MATTHEWS, N.C.--(BUSINESS WIRE)--Family Dollar Stores, Inc. (NYSE: FDO) today reported record earnings results for the fourth quarter and year ended August 31, 2013.
Net income per diluted share in the fourth quarter of fiscal 2013 increased 27.5% to $0.88. Included in the results for the fourth quarter of fiscal 2013 was a one-time $5.0 million favorable adjustment related to a change in accounting for certain vendor allowances. Excluding this adjustment and the litigation charge of $11.5 million in the fourth quarter of fiscal 2012, earnings per diluted share in the fourth quarter of fiscal 2013 would have increased 14.7% to $0.86 as compared to $0.75 in fiscal 2012.
Net income per diluted share in fiscal 2013 increased 7.0% to $3.83. Excluding the accounting adjustment in fiscal 2013 and the litigation charge in fiscal 2012, earnings per diluted share would have increased 4.4% to $3.80 as compared to $3.64 in fiscal 2012. Consistent with the National Retail Federation Calendar, the Company’s fiscal 2013 included 53 weeks as compared to 52 weeks in fiscal 2012. The Company estimates this extra week contributed approximately $189 million in sales and $0.07 of earnings per diluted share.
“This morning we reported record sales and earnings results for the fourth quarter and fiscal 2013,” said Howard R. Levine, Chairman and CEO. “While the environment was more challenging than expected, I am pleased with our progress. We have increased our market share, we have stabilized margins and we are increasing profitability. Our strategy is working, and we remain on course with our long-term goal to drive continued profitable growth and increase shareholder returns.”
Fourth Quarter Results
Total net sales for the fourth quarter of fiscal 2013 increased 5.8% to $2.5 billion compared with total net sales of $2.4 billion in the fourth quarter of fiscal 2012. Comparable store sales in the quarter were flat. Customer traffic and the average customer transaction value were flat during the quarter. Sales were strongest in the Consumables category, which increased 8.3% during the quarter, driven primarily by strong growth in refrigerated and frozen food, health aids, and tobacco.
Gross profit in the fourth quarter of fiscal 2013 increased 8.6% to $868.4 million, or 34.7% of net sales, compared with $799.7 million, or 33.8% of net sales, in the fourth quarter of fiscal 2012. Included in gross profit for the fourth quarter of fiscal 2013 was a one-time $5.0 million favorable adjustment related to a change in accounting for certain vendor allowances. Excluding this adjustment, gross profit for the fourth quarter of fiscal 2013 increased 8.0% to $863.5 million, or 34.5%. As a percentage of net sales, higher markups and lower freight expense were partially offset by the impact of stronger sales of lower-margin consumables, higher markdowns and increased inventory shrinkage.
Selling, general and administrative (SG&A) expenses in the fourth quarter of fiscal 2013 increased 7.6% to $712.9 million as compared to $662.6 million in the fourth quarter of fiscal 2012. SG&A expense was approximately flat on an average per-square-foot basis. As a percentage of net sales, SG&A expenses were 28.5% in the fourth quarter of fiscal 2013 compared with 28.0% in the fourth quarter of fiscal 2012. The expense de-leverage during the quarter was primarily driven by the flat comparable store sales. As a percentage of net sales, higher store occupancy costs and store payroll were partially offset by lower advertising and insurance costs.
Operating profit in the fourth quarter of fiscal 2013 increased 23.9% to $155.6 million, or 6.2% of net sales, compared with $125.6 million, or 5.3% of net sales, in the fourth quarter of fiscal 2012. Adjusted operating profit in the fourth quarter of 2013 was $150.6 million compared with adjusted operating profit of $137.1 million in fiscal 2012, excluding the favorable $5.0 million accounting adjustment in the fourth quarter of fiscal 2013 and the litigation charge of $11.5 million in the fourth quarter of fiscal 2012. As a percentage of net sales, adjusted operating profit was 6.0% in the fourth quarter of fiscal 2013 as compared to adjusted operating profit of 5.8% in the fourth quarter of fiscal 2012.
The effective income tax rate in the fourth quarter of fiscal 2013 was 34.9% as compared to 36.0% in the fourth quarter of fiscal 2012. The decrease in the effective tax rate in the fourth quarter of fiscal 2013, as compared to the fourth quarter of fiscal 2012, was due primarily to a decrease in the reserve for state taxes partially offset by increases in U.S. tax of foreign operations and the reserves for uncertain tax positions.
