Item 6. SELECTED FINANCIAL DATA

13K 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)	2020			2019			2018			2017		1	2016

Operations
Sales	$	12,531,565		$	16,039,073		$	14,983,541		$	14,134,732		$	12,866,757
Cost of goods sold	9,838,574			11,536,187			10,726,277			10,042,638			9,173,705
Percent of sales	78.5%			71.9%			71.6%			71.0%			71.3%
Selling, general and administrative	2,503,281			2,356,704			2,216,550			2,043,698			1,890,408
Percent of sales	20.0%			14.7%			14.8%			14.5%			14.7%
Interest expense (income), net	83,413			(18,106)			(10,162)			7,676			16,488
Earnings before taxes	106,297			2,164,288			2,050,876			2,040,720			1,786,156
Percent of sales	0.8%			13.5%			13.7%			14.4%			13.9%
Provision for taxes on earnings	20,915			503,360			463,419			677,967			668,502
Net earnings	$	85,382		$	1,660,928		$	1,587,457		$	1,362,753		$	1,117,654
Percent of sales	0.7%			10.4%			10.6%			9.6%			8.7%
Basic earnings per share	$	0.24	5	$	4.63	4	$	4.30	3	$	3.58	2	$	2.85
Diluted earnings per share	$	0.24	5	$	4.60	4	$	4.26	3	$	3.55	2	$	2.83

Cash dividends declared
per common share²	$	0.285	6	$	1.020		$	0.900		$	0.640		$	0.540

¹ Fiscal 2017 was a 53-week year; all other fiscal years presented were 52 weeks.
2 Includes a per share benefit of approximately $0.21 from tax reform legislation enacted in December 2017 and $0.10 from the 53rd week.
3 Includes a per share benefit of approximately $0.70 from tax reform legislation enacted in December 2017 and $0.07 from the favorable resolution of a tax matter.
4 Includes a per share benefit of approximately $0.02 primarily related to the favorable resolution of a tax matter.
5 Includes a per share charge of approximately $0.54 primarily related to the long-term debt refinancing.
6 Represents first quarter fiscal 2020 dividends. In May 2020, we temporarily suspended our quarterly dividends, due to the economic uncertainty stemming from the COVID-19 pandemic.

Selected Financial Data


($000, except per share data)	2020			2019			2018		2017		1	2016

Financial Position
Cash and cash equivalents	$	4,819,293		$	1,351,205		$	1,412,912	$	1,290,294		$	1,111,599
Merchandise inventory	1,508,982			1,832,339			1,750,442		1,641,735			1,512,886
Property and equipment, net	2,710,496			2,653,436			2,475,201		2,382,464			2,328,048
Total assets	12,717,867			9,348,367		2	6,073,691		5,722,051			5,309,351
Return on average assets	1%			22%		2	27%		25%			22%
Working capital	2,725,458			730,894		2	1,394,535		1,224,755			1,060,543
Current ratio	1.7:1			1.3:1		2	1.7:1		1.6:1			1.6:1
Long-term debt	2,513,085			312,891			312,440		396,967			396,493
Long-term debt as a percent
of total capitalization	43%			9%			9%		12%			13%
Stockholders’ equity	3,290,640			3,359,249			3,305,746		3,049,308			2,748,017
Return on average
stockholders’ equity	3%			50%			50%		47%			43%
Book value per common share
outstanding at year-end	$	9.23		$	9.42		$	8.98	$	8.03		$	7.01

Operating Statistics
Number of stores opened	66		4	98			99		96			93
Number of stores closed	12			10		3	4		7			6
Number of stores at year-end	1,859			1,805			1,717		1,622			1,533
Comparable store sales increase5
(52-week basis)	n/a		6	3%			4%		4%			4%
Sales per average square foot of
selling space (52-week basis)	$	327		$	432		$	422	$	409		$	395
Square feet of selling space
at year-end (000)	38,800			37,900			36,300		34,700			33,300
Number of associates at year-end	93,700			92,500			88,100		82,700			78,600
Number of common stockholders
of record at year-end	1,015			976			902		880			848

¹ Fiscal 2017 was a 53-week year; all other fiscal years presented were 52 weeks.
2 Fiscal 2019 reflects the impact of adoption of ASU 2016-02, Leases (Accounting Standards Codification “ASC” 842) on a modified retrospective basis; all other prior fiscal years presented were not restated.
3 Includes the temporary closure of a store impacted by a weather event.
4 Includes the reopening of a store previously temporarily closed due to a weather event.
5 Comparable stores are stores open for more than 14 complete months.
6 Given the temporary store closures resulting from the COVID-19 pandemic, the comparable store sales metric for fiscal 2020 is not meaningful.

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