filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
FIVE YEAR SELECTED FINANCIAL AND OPERATING HIGHLIGHTS (a)(b)
The following selected financial data is derived from the Consolidated Financial Statements of Tractor Supply Company and provides summary historical financial information for the fiscal periods ended and as of the dates indicated (in thousands, except per share amounts and selected operating and other data):
| 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
| (53 weeks) | (52 weeks) | (52 weeks) | (52 weeks) | (52 weeks) | |||||||||||||||
| Operating Results: | |||||||||||||||||||
| Net sales | $ | 6,779,579 | $ | 6,226,507 | $ | 5,711,715 | $ | 5,164,784 | $ | 4,664,120 | |||||||||
| Gross profit | 2,325,202 | 2,143,174 | 1,950,415 | 1,753,609 | 1,566,054 | ||||||||||||||
| Selling, general and administrative expenses | 1,488,164 | 1,369,097 | 1,246,308 | 1,138,934 | 1,040,287 | ||||||||||||||
| Depreciation and amortization | 142,958 | 123,569 | 114,635 | 100,025 | 88,975 | ||||||||||||||
| Operating income | 694,080 | 650,508 | 589,472 | 514,650 | 436,792 | ||||||||||||||
| Interest expense, net | 5,810 | 2,891 | 1,885 | 557 | 1,055 | ||||||||||||||
| Income before income taxes | 688,270 | 647,617 | 587,587 | 514,093 | 435,737 | ||||||||||||||
| Income tax expense | 251,150 | 237,222 | 216,702 | 185,859 | 159,280 | ||||||||||||||
| Net income | $ | 437,120 | $ | 410,395 | $ | 370,885 | $ | 328,234 | $ | 276,457 | |||||||||
| Net income per share – basic (c) | $ | 3.29 | $ | 3.03 | $ | 2.69 | $ | 2.35 | $ | 1.94 | |||||||||
| Net income per share – diluted (c) | $ | 3.27 | $ | 3.00 | $ | 2.66 | $ | 2.32 | $ | 1.90 | |||||||||
| Weighted average shares – diluted (c) | 133,813 | 136,845 | 139,435 | 141,723 | 145,514 | ||||||||||||||
| Dividends declared per common share outstanding | $ | 0.92 | $ | 0.76 | $ | 0.61 | $ | 0.49 | $ | 0.36 | |||||||||
| Operating Data (percent of net sales): | |||||||||||||||||||
| Gross margin | 34.3 | % | 34.4 | % | 34.1 | % | 34.0 | % | 33.6 | % | |||||||||
| Selling, general and administrative expenses | 22.0 | % | 22.0 | % | 21.8 | % | 22.1 | % | 22.3 | % | |||||||||
| Operating income | 10.2 | % | 10.4 | % | 10.3 | % | 10.0 | % | 9.4 | % | |||||||||
| Net income | 6.4 | % | 6.6 | % | 6.5 | % | 6.4 | % | 6.0 | % | |||||||||
| Store, Sales and Other Data: | |||||||||||||||||||
| Stores open at end of year | 1,738 | 1,488 | 1,382 | 1,276 | 1,176 | ||||||||||||||
| Comparable store sales increase (d) | 1.6 | % | 3.1 | % | 3.8 | % | 4.8 | % | 5.3 | % | |||||||||
| New store sales (as a % of net sales) (e) | 5.6 | % | 5.6 | % | 6.2 | % | 5.4 | % | 5.9 | % | |||||||||
| Average transaction value | $ | 44.42 | $ | 44.87 | $ | 44.84 | $ | 44.48 | $ | 44.40 | |||||||||
| Comparable store average transaction value (decrease) increase (c) | (0.9 | )% | (0.2 | )% | 0.6 | % | — | % | 2.0 | % | |||||||||
| Comparable store average transaction count increase (d) | 2.6 | % | 3.3 | % | 3.2 | % | 4.7 | % | 3.0 | % | |||||||||
| Total selling square footage (000’s) | 26,511 | 23,938 | 22,176 | 20,470 | 18,893 | ||||||||||||||
| Total team members | 26,000 | 23,000 | 21,100 | 19,200 | 17,300 | ||||||||||||||
| Capital expenditures (000’s) | $ | 226,017 | $ | 236,496 | $ | 160,613 | $ | 218,200 | $ | 152,924 | |||||||||
| Balance Sheet Data (at end of period): | |||||||||||||||||||
| Average inventory per store (f) | $ | 741.7 | $ | 820.1 | $ | 752.7 | $ | 723.5 | $ | 727.4 | |||||||||
| Inventory turns | 3.19 | 3.23 | 3.32 | 3.29 | 3.28 | ||||||||||||||
| Working capital (g) | $ | 740,615 | $ | 768,177 | $ | 670,897 | $ | 677,107 | $ | 569,547 | |||||||||
| Total assets | $ | 2,674,942 | $ | 2,370,826 | $ | 2,034,571 | $ | 1,903,391 | $ | 1,706,808 | |||||||||
| Long-term debt, less current portion (h) | $ | 289,769 | $ | 166,992 | $ | 4,957 | $ | 1,200 | $ | 1,242 | |||||||||
| Stockholders’ equity | $ | 1,453,218 | $ | 1,393,294 | $ | 1,293,561 | $ | 1,246,894 | $ | 1,024,974 |
(a) Our fiscal year includes 52 or 53 weeks and ends on the last Saturday of the calendar year. References to fiscal year mean the year in which that fiscal year ended. Fiscal year 2016 consisted of 53 weeks while all other fiscal years consisted of 52 weeks.
(b) Beginning in the fourth quarter ended December 31, 2016, selected financial and operating information includes the consolidation of Petsense, unless otherwise noted.
(c) Basic net income per share is calculated based on the weighted average number of common shares outstanding applied to net income. Diluted net income per share is calculated using the treasury stock method for stock options and restricted stock units.
(d) Comparable store metrics are calculated on an annual basis using sales generated from all stores open at least one year and all online sales, excluding certain adjustments to net sales. Beginning in fiscal 2015, stores closed during the year are removed from our comparable store metrics calculations. This change in the calculation methodology did not have a material impact on the comparable store metrics reported in prior periods presented due to the minimal number of stores closed in those periods. Stores relocated during the years being compared are not removed from our comparable store metrics. If the effect of relocated stores on our comparable store metrics becomes material, we would remove relocated stores from the calculations. Petsense stores are not considered comparable stores until 12 months after the date of acquisition.
(e) New stores sales metrics are based on stores open for less than one year.
(f) Assumes average inventory cost, excluding inventory in-transit.
(g) Working capital for 2016 and 2015 reflects deferred tax assets as non-current as a result of the adoption of ASU 2015-17 (which is discussed in Note 15 to the Consolidated Financial Statements). Years prior to 2015 have not been adjusted to reflect the adoption of this guidance.
(h) Long-term debt includes amounts outstanding under the Company’s senior credit facility and capital lease obligations, excluding the current portions.
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