Net income in the fourth quarter of fiscal 2013 increased 26.3% to $102.2 million compared with $80.9 million in the fourth quarter of fiscal 2012. Adjusted net income for the fourth quarter of fiscal 2013 increased 12.5% to $99.0 million as compared to adjusted net income of $88.1 million in the fourth quarter of fiscal 2012, excluding the favorable $5.0 million accounting adjustment in the fourth quarter of fiscal 2013 and the litigation charge of $11.5 million in the fourth quarter of fiscal 2012.
Fiscal 2013 Results
Total net sales for fiscal 2013 increased 11.4% to $10.4 billion compared with total net sales of $9.3 billion in fiscal 2012. Consistent with the National Retail Federation Calendar, the Company’s fiscal 2013 included 53 weeks as compared to 52 weeks in fiscal 2012. The Company estimates this extra week contributed approximately $189 million in sales. Comparable store sales increased 3.0%. This increase was a result of increased customer traffic and an increase in the average customer transaction value. Sales were strongest in the Consumables category, which increased 16.9% during the year, driven primarily by strong growth in food, health and beauty aids, and tobacco.
Gross profit in fiscal 2013 increased 9.0% to $3.6 billion, or 34.2% of net sales, compared with $3.3 billion, or 34.9% of net sales, in fiscal 2012. Included in gross profit for fiscal 2013 was a one-time $5.0 million favorable adjustment related to a change in accounting for certain vendor allowances. Excluding this adjustment, gross profit for fiscal 2013 increased 8.9% to $3.5 billion, or 34.2% of net sales. As a percentage of net sales, the impact of stronger sales of lower-margin consumables, increased inventory shrinkage and higher markdowns were partially offset by higher markups and lower freight expense.
Selling, general and administrative expenses increased 10.9% to $2.9 billion. As a percentage of net sales, SG&A expenses were 27.6% in fiscal 2013 compared with 27.7% in fiscal 2012. As a percentage of net sales, lower incentive-compensation expense was partially offset by higher store occupancy costs.
Operating profit in fiscal 2013 was $688.0 million compared with $664.2 million in fiscal 2012. As a percentage of net sales, operating profit was 6.6% in fiscal 2013 as compared to 7.1% in fiscal 2012. Adjusted operating profit in fiscal 2013 was $683.0 million compared with $675.7 million in fiscal 2012, excluding the favorable $5.0 million accounting adjustment in the fourth quarter of fiscal 2013 and the litigation charge of $11.5 million in the fourth quarter of fiscal 2012. As a percentage of net sales, adjusted operating profit was 6.6% in fiscal 2013 as compared to adjusted operating profit of 7.2% in fiscal 2012.
The effective income tax rate in fiscal 2013 was 35.8% as compared to 36.4% in fiscal 2012. The decrease in the effective tax rate in fiscal 2013, as compared to fiscal 2012, was due primarily to a decrease in the reserve for state taxes and an increase in the benefit of federal tax credits partially offset by an increase in the reserves for uncertain tax positions.
Net income in fiscal 2013 increased 5.1% to $443.6 million compared with $422.2 million in fiscal 2012. Adjusted net income in fiscal 2013 increased 2.6% to $440.4 million as compared to adjusted net income of $429.4 million in fiscal 2012, excluding the favorable $5.0 million accounting adjustment in the fourth quarter of fiscal 2013 and the litigation charge of $11.5 million in the fourth quarter of fiscal 2012.
The Company’s merchandise inventories at August 31, 2013, increased 2.9% to $1.5 billion compared with $1.4 billion at August 25, 2012. Average inventory per store at the end of fiscal 2013 was approximately 3.3% lower than the average inventory per store at the end of fiscal 2012.
Capital expenditures were $744.4 million in fiscal 2013 compared to $603.3 million in fiscal 2012. The growth in capital expenditures was primarily due to increased investments in new stores. During fiscal 2013, the Company spent $292.5 million related to its Fee Development Program, compared to $122.6 million in fiscal 2012. In fiscal 2013, the Company completed sale-leaseback transactions related to store locations for net proceeds, after transaction costs, of $345.2 million.
During fiscal 2013, the Company opened 500 new stores, closed 26 stores, and renovated, relocated or expanded 830 stores.
In fiscal 2013, the Company paid $108.3 million in dividends and repurchased approximately 1.2 million shares of its common stock for a total cost of $75.0 million. As of August 31, 2013, the Company had the authorization to purchase up to an additional $370.8 million of its common stock.
Outlook
Commenting on expectations for fiscal 2014, Levine said, “Given the uncertainty of the operating environment and the near-term challenges our customer continues to face, we have taken a cautious approach to fiscal 2014. Building on the progress we've made to increase market share, stabilize gross margin and improve inventory productivity, we will continue to invest in fiscal 2014 to increase our relevancy, provide customers with more value, and drive more trips. While the first quarter will be our most difficult sales comparison, as we cycle a 6.6% increase in comparable store sales, these comparisons will ease as we move through the year. An improving sales trend, combined with continued gross margin expansion and tight expense control, should result in higher profitability as we move through fiscal 2014.”
For the 52-week year ending August 30, 2014, the Company expects that earnings per diluted share will be between $3.80 and $4.15, compared with $3.83 in fiscal 2013. As a reminder, fiscal 2013 included an extra week, which the Company estimates contributed $0.07 of earnings per diluted share.
The Company's outlook for fiscal 2014 is based on the following assumptions which may or may not prove valid:
- A mid-single-digit increase in total net sales;
- A low-single-digit increase in comparable store sales;
- Approximately 525 new store openings and 80 store closings;
- Gross margin expansion;
- SG&A expense de-leverage based on our comparable store sales outlook;
- An effective income tax rate between 36.0% and 36.5%;
- Capital expenditures of between $550 million and $600 million; and
- Approximately $100 million of share repurchases.
For the first quarter of fiscal 2014, the Company expects that comparable store sales will decline in the low-single-digit range and that diluted earnings per share will be between $0.65 and $0.75 per share compared to $0.69 per share in the first quarter of fiscal 2013.
Cautionary Statements
Certain statements contained in this press release are “forward-looking statements” that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address certain plans, activities or events which the Company expects will or may occur in the future and relate to, among other things, the state of the economy, the Company’s investment and financing plans, net sales, comparable store sales, store openings and closings, income tax rates, capital expenditures, cost of sales, SG&A expenses, earnings per diluted share, dividends and share repurchases. Various risks, uncertainties and other factors could cause actual results to differ materially from those expressed in any forward-looking statement. Consequently, all of the forward-looking statements made by the Company in this and in other documents or statements are qualified by factors, risks and uncertainties, including, but not limited to, those set forth under the headings titled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission up to the date of this release.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not undertake to update or revise these forward-looking statements even if experience or future changes make it clear that projected results expressed or implied in such statements will not be realized, except as may be required by law.
Earnings Conference Call Information
The Company plans to host a conference call with investors today, October 9, 2013, at 10:00 a.m. ET to discuss the results. The Company will also provide an update on various business initiatives and discuss plans and expectations for fiscal 2014. After some prepared remarks by management, participants will have an opportunity to ask questions. The Company’s responses to questions, as well as other matters discussed during the conference call, may include information that has not been disclosed previously.
If you wish to participate, please call (800) 890-0881 for domestic US calls and (719) 325-2295 for international calls at least 10 minutes before the call is scheduled to begin. The passcode for the conference call is 3827795 or “FAMILY DOLLAR.”
A live webcast of the conference call with accompanying slides can be accessed at the following link.
http://investor.familydollar.com/investors-relations/default.aspx
A replay of the webcast will be available at the address noted above after 11:00 a.m. ET, October 9, 2013.
