O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”)
(Nasdaq:ORLY), a leading retailer in the automotive aftermarket
industry, today announced record revenues and earnings for its
second quarter ended June 30, 2017.
2nd Quarter Financial
ResultsSales for the second quarter ended June 30,
2017, increased $114 million, or 5%, to $2.29 billion from $2.18
billion for the same period one year ago. Gross profit for
the second quarter increased to $1.20 billion (or 52.4% of sales)
from $1.13 billion (or 51.8% of sales) for the same period one year
ago, representing an increase of 6%. Selling, general and
administrative expenses (“SG&A”) for the second quarter
increased to $743 million (or 32.4% of sales) from $702 million (or
32.3% of sales) for the same period one year ago, representing an
increase of 6%. Operating income for the second quarter
increased to $457 million (or 20.0% of sales) from $425 million (or
19.5% of sales) for the same period one year ago, representing an
increase of 8%. The Company’s second quarter 2017 operating
income included the benefit of a $9 million reduction in its legal
accruals following the expiration of the statute of limitations
related to a legacy claim, which increased second quarter operating
margin by 40 basis points.
Net income for the second quarter ended
June 30, 2017, increased $25 million, or 10%, to $283 million
(or 12.3% of sales) from $258 million (or 11.8% of sales) for the
same period one year ago. Diluted earnings per common share
for the second quarter increased 17% to $3.10 on 91 million shares
versus $2.65 on 97 million shares for the same period one year
ago. The Company adopted a new share-based compensation
accounting standard during the first quarter of this year, which
requires excess tax benefits from share-based compensation payments
to be recorded in the income statement. The Company’s second
quarter ended June 30, 2017, diluted earnings per common share
of $3.10 includes a $0.09 benefit from the adoption of the new
accounting standard and a $0.06 benefit from the reduction in legal
accruals.
Greg Henslee, O’Reilly’s CEO commented, “As we
announced in our press release earlier this month, we faced a more
challenging sales environment during the second quarter than
expected, resulting in a disappointing second quarter comparable
store sales increase of 1.7%. While there are several factors
that drive demand in our industry that can result in soft
performance in any given period, it is clear that we continue to
face headwinds from a second consecutive unseasonably mild winter,
which did not generate the rate of parts failure we would normally
expect through this point of the year, combined with continued soft
consumer demand across our industry. During difficult market
conditions, such as the ones we faced in the first half of this
year, our Team remains absolutely dedicated to providing
consistently high levels of service to our customers. Our
long-term commitment to exceptional customer service is the key to
our past and future success, and I would like to thank Team
O’Reilly for their relentless dedication to taking care of every
customer who calls or walks through our doors every day.”
Year-to-Date Financial
ResultsSales for the first six months of 2017 increased
$174 million, or 4%, to $4.45 billion from $4.27 billion for the
same period one year ago. Gross profit for the first six
months of 2017 increased to $2.33 billion (or 52.4% of sales) from
$2.22 billion (or 52.1% of sales) for the same period one year ago,
representing an increase of 5%. SG&A for the first six
months of 2017 increased to $1.47 billion (or 33.1% of sales) from
$1.38 billion (or 32.3% of sales) for the same period one year ago,
representing an increase of 6%. Operating income for the
first six months of 2017 increased to $861 million (or 19.4% of
sales) from $844 million (or 19.7% of sales) for the same period
one year ago, representing an increase of 2%. The Company’s
results for the six months ended June 30, 2016, included a
benefit from one additional day due to Leap Day in February
2016.
Net income for the first six months of 2017
increased $35 million, or 7%, to $548 million from $513 million for
the same period one year ago. Diluted earnings per common
share for the first six months of 2017 increased 13% to $5.93 on 92
million shares versus $5.24 on 98 million shares for the same
period one year ago. The Company’s first six months of 2017
diluted earnings per common share of $5.93 includes a $0.32 benefit
from the adoption of the new accounting standard.
