Stein Mart 2015 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:
2015 2014 2013 2012
(1)
2011
Net sales 1,359,901$ 1,317,677$ 1,263,571$ 1,232,366$ 1,177,951$
Cost of merchandise sold 974,614 930,941 896,218 889,736 858,335
Gross profit 385,287 386,736 367,353 342,630 319,616
Selling, general and administrative expenses 343,724 342,027 326,520 306,407 287,184
Operating income 41,563 44,709 40,833 36,223 32,432
Interest expense, net 3,283 266 265 225 286
Income before income taxes 38,280 44,443 40,568 35,998 32,146
Income tax expense 14,569 17,537 15,013 10,971 12,215
Net income 23,711$ 26,906$ 25,555$ 25,027$ 19,931$
Basic income per share 0.52$ 0.60$ 0.58$ 0.57$ 0.45$
Diluted income per share 0.51$ 0.59$ 0.57$ 0.57$ 0.44$
Cash dividends paid per share 5.30$ 0.275$ 0.15$ 1.00$ - $
Consolidated Operating Data:
Stores open at end of period 278 270 264 263 262
Sales per store including gross shoe department (1)(2)(4) 5,215$ 5,217$ 5,085$ 4,949$ 4,793$
Sales per store including net shoe department (2)(3)(4) 4,900$ 4,911$ 4,783$ 4,652$ 4,500$
Sales per square foot including gross shoe department (1)(2)(4
177$ 177$ 173$ 167$ 161$
Comparable store net sales increase (decrease) (4) 1.0% 3.3% 3.7% 2.7% (1.1)%
Consolidated Balance Sheet Data:
Working capital 136,884$ 171,140$ 160,958$ 136,352$ 172,898$
Total assets 516,225 549,827 524,258 491,709 479,583
Long-term debt 180,150 - - - -
Capital lease obligations/long-term - - - - 1,480
Total shareholders’ equity 76,317 284,938 264,401 234,034 249,671
(1) 2012 is a 53-week year; all others are 52-week years. Sales per store and sales per square foot for 2012 have been adjusted to exclude the 53rd week.
(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) 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.
2015 Highlights
Comparable store sales for 2015 increased 1.0% compared to 2014 and total sales increased 3.2%. Net income for 2015 was $23.7
million or $0.51 per diluted share compared to $26.9 million or $0.59 per diluted share for 2014.
Cash and cash equivalents at year-end 2015 was $11.8 million compared to $65.3 million at year-end 2014. Our 2015 balance sheet
reflects our increased investment in inventories, capital expenditures of $44.4 million, payment of a special dividend at $5.00 per share and