Cracker Barrel Old Country Store, Inc. (“Cracker Barrel” or the
“Company”) (Nasdaq:CBRL) today reported its financial results for the
fourth quarter and for the fiscal year ended August 1, 2014. The Company
also provided guidance for its 2015 fiscal year and first quarter:
Fourth Quarter Fiscal 2014 Highlights
-
Compared to the prior year fourth quarter, comparable store
restaurant sales increased 1.2%; comparable store retail sales
increased 2.6%; and operating income increased 9.9%, representing a 60
basis point margin improvement.
-
Eleventh consecutive quarter of outperformance of the Knapp-Track™
casual-dining index.
-
Earnings per diluted share were $1.63 compared to diluted EPS of
$1.43 in the prior year quarter.
Full Year Fiscal 2014 Highlights
-
On a GAAP basis, earnings per diluted share were $5.51 compared to
$4.90 in the prior year. Adjusted for the impact of the proxy contests
in the current year and the proxy contest and other items in the prior
year, fiscal 2014 adjusted earnings per diluted share were $5.63, a
13.3% increase over adjusted earnings per diluted share of $4.97 in
the prior year. (See non-GAAP reconciliation below.)
-
On a GAAP basis, operating income was 7.8% of total revenue,
compared to 7.6% in fiscal 2013. On an adjusted basis, operating
income was 7.9% of total revenue, compared with 7.8% in fiscal 2013.
-
The Company’s fiscal 2014 dividend payments to shareholders
increased 57% over prior fiscal year.
Commenting on the fourth quarter and full fiscal year results, Cracker
Barrel President and Chief Executive Officer Sandra B. Cochran said,
“During our 2014 fiscal year, we executed against our business plan and
continued to deliver solid results for our shareholders. Although we
still face a challenged consumer and industry environment, we have
consistently outperformed our peers in the Knapp-Track casual
dining index. As we begin the 2015 fiscal year, we remain focused on the
initiatives we set forth in our three-year strategic plan and look
forward to continuing to please our guests and deliver value for our
shareholders.”
Fourth-Quarter Fiscal 2014 Results
Revenue
The Company reported total revenue of $692.7 million for the fourth
quarter of fiscal 2014, representing an increase of 2.8% over the fourth
quarter of the prior year. Comparable store restaurant sales increased
1.2%, including a 3.1% increase in average check offset by a 1.9%
decrease in store traffic. The average menu price increase for the
quarter was approximately 2.2%. Comparable store retail sales were up
2.6% for the quarter. The Company opened four new Cracker Barrel stores
during the quarter, for a total of seven new store openings during the
fiscal year.
Comparable store restaurant traffic, average check and comparable store
restaurant sales and retail sales for the fiscal months of May, June and
July and the fourth quarter were as follows:
|
|
|
|
|
May
|
|
|
|
|
June
|
|
|
|
|
July
|
|
|
|
|
Fourth Quarter
|
Comparable restaurant traffic
|
|
|
|
|
-3.0%
|
|
|
|
|
-1.0%
|
|
|
|
|
-1.7%
|
|
|
|
|
-1.9%
|
Average check
|
|
|
|
|
2.6%
|
|
|
|
|
3.0%
|
|
|
|
|
3.5%
|
|
|
|
|
3.1%
|
Comparable restaurant sales
|
|
|
|
|
-0.4%
|
|
|
|
|
2.0%
|
|
|
|
|
1.8%
|
|
|
|
|
1.2%
|
Comparable retail sales
|
|
|
|
|
4.7%
|
|
|
|
|
1.7%
|
|
|
|
|
1.5%
|
|
|
|
|
2.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
Operating income in the fourth quarter was $60.3 million, or 8.7% of
total revenue. Operating income in the prior year quarter was 8.1% of
total revenue. The margin improvement was largely driven by a 130 basis
point reduction in general and administrative expenses, which was
partially offset by an increase in cost of goods sold.
Fiscal 2014 Results
The Company reported total revenue of $2.68 billion for the fiscal year,
representing an increase of 1.5% over the prior year. Comparable store
restaurant sales increased 0.7% including a 2.6% increase in average
check offset by a 1.9% decrease in store traffic. Comparable store
retail sales were up 0.4% for the fiscal year.
Operating income for fiscal 2014 was $208.4 million, or 7.8% of sales
compared to $201.5 million or 7.6% of sales in the prior year. Adjusted
for the impact of proxy contest expenses, operating income for the year
was $212.7 million, or 7.9% of sales. In comparison, adjusted operating
income in the prior fiscal year was $207.2 million, or 7.8% of sales.
GAAP net income was $132.1 million, or $5.51 per diluted share, compared
to $117.3 million or $4.90 per diluted share in the prior year. Adjusted
net income was $135.1 million, or $5.63 per diluted share, compared to
adjusted net income of $119.1 million, or $4.97 per diluted share in the
prior year, representing a year-over-year increase in adjusted EPS of
13.3%.
Fiscal 2015 Outlook
For fiscal 2015, the Company expects total revenue of between $2.75
billion and $2.80 billion, and earnings per diluted share of between
$5.80 and $5.95. The increased revenue projection for fiscal 2015
reflects the expected opening of six or seven new Cracker Barrel stores,
and projected increases in comparable store restaurant and retail sales
in a range of 2.0% to 3.0%. The Company projects food commodity
inflation in the range of 4.0% to 5.0% for the year. The Company
projects an operating income margin of approximately 8.0% of total
revenue for fiscal 2015. The Company expects depreciation expense
between $71 million and $73 million; net interest expense between $17
million and $18 million; and capital expenditures between $100 million
and $110 million.
The Company expects an effective tax rate for fiscal 2015 between 32%
and 33%. This tax rate estimate assumes that the Work Opportunity Tax
Credit (WOTC), which expired December 31, 2013, is not renewed. The
Company estimates that renewal of the WOTC would reduce its tax expense
by between $5 million and $6 million, or $0.20 and $0.25 per diluted
share.
The Company expects to report earnings per diluted share for the first
quarter of 2015 of between $1.20 and $1.30. The Company reminds
investors that its outlook for fiscal 2015 reflects a number of
assumptions, many of which are outside the Company’s control.
Fiscal 2014 Fourth-Quarter Conference Call
As previously announced, the live broadcast of Cracker Barrel’s
quarterly conference call will be available to the public on-line at
investor.crackerbarrel.com today beginning at 11:00 a.m. (ET). The
on-line replay will be available at 2:00 p.m. (ET) and continue through
October 1, 2014.
About Cracker Barrel Old Country Store®
Cracker Barrel Old Country Store, Inc. provides a friendly
home-away-from-home in its old country stores and restaurants. Guests
are cared for like family while relaxing and enjoying real home-style
food and shopping that’s surprisingly unique, genuinely fun and
reminiscent of America’s country heritage…all at a fair price.
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) was established in
1969 in Lebanon, Tenn. and operates 633 company-owned locations in 42
states. For more information, visit crackerbarrel.com.
CBRL-F
Except for specific historical information, certain of the matters
discussed in this press release may express or imply projections of
revenues or expenditures, statements of plans and objectives or future
operations or statements of future economic performance. These, and
similar statements are forward-looking statements concerning matters
that involve risks, uncertainties and other factors which may cause the
actual performance of Cracker Barrel Old Country Store, Inc. and its
subsidiaries to differ materially from those expressed or implied by
this discussion. All forward-looking information is subject to
completion of our financial procedures for FY 2014 and is provided
pursuant to the safe harbor established under the Private Securities
Litigation Reform Act of 1995 and should be evaluated in the context of
these factors. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as "trends," "assumptions,"
"target," "guidance," "outlook," "opportunity," "future," "plans,"
"goals," "objectives," "expectations," "near-term," "long-term,"
"projection," "may," "will," "would," "could," "expect," "intend,"
"estimate," "anticipate," "believe," "potential," "regular," "should,"
"projects," "forecasts," or "continue" (or the negative or other
derivatives of each of these terms) or similar terminology and include
the expected effects of operational improvement initiatives, such as new
menu items and retail offerings. Factors which could materially affect
actual results include, but are not limited to: the effects of uncertain
consumer confidence, higher costs for energy, general or regional
economic weakness, weather on sales and customer travel, discretionary
income or personal expenditure activity of our customers; our ability to
identify, acquire and sell successful new lines of retail merchandise
and new menu items at our restaurants; our ability to sustain or the
effects of plans intended to improve operational or marketing execution
and performance; changes in or implementation of additional governmental
or regulatory rules, regulations and interpretations affecting tax, wage
and hour matters, health and safety, pensions, insurance or other
undeterminable areas; the effects of plans intended to promote or
protect our brands and products; commodity price increases; the ability
of and cost to us to recruit, train, and retain qualified hourly and
management employees in an escalating wage environment; the effects of
increased competition at our locations on sales and on labor recruiting,
cost, and retention; workers' compensation, group health and utility
price changes; consumer behavior based on negative publicity or concerns
over nutritional or safety aspects of our food or products or those of
the restaurant industry in general, including concerns about pandemics,
as well as the possible effects of such events on the price or
availability of ingredients used in our restaurants; the effects of our
substantial indebtedness and associated restrictions on our financial
and operating flexibility and ability to execute or pursue our operating
plans and objectives; changes in interest rates or capital market
conditions affecting our financing costs and ability to refinance all or
portions of our indebtedness; the effects of business trends on the
outlook for individual restaurant locations and the effect on the
carrying value of those locations; our ability to retain key personnel;
the availability and cost of suitable sites for restaurant development
and our ability to identify those sites; changes in land, building
materials and construction costs; the actual results of pending, future
or threatened litigation or governmental investigations and the costs
and effects of negative publicity associated with these activities;
practical or psychological effects of natural disasters or terrorist
acts or war and military or government responses; disruptions to our