Mr. Henslee continued, “We opened 105 net, new
stores during the first half of 2017, and we are well positioned to
hit our target of 190 net, new store openings by the end of the
year. We continue to be pleased with the performance of our
new stores and remain very confident in our opportunities to grow
in existing and new market areas. While our comparable store
sales growth for the first half of 2017 is below our expectations,
we continue to strongly believe in the long-term strength of our
industry, supported by a growing and aging vehicle fleet, which has
now reached an average age of 11.6 years, and steady, sustained
increases in annual miles driven, now trending at over 3.2 trillion
miles per year. More importantly, we remain extremely
confident in our ability to increase our market share, driven by
our Team’s ability to provide industry-leading parts availability
and unsurpassed technical knowledge and service levels to our
customers.”
Share Repurchase ProgramDuring
the second quarter ended June 30, 2017, the Company
repurchased 3.5 million shares of its common stock, at an average
price per share of $245.26, for a total investment of $852
million. During the first six months of 2017, the Company
repurchased 5.3 million shares of its common stock, at an average
price per share of $253.13, for a total investment of $1.34
billion. Subsequent to the end of the second quarter and
through the date of this release, the Company did not repurchase
any additional shares of its common stock. The Company has
repurchased a total of 62.3 million shares of its common stock
under its share repurchase program since the inception of the
program in January of 2011 and through the date of this release, at
an average price of $131.80, for a total aggregate investment of
$8.20 billion. As of the date of this release, the Company
had approximately $545 million remaining under its current share
repurchase authorization.
2nd Quarter Comparable Store Sales
ResultsComparable store sales are calculated based on the
change in sales for stores open at least one year and exclude sales
of specialty machinery, sales to independent parts stores and sales
to Team Members, as well as the sales from Leap Day in the six
months ended June 30, 2016. Comparable store sales
increased 1.7% for the second quarter ended June 30, 2017, on
top of 4.3% for the same period one year ago. Comparable
store sales increased 1.3% for the six months ended June 30,
2017, on top of 5.1% for the same period one year ago.
3rd Quarter and Updated Full-Year 2017
GuidanceThe table below outlines the Company’s guidance
for selected third quarter and updated full-year 2017 financial
data:
|
For the Three Months Ending September 30,
2017 |
|
For the Year Ending December 31, 2017 |
Comparable store
sales |
1% to
3% |
|
1% to
2% |
Total revenue |
|
|
$8.9
billion to $9.1 billion |
Gross profit as a
percentage of sales |
|
|
52.5%
to 52.9% |
Operating income as a
percentage of sales |
|
|
19.1%
to 19.5% |
Diluted earnings per
share (1) |
$3.10
to $3.20 |
|
$11.77
to $11.87 |
Capital
expenditures |
|
|
$470
million to $500 million |
Free cash flow (2) |
|
|
$830
million to $880 million |
|
|
|
|
(1)
Weighted-average shares outstanding, assuming dilution, used in the
denominator of this calculation, includes share repurchases made by
the Company through the date of this release. |
(2)
Calculated as net cash provided by operating activities, less
capital expenditures and excess tax benefit from share-based
compensation payments for the period. |
|
Non-GAAP InformationThis
release contains certain financial information not derived in
accordance with United States generally accepted accounting
principles (“GAAP”). These items include adjusted debt to
earnings before interest, taxes, depreciation, amortization,
share-based compensation and rent (“EBITDAR”) and free cash
flow. The Company does not, nor does it suggest investors
should, consider such non-GAAP financial measures in isolation
from, or as a substitute for, GAAP financial information. The
Company believes that the presentation of adjusted debt to EBITDAR
and free cash flow provide meaningful supplemental information to
both management and investors that is indicative of the Company’s
core operations. The Company has included a reconciliation of
this additional information to the most comparable GAAP measure in
the selected financial information below.
