Whole Foods 2010 Annual Report Download - page 28

22
The following table provides information about the Company’s store development activities:
Properties Total
Stores opened Stores opened tendered leases signed
during fiscal during fiscal as of as of
year 2009 year 2010 November 3, 2010 November 3, 20101
Number of stores (including relocations) 15 16 11 52
Number of relocations 6 - 3 9
Number of lease acquisitions, ground leases
and owned properties 4 - 4 4
New areas 1 4 1 8
Average store size (gross square feet) 53,500 42,600 41,100 38,700
Total square footage 801,800 682,200 451,900 2,051,800
Average tender period in months 12.6 10.9
Average pre-opening expense per store $3.0 million $2.6 million
Average pre-opening rent per store $1.3 million $1.2 million
1 Includes leased properties tendered
The following table provides information about the Company’s historical store growth:
2010 2009 2008
Stores at beginning of fiscal year 284 275 276
Stores opened 16 15 20
Acquired stores 2 - -
Divested stores (2) - -
Relocated stores - (5) (7)
Closed stores (1) (1) (14)
Stores at end of fiscal year 299 284 275
Remodels with major expansions1 - 2 1
Total gross square footage at end of fiscal year 11,231,000 10,566,000 9,895,000
Year-over-year growth 6% 7% 6%
1 Defined as remodels with expansions of square footage greater than 20% completed during the fiscal year.
The Company has opened two stores in fiscal year 2011 as of November 3, 2010. The following table provides additional
information about the Company’s estimated store openings for the remainder of fiscal years 2011 through 2014 based on the
Company’s current development pipeline. These openings reflect estimated tender dates which are subject to change and do
not incorporate any potential new leases, terminations or square footage reductions:
Average Ending
new store Ending square
Total square square footage
openings Relocations footage footage1 growth
Remaining fiscal year 2011 stores in development 15 6 41,400 11,762,800 5%
Fiscal year 2012 stores in development 20 - 36,500 12,493,500 6%
Fiscal year 2013 stores in development 14 3 36,600 12,920,700 3%
Fiscal year 2014 stores in development 3 - 48,800 13,067,200 1%
Total 52 9
1 Reflects openings in fiscal year 2011 through November 3, 2010 and three scheduled expansions in fiscal year 2011.
Net cash used in financing activities totaled approximately $168.9 million in fiscal year 2010. Net cash provided by
financing activities totaled approximately $199.5 million and $69.8 million in fiscal years 2009 and 2008, respectively.
Proceeds from the exercise of stock options by team members are driven by a number of factors, including fluctuations in our
stock price, and totaled approximately $47.0 million, $4.3 million and $18.0 million in fiscal years 2010, 2009 and 2008,
respectively.
During fiscal year 2007, the Company entered into a $700 million, five-year term loan agreement to finance the acquisition
of Wild Oats Markets. During the third quarter of fiscal year 2010, the Company repaid the $210 million portion of the term
loan that was not subject to an interest rate swap agreement. At September 26, 2010, the Company had outstanding $490
million under this agreement. Subsequent to year-end, the Company repaid an additional $100 million on the term loan,
bringing the current outstanding to $390 million. The loan, which is secured by a pledge of substantially all of the stock in