restaurant or retail supply chain; changes in foreign exchange rates
affecting our future retail inventory purchases; implementation of new
or changes in interpretation of existing accounting principles generally
accepted in the United States of America ("GAAP"); and other factors
described from time to time in our filings with the Securities and
Exchange Commission, press releases, and other communications. Any
forward-looking statement made by us herein, or elsewhere, speaks only
as of the date on which made. We expressly disclaim any intent,
obligation or undertaking to update or revise any forward-looking
statements made herein to reflect any change in our expectations with
regard thereto or any change in events, conditions or circumstances on
which any such statements are based.
CRACKER BARREL OLD COUNTRY STORE, INC.
|
CONDENSED CONSOLIDATED INCOME STATEMENT
|
(Unaudited)
|
(In thousands, except share and per share amounts, percentages
and ratios)
|
|
|
Fourth Quarter Ended
|
|
|
Fiscal Year Ended
|
|
8/1/2014
|
|
|
8/2/2013
|
|
|
Percentage Change
|
|
|
8/1/2014
|
|
|
8/2/2013
|
|
|
Percentage Change
|
Total revenue
|
$692,747
|
|
|
$674,101
|
|
|
3%
|
|
|
$2,683,677
|
|
|
$2,644,630
|
|
|
1%
|
Cost of goods sold
|
222,307
|
|
|
210,657
|
|
|
6
|
|
|
872,758
|
|
|
854,684
|
|
|
2
|
Gross profit
|
470,440
|
|
|
463,444
|
|
|
2
|
|
|
1,810,919
|
|
|
1,789,946
|
|
|
1
|
Labor and other related expenses
|
248,127
|
|
|
243,085
|
|
|
2
|
|
|
966,593
|
|
|
962,559
|
|
|
0
|
Other store operating expenses
|
132,032
|
|
|
127,742
|
|
|
3
|
|
|
506,533
|
|
|
482,601
|
|
|
5
|
Store operating income
|
90,281
|
|
|
92,617
|
|
|
(3)
|
|
|
337,793
|
|
|
344,786
|
|
|
(2)
|
General and administrative expenses
|
30,031
|
|
|
37,770
|
|
|
(20)
|
|
|
129,387
|
|
|
143,262
|
|
|
(10)
|
Operating income
|
60,250
|
|
|
54,847
|
|
|
10
|
|
|
208,406
|
|
|
201,524
|
|
|
3
|
Interest expense
|
4,352
|
|
|
4,543
|
|
|
(4)
|
|
|
17,557
|
|
|
35,742
|
|
|
(51)
|
Pretax income
|
55,898
|
|
|
50,304
|
|
|
11
|
|
|
190,849
|
|
|
165,782
|
|
|
15
|
Provision for income taxes
|
16,713
|
|
|
16,001
|
|
|
4
|
|
|
58,721
|
|
|
48,517
|
|
|
21
|
Net income
|
$39,185
|
|
|
$34,303
|
|
|
14
|
|
|
$132,128
|
|
|
$117,265
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share – Basic:
|
$1.65
|
|
|
$1.44
|
|
|
15
|
|
|
$5.55
|
|
|
$4.95
|
|
|
12
|
Earnings per share – Diluted:
|
$1.63
|
|
|
$1.43
|
|
|
14
|
|
|
$5.51
|
|
|
$4.90
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
23,820,548
|
|
|
23,786,103
|
|
|
0
|
|
|
23,817,768
|
|
|
23,708,875
|
|
|
0
|
Diluted
|
23,989,886
|
|
|
24,053,608
|
|
|
(0)
|
|
|
23,966,015
|
|
|
23,948,321
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio Analysis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
|
81.3%
|
|
|
81.5%
|
|
|
|
|
|
79.6%
|
|
|
79.6%
|
|
|
|
Retail
|
18.7
|
|
|
18.5
|
|
|
|
|
|
20.4
|
|
|
20.4
|
|
|
|
Total revenue
|
100.0
|
|
|
100.0
|
|
|
|
|
|
100.0
|
|
|
100.0
|
|
|
|
Cost of goods sold
|
32.1
|
|
|
31.3
|
|
|
|
|
|
32.5
|
|
|
32.3
|
|
|
|
Gross profit
|
67.9
|
|
|
68.7
|
|
|
|
|
|
67.5
|
|
|
67.7
|
|
|
|
Labor and other related expenses
|
35.8
|
|
|
36.1
|
|
|
|
|
|
36.0
|
|
|
36.5
|
|
|
|
Other store operating expenses
|
19.1
|
|
|
18.9
|
|
|
|
|
|
18.9
|
|
|
18.2
|
|
|
|
Store operating income
|
13.0
|
|
|
13.7
|
|
|
|
|
|
12.6
|
|
|
13.0
|
|
|
|
General and administrative expenses
|
4.3
|
|
|
5.6
|
|
|
|
|
|
4.8
|
|
|
5.4
|
|
|
|
Operating income
|
8.7
|
|
|
8.1
|
|
|
|
|
|
7.8
|
|
|
7.6
|
|
|
|
Interest expense
|
0.6
|
|
|
0.6
|
|
|
|
|
|
0.7
|
|
|
1.3
|
|
|
|
Pretax income
|
8.1
|
|
|
7.5
|
|
|
|
|
|
7.1
|
|
|
6.3
|
|
|
|
Provision for income taxes
|
2.4
|
|
|
2.4
|
|
|
|
|
|
2.2
|
|
|
1.9
|
|
|
|
Net income
|
5.7%
|
|
|
5.1%
|
|
|
|
|
|
4.9%
|
|
|
4.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CRACKER BARREL OLD COUNTRY STORE, INC.
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(Unaudited and in thousands, except share amounts)
|
|
|
|
|
8/1/2014
|
|
|
8/2/2013
|
Assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$119,361
|
|
|
$121,718
|
Property held for sale
|
|
|
0
|
|
|
883
|
Accounts receivable
|
|
|
22,704
|
|
|
15,942
|
Income tax receivable
|
|
|
2,973
|
|
|
0
|
Inventory
|
|
|
165,426
|
|
|
146,687
|
Prepaid expenses
|
|
|
11,997
|
|
|
12,648
|
Deferred income taxes
|
|
|
7,188
|
|
|
4,316
|
Property and equipment, net
|
|
|
1,043,284
|
|
|
1,026,369
|
Other long-term assets
|
|
|
59,315
|
|
|
59,743
|
Total assets
|
|
|
$1,432,248
|
|
|
$1,388,306
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
Accounts payable
|
|
|
$98,477
|
|
|
$110,637
|
Other current liabilities
|
|
|
245,961
|
|
|
205,430
|
Long-term debt
|
|
|
375,000
|
|
|
400,000
|
Interest rate swap liability
|
|
|
3,239
|
|
|
11,644
|
Other long-term obligations
|
|
|
123,221
|
|
|
120,073
|
Deferred income taxes
|
|
|
57,709
|
|
|
56,496
|
Shareholders’ equity, net
|
|
|
528,641
|
|
|
484,026
|
Total liabilities and shareholders’ equity
|
|
|
$1,432,248
|
|
|
$1,388,306
|
|
|
|
|
|
|
|
Common shares issued and outstanding
|
|
|
23,821,227
|
|
|
23,795,327
|
|
|
|
|
|
|
|
CRACKER BARREL OLD COUNTRY STORE, INC.
|
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
|
(Unaudited and in thousands)
|
|
|
|
|
Twelve Months Ended
|
|
|
|
8/1/2014
|
|
|
8/2/2013
|
Cash flows from operating activities:
|
|
|
|
|
|
|
Net income
|
|
|
$132,128
|
|
|
$117,265
|
Depreciation and amortization
|
|
|
68,389
|
|
|
66,120
|
Loss on disposition of property and equipment
|
|
|
5,163
|
|
|
4,057
|
Share-based compensation, net of excess tax benefit
|
|
|
6,676
|
|
|
15,507
|
(Increase) in inventories
|
|
|
(18,739)
|
|
|
(3,420)
|
(Decrease) increase in accounts payable
|
|
|
(12,160)
|
|
|
9,366
|
Net changes in other assets and liabilities
|
|
|
(3,832)
|
|
|
(396)
|
Net cash provided by operating activities
|
|
|
177,625
|
|
|
208,499
|
Cash flows from investing activities:
|
|
|
|
|
|
|
Purchase of property and equipment, net of insurance recoveries
|
|
|
(90,564)
|
|
|
(73,961)
|
Proceeds from sale of property and equipment
|
|
|
1,749
|
|
|
555
|
Net cash used in investing activities
|
|
|
(88,815)
|
|
|
(73,406)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
Net payments for credit facilities and other long-term obligations
|
|
|
(1)
|
|
|
(125,153)
|
(Taxes withheld) and proceeds from exercise of share-based
compensation awards, net
|
|
|
(8,457)
|
|
|
6,454
|
Excess tax benefit from share-based compensation
|
|
|
1,248
|
|
|
2,332
|
Purchases and retirement of common stock
|
|
|
(12,473)
|
|
|
(3,570)
|
Dividends on common stock
|
|
|
(71,484)
|
|
|
(45,400)
|
Net cash used in financing activities
|
|
|
(91,167)
|
|
|
(165,337)
|
|
|
|
|
|
|
|
Net (decrease) in cash and cash equivalents
|
|
|
(2,357)
|
|
|
(30,244)
|
Cash and cash equivalents, beginning of period
|
|
|
121,718
|
|
|
151,962
|
Cash and cash equivalents, end of period
|
|
|
$119,361
|
|
|
$121,718
|
|
|
|
|
|
|
|
CRACKER BARREL OLD COUNTRY STORE, INC.
|
Supplemental Information
|
(Unaudited)
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
|
Fiscal Year Ended
|
|
|
|
8/1/14
|
|
|
8/2/13
|
|
|
8/1/14
|
|
|
8/2/13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units in operation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Open at beginning of period
|
|
|
627
|
|
|
622
|
|
|
624
|
|
|
616
|
Opened during period
|
|
|
4
|
|
|
2
|
|
|
7
|
|
|
8
|
Open at end of period
|
|
|
631
|
|
|
624
|
|
|
631
|
|
|
624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue: (In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
|
|
|
$563,510
|
|
|
$549,657
|
|
|
$2,137,405
|
|
|
$2,104,768
|
Retail
|
|
|
129,237
|
|
|
124,444
|
|
|
546,272
|
|
|
539,862
|
Total revenue
|
|
|
$692,747
|
|
|
$674,101
|
|
|
$2,683,677
|
|
|
$2,644,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold: (In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
|
|
|
$156,655
|
|
|
$148,687
|
|
|
$589,390
|
|
|
$571,825
|
Retail
|
|
|
65,652
|
|
|
61,970
|
|
|
283,368
|
|
|
282,859
|
Total cost of goods sold
|
|
|
$222,307
|
|
|
$210,657
|
|
|
$872,758
|
|
|
$854,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average unit volume: (In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
|
|
|
$896.6
|
|
|
$883.3
|
|
|
$3,414.7
|
|
|
$3,389.8
|
Retail
|
|
|
205.6
|
|
|
200.0
|
|
|
872.7
|
|
|
869.5
|
Total
|
|
|
$1,102.2
|
|
|
$1,083.3
|
|
|
$4,287.4
|
|
|
$4,259.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating weeks:
|
|
|
8,171
|
|
|
8,090
|
|
|
32,549
|
|
|
32,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2014 vs. Q4 2013
|
|
|
FY 2014 vs. FY 2013
|
|
|
|
|
|
|
Comparable store sales period to period increase:
|
|
|
|
Restaurant
|
1.2%
|
|
|
0.7%
0.4%
|
Retail
|
2.6%
|
|
|
|
|
|
|
|
|
Number of locations in comparable store base
|
620
|
|
|
609
|
|
|
|
|
|
CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of
GAAP basis operating
results to adjusted non-GAAP operating
results
(Unaudited and in thousands)
The Company makes reference in this release to “adjusted operating
income,” “adjusted net income,” and “adjusted earnings per diluted
share,” excluding the impact of proxy contest expenses, severance and
the retroactive restatement of the work opportunities tax credit. The
Company believes that excluding these items and their related tax
effects from its financial results reflects operating results that are
more indicative of the Company's ongoing operating performance while
improving comparability to prior periods, and as such, may provide
investors with an enhanced understanding of the Company's past financial
performance and prospects for the future. This information is not
intended to be considered in isolation or as a substitute for operating
income, net income, or earnings per share or expense information
prepared in accordance with GAAP.
|
|
|
Fourth Quarter ended August 1, 2014
|
|
|
Fourth Quarter ended August 2, 2013
|
|
|
|
As Reported
|
|
|
Adjust
|
|
|
As Adjusted
|
|
|
|
|
As Reported
|
|
|
Adjust
|
|
|
As Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue
|
|
|
$
|
692,747
|
|
|
|
|
|
$
|
692,747
|
|
|
|
|
$
|
674,101
|
|
|
|
|
|
$
|
674,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating income
|
|
|
|
90,281
|
|
|
|
-
|
|
|
|
90,281
|
|
|
|
|
|
92,617
|
|
|
|
-
|
|
|
|
92,617
|
General and administrative expenses
|
|
|
|
30,031
|
|
|
|
-
|
|
|
|
30,031
|
|
|
|
|
|
37,770
|
|
|
|
|
|
|
37,770
|
Operating income
|
|
|
|
60,250
|
|
|
|
-
|
|
|
|
60,250
|
|
|
|
|
|
54,847
|
|
|
|
-
|
|
|
|
54,847
|
Interest Expense
|
|
|
|
4,352
|
|
|
|
-
|
|
|
|
4,352
|
|
|
|
|
|
4,543
|
|
|
|
-
|
|
|
|
4,543
|
Pretax income
|
|
|
|
55,898
|
|
|
|
-
|
|
|
|
55,898
|
|
|
|
|
|
50,304
|
|
|
|
-
|
|
|
|
50,304
|
Provision for income taxes
|
|
|
|
16,713
|
|
|
|
-
|
|
|
|
16,713
|
|
|
|
|
|
16,001
|
|
|
|
-
|
|
|
|
16,001
|
Net income
|
|
|
$
|
39,185
|
|
|
$
|
-
|
|
|
$
|
39,185
|
|
|
|
|
$
|
34,303
|
|
|
$
|
-
|
|
|
$
|
34,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning per share - Basic
|
|
|
$
|
1.65
|
|
|
$
|
-
|
|
|
$
|
1.65
|
|
|
|
|
$
|
1.44
|
|
|
|
-
|
|
|
$
|
1.44
|
Earning per share - Diluted
|
|
|
$
|
1.63
|
|
|
$
|
-
|
|
|
$
|
1.63
|
|
|
|
|
$
|
1.43
|
|
|
|
-
|
|
|
$
|
1.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended August 1, 2014
|
|
|
Twelve months ended August 2, 2013
|
|
|
|
As Reported
|
|
|
Adjust
|
|
|
As Adjusted
|
|
|
|
|
As Reported
|
|
|
Adjust
|
|
|
As Adjusted
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
(1) (2) (3)
|
|
|
Total Revenue
|
|
|
$
|
2,683,677
|
|
|
|
|
|
$
|
2,683,677
|
|
|
|
|
$
|
2,644,630
|
|
|
|
|
|
$
|
2,644,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating income
|
|
|
|
337,793
|
|
|
|
-
|
|
|
|
337,793
|
|
|
|
|
|
344,786
|
|
|
|
-
|
|
|
|
344,786
|
General and administrative expenses
|
|
|
|
129,387
|
|
|
|
(4,313)
|
|
|
|
125,074
|
|
|
|
|
|
143,262
|
|
|
|
(5,634)
|
|
|
|
137,628
|
Operating income
|
|
|
|
208,406
|
|
|
|
4,313
|
|
|
|
212,719
|
|
|
|
|
|
201,524
|
|
|
|
5,634
|
|
|
|
207,158
|
Interest Expense
|
|
|
|
17,557
|
|
|
|
-
|
|
|
|
17,557
|
|
|
|
|
|
35,742
|
|
|
|
-
|
|
|
|
35,742
|
Pretax income
|
|
|
|
190,849
|
|
|
|
4,313
|
|
|
|
195,162
|
|
|
|
|
|
165,782
|
|
|
|
5,634
|
|
|
|
171,416
|
Provision for income taxes
|
|
|
|
58,721
|
|
|
|
1,327
|
|
|
|
60,048
|
|
|
|
|
|
48,517
|
|
|
|
3,847
|
|
|
|
52,364
|
Net income
|
|
|
$
|
132,128
|
|
|
$
|
2,986
|
|
|
$
|
135,114
|
|
|
|
|
$
|
117,265
|
|
|
$
|
1,787
|
|
|
$
|
119,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning per share - Basic
|
|
|
$
|
5.55
|
|
|
$
|
0.13
|
|
|
$
|
5.68
|
|
|
|
|
$
|
4.95
|
|
|
$
|
0.08
|
|
|
$
|
5.02
|
Earning per share - Diluted
|
|
|
$
|
5.51
|
|
|
$
|
0.12
|
|
|
$
|
5.63
|
|
|
|
|
$
|
4.90
|
|
|
$
|
0.07
|
|
|
$
|
4.97
|
|
|
|
(1) Charges and tax effects of the proxy contests.
|
|
(2) Severance, other charges and tax effects related to
organizational changes.
|
(3) Provision for taxes adjusted to exclude the $2.1 million prior
year favorable effect of the retroactive reinstatement of the work
opportunity tax credit.
|
Copyright Business Wire 2014