Item 6. SELECTED FINANCIAL DATA

7K characters. Original on sec.gov · Markdown

Item 6. SELECTED FINANCIAL DATA

The following selected financial data is derived from our consolidated financial statements. The data set forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the section “Forward-Looking Statements” in this Annual Report on Form 10-K and our consolidated financial statements and notes thereto.



($000, except per share data)	2013				2012¹			2011			2010			2009

Operations
Sales	$	10,230,353			$	9,721,065		$	8,608,291		$	7,866,100		$	7,184,213
Cost of goods sold	7,360,924				7,011,428			6,240,760			5,729,735			5,327,278
Percent of sales	72.0		%		72.1		%	72.5		%	72.8		%	74.2		%
Selling, general and administrative	1,526,366				1,437,886			1,304,065			1,229,775			1,130,813
Percent of sales	14.9		%		14.8		%	15.2		%	15.6		%	15.7		%
Interest (income) expense, net	(247		)		6,907			10,322			9,569			7,593
Earnings before taxes	1,343,310				1,264,844			1,053,144			897,021			718,529
Percent of sales	13.1		%		13.0		%	12.2		%	11.4		%	10.0		%
Provision for taxes on earnings	506,006				478,081			395,974			342,224			275,772
Net earnings	837,304				786,763			657,170			554,797			442,757
Percent of sales	8.2		%		8.1		%	7.6		%	7.1		%	6.2		%
Basic earnings per share²	$	3.93			$	3.59		$	2.91		$	2.35		$	1.80
Diluted earnings per share²	$	3.88			$	3.53		$	2.86		$	2.31		$	1.77

Cash dividends declared
per common share²	$	0.510		³	$	0.590		$	0.470		$	0.350		$	0.245

¹ Fiscal 2012 was a 53-week year; all other fiscal years presented were 52 weeks.
² All per share amounts have been adjusted for the two-for-one stock split effective December 15, 2011.
³ Dividend declaration of $0.20 per share for the fourth quarter which historically had been declared in January was declared in February 2014.

Selected Financial Data



($000, except per share data)	2013			2012¹			2011			2010			2009

Financial Position
Cash and cash equivalents	$	423,168		$	646,761		$	649,835		$	833,924		$	768,343
Merchandise inventory	1,257,155			1,209,237			1,130,070			1,086,917			872,498
Property and equipment, net	1,875,299			1,493,284			1,241,722			983,776			942,999
Total assets	3,896,797			3,670,561			3,301,209			3,116,204			2,768,633
Return on average assets	22		%	23		%	20		%	19		%	17		%
Working capital	474,102			608,845			578,319			690,919			554,933
Current ratio	1.3:1			1.4:1			1.4:1			1.5:1			1.5:1
Long-term debt	150,000			150,000			150,000			150,000			150,000
Long-term debt as a percent
of total capitalization	7		%	8		%	9		%	10		%	11		%
Stockholders' equity	2,007,302			1,766,863			1,493,012			1,332,692			1,157,293
Return on average
stockholders' equity	44		%	48		%	47		%	45		%	41		%
Book value per common share
outstanding at year-end²	$	9.41		$	8.00		$	6.58		$	5.64		$	4.71

Operating Statistics
Number of stores opened	88			82			80			56			56
Number of stores closed	11			8			10			6			7
Number of stores at year-end	1,276			1,199			1,125			1,055			1,005
Comparable store sales increase³
(52-week basis)	3		%	6		%	5		%	5		%	6		%
Sales per average square foot of
selling space (52-week basis)	$	362		$	355		$	338		$	324		$	311
Square feet of selling space
at year-end (000)	28,900			27,800			26,100			24,800			23,700
Number of employees at year-end	66,300			57,500			53,900			49,500			45,600
Number of common stockholders
of record at year-end	823			831			817			804			767

¹ Fiscal 2012 was a 53-week year; all other fiscal years presented were 52 weeks.
² All per share amounts have been adjusted for the two-for-one stock split effective December 15, 2011.
³ Comparable stores are stores open for more than 14 complete months.

Previous: Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES · Next: Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS