4,949$ 4,793$ 4,813$
Sales per store including net shoe department (3)(4) 4,911$ 4,783$ 4,652$ 4,500$ 4,537$
Sales per square foot including gross shoe department (2)(4) 177$173$167$161$161$
Comparable store net sales increase (decrease) (5) 3.3% 3.7% 2.7% (1.1)% (1.8)%
Consolidated Balance Sheet Data:
Working capital 174,533$ 160,958$ 136,352$ 172,898$ 171,038$
Total assets 553,091 524,258 491,709 479,583 442,023
Capital lease obligations/long-term - - - 1,480 -
Total shareholdersequity 284,938 264,401 234,034 249,671 237,481
(1) 2012 is a 53-week year; all others are 52-week years.
(2) These sales per store and sales per square foot amounts include gross shoe department sales, which are reported net in our net sales. Sales per store is calculated by
dividing (a) total sales including shoe department gross 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. Sales per square foot includes shoe department gross sales and selling space
and excludes administrative, receiving and storage areas. Internet sales are excluded from the calculation.
(3) These sales per store amounts include shoe department commissions, which are included in our net sales. Sales per store is calculated by dividing (a) total sales
including shoe department net 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.
(4) Sales per store and sales per square foot for 2012 has been adjusted to exclude the 53rd week.
(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, 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.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with our audited Consolidated Financial Statements and notes thereto included
elsewhere in this Form 10-K. The following discussion and analysis contains forward-looking statements which involve risks and
uncertainties, and our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain
factors, including those set forth in the table of contents.
Overview
We are a national retailer offering the fashion merchandise, service and presentation of a better department or specialty store at prices
comparable to off-price retail chains. Our focused assortment of merchandise features current season moderate to better fashion apparel
for women and men, as well as accessories, shoes and home fashions.
2014 Highlights
Comparable store sales for 2014 increased 3.3 percent compared to 2013 and total sales increased 4.3 percent. Net income for 2014 was
$26.9 million or $0.59 per diluted share compared to $25.6 million or $0.57 per diluted share for 2013.
Cash and cash equivalents at year-end 2014 was $65.3 million compared to $66.9 million at year-end 2013. Our 2014 balance sheet
reflects our increased investment in inventories, capital expenditures of $40 million and payment of one quarterly dividend at $0.05 per