About Family Dollar
For more than 53 years, Family Dollar has been providing value and convenience to customers in easy-to-shop neighborhood locations. Family Dollar’s mix of name brands and quality, private brand merchandise appeals to shoppers in more than 7,900 stores in rural and urban settings across 46 states. Helping families save on the items they need with everyday low prices creates a strong bond with customers, who often refer to their neighborhood store as “my Family Dollar.” Headquartered in Matthews, North Carolina, just outside of Charlotte, Family Dollar is a Fortune 300, publicly held company with common stock traded on the New York Stock Exchange under the symbol FDO. For more information, please visit www.familydollar.com.
| FAMILY DOLLAR STORES, INC., AND SUBSIDIARIES | ||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||
| (Unaudited) | ||||||||||||
| For the Fourth Quarter Ended* | ||||||||||||
| (in thousands, except per share amounts) |
August 31, |
% of Net |
August 25, |
% of Net |
||||||||
| Net sales | $ | 2,502,266 | 100.00 | % | $ | 2,364,125 | 100.00 | % | ||||
| Cost of sales | 1,633,823 | 65.29 | % | 1,564,422 | 66.17 | % | ||||||
| Gross profit | 868,443 | 34.71 | % | 799,703 | 33.83 | % | ||||||
| Selling, general and administrative expenses | 712,852 | 28.49 | % | 662,583 | 28.03 | % | ||||||
| Litigation charge | - | 0.00 | % | 11,500 | 0.49 | % | ||||||
| Operating profit | 155,591 | 6.22 | % | 125,620 | 5.31 | % | ||||||
| Investment income | 147 | 0.01 | % | 211 | 0.01 | % | ||||||
|
|
||||||||||||
| Interest expense | 5,920 | 0.24 | % | 6,318 | 0.27 | % | ||||||
| Other income | 7,222 | 0.29 | % | 7,037 | 0.30 | % | ||||||
| Income before income taxes | 157,040 | 6.28 | % | 126,550 | 5.35 | % | ||||||
| Income taxes | 54,827 | 2.19 | % | 45,619 | 1.93 | % | ||||||
| Net income | $ | 102,213 | 4.08 | % | $ | 80,931 | 3.42 | % | ||||
| Net income per common share - basic | $ | 0.89 | $ | 0.70 | ||||||||
| Weighted average shares - basic | 115,040 | 116,396 | ||||||||||
| Net income per common share - diluted | $ | 0.88 | $ | 0.69 | ||||||||
| Weighted average shares - diluted | 115,610 | 117,267 | ||||||||||
| Dividends declared per common share | $ | 0.26 | — | |||||||||
| *Certain reclassifications of the amounts for fiscal 2012 have been made to conform to the presentation for fiscal 2013. | ||||||||||||
| FAMILY DOLLAR STORES, INC., AND SUBSIDIARIES | ||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||
| (Unaudited) | ||||||||||||
| For the Year Ended* | ||||||||||||
| (in thousands, except per share amounts) |
August 31, |
% of Net |
August 25, |
% of Net |
||||||||
| Net sales | $ | 10,391,457 | 100.00 | % | $ | 9,331,005 | 100.00 | % | ||||
| Cost of sales | 6,836,712 | 65.79 | % | 6,071,058 | 65.06 | % | ||||||
| Gross profit | 3,554,745 | 34.21 | % | 3,259,947 | 34.94 | % | ||||||
| Selling, general and administrative expenses | 2,866,788 | 27.59 | % | 2,584,234 | 27.70 | % | ||||||
| Litigation charge | - | 0.00 | % | 11,500 | 0.12 | % | ||||||
| Operating profit | 687,957 | 6.62 | % | 664,213 | 7.12 | % | ||||||
| Investment income | 422 | 0.00 | % | 927 | 0.01 | % | ||||||
| Interest expense | 25,888 | 0.25 | % | 25,090 | 0.27 | % | ||||||
| Other income | 28,206 | 0.27 | % | 23,888 | 0.26 | % | ||||||
| Income before income taxes | 690,697 | 6.65 | % | 663,938 | 7.12 | % | ||||||
| Income taxes | 247,122 | 2.38 | % | 241,698 | 2.59 | % | ||||||
| Net income | $ | 443,575 | 4.27 | % | $ | 422,240 | 4.53 | % | ||||
