Item 6. SELECTED FINANCIAL DATA

8K 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)	2016			2015			2014			2013				2012			¹

Operations
Sales	$	12,866,757		$	11,939,999		$	11,041,677		$	10,230,353			$	9,721,065
Cost of goods sold	9,173,705			8,576,873			7,937,956			7,360,924				7,011,428
Percent of sales	71.3		%	71.8		%	71.9		%	72.0		%		72.1		%
Selling, general and administrative	1,890,408			1,738,755			1,615,371			1,526,366				1,437,886
Percent of sales	14.7		%	14.6		%	14.6		%	14.9		%		14.8		%
Interest expense (income), net	16,488			12,612			2,984			(247		)		6,907
Earnings before taxes	1,786,156			1,611,759			1,485,366			1,343,310				1,264,844
Percent of sales	13.9		%	13.5		%	13.5		%	13.1		%		13.0		%
Provision for taxes on earnings	668,502			591,098			560,642			506,006				478,081
Net earnings	$	1,117,654		$	1,020,661		$	924,724		$	837,304			$	786,763
Percent of sales	8.7		%	8.5		%	8.4		%	8.2		%		8.1		%
Basic earnings per share²	$	2.85		$	2.53		$	2.24		$	1.97			$	1.80
Diluted earnings per share²	$	2.83		$	2.51		$	2.21		$	1.94			$	1.77

Cash dividends declared
per common share²	$	0.540		$	0.470		$	0.400		$	0.255		³	$	0.295

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 June 11, 2015.
³ Dividend declaration of $0.10 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)	2016			2015			2014			2013			2012			1

Financial Position
Cash and cash equivalents	$	1,111,599		$	761,602		$	696,608		$	423,168		$	646,761
Merchandise inventory	1,512,886			1,419,104			1,372,675			1,257,155			1,209,237
Property and equipment, net	2,328,048			2,342,906			2,273,752			1,875,299			1,493,284
Total assets	5,309,351			4,869,119			4,687,370			3,886,251			3,649,782
Return on average assets	22		%	21		%	22		%	22		%	23		%
Working capital	1,060,543			769,348			590,471			463,875			588,438
Current ratio	1.6:1			1.5:1			1.4:1			1.3:1			1.4:1
Long-term debt	396,493			396,025			395,562			149,681			149,628
Long-term debt as a percent
of total capitalization	13		%	14		%	15		%	7		%	8		%
Stockholders' equity	2,748,017			2,471,991			2,279,210			2,007,302			1,766,863
Return on average
stockholders' equity	43		%	43		%	43		%	44		%	48		%
Book value per common share
outstanding at year-end2	$	7.01		$	6.14		$	5.49		$	4.70		$	4.00

Operating Statistics
Number of stores opened	93			90			95			88			82
Number of stores closed	6			6			9			11			8
Number of stores at year-end	1,533			1,446			1,362			1,276			1,199
Comparable store sales increase3
(52-week basis)	4		%	4		%	3		%	3		%	6		%
Sales per average square foot of
selling space (52-week basis)	$	395		$	383		$	372		$	362		$	355
Square feet of selling space
at year-end (000)	33,300			31,900			30,400			28,900			27,800
Number of employees at year-end	78,600			77,800			71,400			66,300			57,500
Number of common stockholders
of record at year-end	848			842			817			823			831

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 June 11, 2015.
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