| Net income per common share - basic | $ | 3.85 | $ | 3.61 | ||||||||
| Weighted average shares - basic | 115,252 | 117,097 | ||||||||||
| Net income per common share - diluted | $ | 3.83 | $ | 3.58 | ||||||||
| Weighted average shares - diluted | 115,805 | 118,058 | ||||||||||
| Dividends declared per common share | $ | 0.94 | $ | 0.60 | ||||||||
| *Certain reclassifications of the amounts for fiscal 2012 have been made to conform to the presentation for fiscal 2013. | ||||||||||||
| FAMILY DOLLAR STORES, INC., AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| As of | ||||||||
| (in thousands, except per share and share amounts) | August 31, 2013 | August 25, 2012 | ||||||
|
Assets |
||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 140,999 | $ | 92,333 | ||||
| Short-term investment securities | 4,000 | 6,271 | ||||||
| Restricted cash and investments | 35,443 | 126,281 | ||||||
| Merchandise inventories | 1,467,016 | 1,426,163 | ||||||
| Deferred income taxes | 34,510 | 69,518 | ||||||
| Income tax refund receivable | 13,485 | — | ||||||
| Prepayments and other current assets | 161,552 | 47,604 | ||||||
| Total current assets | 1,857,005 | 1,768,170 | ||||||
| Property and equipment, net | 1,732,544 | 1,496,360 | ||||||
| Investment securities | 22,977 | 23,720 | ||||||
| Other assets | 97,335 | 84,815 | ||||||
| Total assets | $ | 3,709,861 | $ | 3,373,065 | ||||
|
Liabilities and Shareholders' Equity |
||||||||
| Current liabilities: | ||||||||
| Short-term borrowings | $ | — | $ | 15,000 | ||||
| Current portion of long-term debt | 16,200 | 16,200 | ||||||
| Accounts payable | 723,200 | 674,202 | ||||||
| Accrued liabilities | 335,854 | 328,398 | ||||||
| Income taxes | 4,968 | 31,857 | ||||||
|
Total current liabilities |
1,080,222 | 1,065,657 | ||||||
| Long-term debt | 500,275 | 516,320 | ||||||
| Other liabilities | 289,195 | 268,341 | ||||||
| Deferred gain | 218,088 | 156,866 | ||||||
| Deferred income taxes | 23,027 | 68,254 | ||||||
| Commitments and contingencies | — | — | ||||||
| Shareholders' Equity: | ||||||||
|
Preferred stock, $1 par; authorized and unissued 500,000 shares |
— | — | ||||||
|
Common stock, $.10 par; authorized 600,000,000 shares |
12,009 | 11,913 | ||||||
| Capital in excess of par | 299,865 | 259,189 | ||||||
| Retained earnings | 1,569,624 | 1,234,384 | ||||||
| Accumulated other comprehensive loss | (2,195 | ) | (1,841 | ) | ||||
| Common stock held in treasury, at cost | (280,249 | ) | (206,018 | ) | ||||
| Total shareholders' equity | 1,599,054 | 1,297,627 | ||||||
| Total liabilities and shareholders' equity | $ | 3,709,861 | $ | 3,373,065 | ||||
| FAMILY DOLLAR STORES, INC., AND SUBSIDIARIES | |||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
| (Unaudited) | |||||||||
| For the Year Ended* | |||||||||
| (in thousands) |
August 31, |
August 25, |
|||||||
| Cash flows from operating activities: | |||||||||
| Net income | $ | 443,575 | $ | 422,240 | |||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
| Depreciation and amortization | 239,485 | 213,835 | |||||||
| Amortization of deferred gain | (15,123 | ) | (3,087 | ) | |||||
| Deferred income taxes | 3,693 | (24,321 | ) | ||||||
| Excess tax benefits from stock-based compensation | (13,231 | ) | (12,345 | ) | |||||
| Stock-based compensation | 16,258 | 15,902 | |||||||
|
Loss on disposition of property and equipment, including impairment |
5,826 | 11,429 | |||||||
| Changes in operating assets and liabilities: | |||||||||
| Merchandise inventories | (40,853 | ) | (271,503 | ) | |||||
| Prepayments and other current assets | (113,920 | ) | 23,838 | ||||||
| Other assets | (449 | ) | (2,506 | ) | |||||
| Accounts payable and accrued liabilities | (32,656 | ) | (36,497 | ) | |||||
| Income taxes | (40,374 | ) | 37,209 | ||||||
| Other liabilities | 19,742 | (4,823 | ) | ||||||
| Net cash provided by (used in) operating activities | 471,973 | 369,371 | |||||||
| Cash flows from investing activities: | |||||||||
| Purchases of investment securities | (44,278 | ) | (211,142 | ) | |||||
| Sales of investment securities | 45,728 | 334,915 | |||||||
| Net change in restricted cash | 79,924 | (80,389 | ) | ||||||
| Capital expenditures | (744,428 | ) | (603,313 | ) | |||||
| Net proceeds from sale-leaseback | 345,249 | 359,663 | |||||||
| Proceeds from dispositions of property and equipment | 3,214 | 1,955 | |||||||
| Net cash provided by (used in) investing activities | (314,591 | ) | (198,311 | ) | |||||
| Cash flows from financing activities: | |||||||||
| Short-term borrowings | 2,060,000 | 362,300 | |||||||
| Repayment of short-term borrowings | (2,075,000 | ) | (347,300 | ) | |||||
| Repayment of long-term debt | (16,200 | ) | (16,200 | ) | |||||
| Repurchases of common stock | (74,954 | ) | (191,573 | ) | |||||
| Change in cash overdrafts | 71,745 | 26,786 | |||||||
| Proceeds from exercise of employee stock options | 20,796 | 24,900 | |||||||
| Excess tax benefits from stock-based compensation | 13,231 | 12,345 | |||||||
| Payment of dividends | (108,334 | ) | (91,390 | ) | |||||
| Net cash provided by (used in) financing activities | (108,716 | ) | (220,132 | ) | |||||
| Net change in cash and cash equivalents | 48,666 | (49,072 | ) | ||||||
| Cash and cash equivalents at beginning of period | 92,333 | 141,405 | |||||||
| Cash and cash equivalents at end of period | $ | 140,999 | $ | 92,333 | |||||
| Supplemental disclosure of cash flow information: | |||||||||
|
Purchases of property and equipment awaiting processing for payment, included in accounts payable |
$ | 57,379 | $ | 54,609 | |||||
| Cash paid during the period for: | |||||||||
| Interest, net of amounts capitalized | 21,895 | 24,001 | |||||||
| Income taxes, net of refunds | 272,748 | 234,740 | |||||||
| *Certain reclassifications of the amounts for fiscal 2012 have been made to conform to the presentation for fiscal 2013. | |||||||||
| FAMILY DOLLAR STORES, INC., AND SUBSIDIARIES | |||||||||||||||||
| Selected Additional Information | |||||||||||||||||
| RECONCILIATION OF NON-GAAP DISCLOSURES | |||||||||||||||||
| (in thousands, except per share amounts) | |||||||||||||||||
| For the Fourth Quarter Ended August 31, 2013 | |||||||||||||||||
| GAAP |
% of Net |
Adjustment | Adjusted |
% of Net |
|||||||||||||
| Gross profit | $ | 868,443 | 34.71 | % | 4,953 | $ | 863,490 | 34.51 | % | ||||||||
| Operating profit | 155,591 | 6.22 | % | 4,953 | 150,638 | 6.02 | % | ||||||||||
| Income before income taxes | 157,040 | 6.28 | % | 4,953 | 152,087 | 6.08 | % | ||||||||||
| Income taxes | 54,827 | 2.19 | % | 1,778 | 53,049 | 2.12 | % | ||||||||||
| Net income | $ | 102,213 | 4.08 | % | $ | 3,175 | $ | 99,038 | 3.96 | % | |||||||
| Net income per common share - diluted | $ | 0.88 | $ | 0.86 | |||||||||||||
| Weighted average shares - diluted | 115,610 | 115,610 | |||||||||||||||
| For the Year Ended August 31, 2013 | |||||||||||||||||
| GAAP |
% of Net |
Adjustment | Adjusted |
% of Net |
|||||||||||||
| Gross profit | $ | 3,554,745 | 34.21 | % | 4,953 | $ | 3,549,792 | 34.16 | % | ||||||||
| Operating profit | 687,957 | 6.62 | % | 4,953 | 683,004 | 6.57 | % | ||||||||||
| Income before income taxes | 690,697 | 6.65 | % | 4,953 | 685,744 | 6.60 | % | ||||||||||
| Income taxes | 247,122 | 2.38 | % | 1,778 | 245,344 | 2.36 | % | ||||||||||
| Net income | $ | 443,575 | 4.27 | % | $ | 3,175 | $ | 440,400 | 4.24 | % | |||||||
| Net income per common share - diluted | $ | 3.83 | $ | 3.80 | |||||||||||||
| Weighted average shares - diluted | 115,805 | 115,805 | |||||||||||||||
| For the Fourth Quarter Ended August 25, 2012 | |||||||||||||||||
| GAAP |
% of Net |
Adjustment | Adjusted |
% of Net |
|||||||||||||
| Litigation charge | $ | 11,500 | 0.49 | % | (11,500 | ) | $ | - | 0.00 | % | |||||||
| Operating profit | 125,620 | 5.31 | % | 11,500 | 137,120 | 5.80 | % | ||||||||||
| Income before income taxes | 126,550 | 5.35 | % | 11,500 | 138,050 | 5.84 | % | ||||||||||
| Income taxes | 45,619 | 1.93 | % | 4,360 | 49,979 | 2.11 | % | ||||||||||
| Net income | $ | 80,931 | 3.42 | % | $ | 7,140 | $ | 88,071 | 3.73 | % | |||||||
| Net income per common share - diluted | $ | 0.69 | $ | 0.75 | |||||||||||||
| Weighted average shares - diluted | 117,267 | 117,267 | |||||||||||||||
| For the Year Ended August 25, 2012 | |||||||||||||||||
| GAAP |
% of Net |
Adjustment | Adjusted |
% of Net |
|||||||||||||
| Litigation charge | $ | 11,500 | 0.12 | % | (11,500 | ) | $ | - | 0.00 | % | |||||||
| Operating profit | 664,213 | 7.12 | % | 11,500 | 675,713 | 7.24 | % | ||||||||||
| Income before income taxes | 663,938 | 7.12 | % | 11,500 | 675,438 | 7.24 | % | ||||||||||
| Income taxes | 241,698 | 2.59 | % | 4,360 | 246,058 | 2.64 | % | ||||||||||
| Net income | $ | 422,240 | 4.53 | % | $ | 7,140 | $ | 429,380 | 4.60 | % | |||||||
| Net income per common share - diluted | $ | 3.58 | $ | 3.64 | |||||||||||||
| Weighted average shares - diluted | 118,058 | 118,058 | |||||||||||||||
| FAMILY DOLLAR STORES, INC., AND SUBSIDIARIES | |||||||||||
| Selected Additional Information | |||||||||||
| NET SALES BY CATEGORY: | |||||||||||
|
For the Fourth Quarter Ended |
|||||||||||
| August 31, | August 25, | ||||||||||
| (in thousands) | 2013 | 2012 | % Change | ||||||||
| Consumables | $ | 1,855,789 | $ | 1,712,936 | 8.3 | % | |||||
| Home products | 224,837 | 224,642 | 0.1 | % | |||||||
| Apparel and accessories | 193,946 | 203,909 | -4.9 | % | |||||||
| Seasonal and electronics | 227,694 | 222,638 | 2.3 | % | |||||||
| TOTAL | $ | 2,502,266 | $ | 2,364,125 | 5.8 | % | |||||
|
For the Year Ended |
|||||||||||
| August 31, | August 25, | ||||||||||
| (in thousands) |
2013 |
2012 |
% Change | ||||||||
| Consumables | $ | 7,523,289 | $ | 6,436,719 | 16.9 | % | |||||
| Home products | 1,053,670 | 1,067,541 | -1.3 | % | |||||||
| Apparel and accessories | 785,384 | 822,839 | -4.6 | % | |||||||
| Seasonal and electronics | 1,029,114 | 1,003,906 | 2.5 | % | |||||||
| TOTAL | $ | 10,391,457 | $ | 9,331,005 | 11.4 | % | |||||
| STORES IN OPERATION: | |||||||||||
|
For the Year Ended |
|||||||||||
| August 31, | August 25, | ||||||||||
|
2013 |
2012 |
% Change | |||||||||
| Beginning Store Count | 7,442 | 7,023 | 6.0 | % | |||||||
| New Store Openings | 500 | 475 | 5.3 | % | |||||||
| Store Closings | (26 | ) | (56 | ) | -53.6 | % | |||||
| Ending Store Count | 7,916 | 7,442 | 6.4 | % | |||||||
| Total Square Footage (000s) | 68,023 | 63,779 | 6.7 | % | |||||||
| Total Selling Square Footage (000s) | 56,846 | 53,206 | 6.8 | % | |||||||