Earnings Conference Call
InformationThe Company will host a conference call on
Thursday, July 27, 2017, at 10:00 a.m. central time to discuss
its results as well as future expectations. Investors may
listen to the conference call live on the Company’s website at
www.oreillyauto.com by clicking on “Investor Relations” and then
“News Room.” Interested analysts are invited to join the
call. The dial-in number for the call is (847) 619-6397; the
conference call identification number is 45130675. A replay
of the conference call will be available on the Company’s website
through Thursday, July 26, 2018.
About O’Reilly Automotive,
Inc.O’Reilly Automotive, Inc. was founded in 1957 by the
O’Reilly family and is one of the largest specialty retailers of
automotive aftermarket parts, tools, supplies, equipment and
accessories in the United States, serving both the do-it-yourself
and professional service provider markets. Visit the
Company’s website at www.oreillyauto.com for additional information
about O’Reilly, including access to online shopping and current
promotions, store locations, hours and services, employment
opportunities and other programs. As of June 30, 2017,
the Company operated 4,934 stores in 47 states.
Forward-Looking StatementsThe
Company claims the protection of the safe-harbor for
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. You can identify
these statements by forward-looking words such as “estimate,”
“may,” “could,” “will,” “believe,” “expect,” “would,” “consider,”
“should,” “anticipate,” “project,” “plan,” “intend” or similar
words. In addition, statements contained within this press
release that are not historical facts are forward-looking
statements, such as statements discussing, among other things,
expected growth, store development, integration and expansion
strategy, business strategies, future revenues and future
performance. These forward-looking statements are based on
estimates, projections, beliefs and assumptions and are not
guarantees of future events and results. Such statements are
subject to risks, uncertainties and assumptions, including, but not
limited to, the economy in general, inflation, product demand, the
market for auto parts, competition, weather, risks associated with
the performance of acquired businesses, our ability to hire and
retain qualified employees, consumer debt levels, our increased
debt levels, credit ratings on public debt, governmental
regulations, terrorist activities, war and the threat of war.
Actual results may materially differ from anticipated results
described or implied in these forward-looking statements.
Please refer to the “Risk Factors” section of the annual report on
Form 10-K for the year ended December 31, 2016, for additional
factors that could materially affect the Company’s financial
performance. Forward-looking statements speak only as of the
date they were made and the Company undertakes no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise, except as required
by applicable law.
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In
thousands, except share data) |
|
|
June 30, 2017 |
|
June 30, 2016 |
|
December 31, 2016 |
|
(Unaudited) |
|
(Unaudited) |
|
(Note) |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and
cash equivalents |
$ |
26,528 |
|
|
$ |
398,259 |
|
|
$ |
146,598 |
|
Accounts
receivable, net |
203,673 |
|
|
186,192 |
|
|
197,274 |
|
Amounts
receivable from suppliers |
61,876 |
|
|
78,824 |
|
|
82,105 |
|
Inventory |
2,959,315 |
|
|
2,741,030 |
|
|
2,778,976 |
|
Other
current assets |
38,197 |
|
|
33,828 |
|
|
53,022 |
|
Total
current assets |
3,289,589 |
|
|
3,438,133 |
|
|
3,257,975 |
|
|
|
|
|
|
|
Property and equipment,
at cost |
5,035,242 |
|
|
4,587,944 |
|
|
4,832,342 |
|
Less: accumulated
depreciation and amortization |
1,805,844 |
|
|
1,608,704 |
|
|
1,708,911 |
|
Net
property and equipment |
3,229,398 |
|
|
2,979,240 |
|
|
3,123,431 |
|
|
|
|
|
|
|
Goodwill |
786,938 |
|
|
757,130 |
|
|
785,399 |
|
Other assets, net |
39,773 |
|
|
36,137 |
|
|
37,384 |
|
Total assets |
$ |
7,345,698 |
|
|
$ |
7,210,640 |
|
|
$ |
7,204,189 |
|
|
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
$ |
3,091,888 |
|
|
$ |
2,914,641 |
|
|
$ |
2,936,656 |
|
Self-insurance reserves |
70,198 |
|
|
71,177 |
|
|
67,921 |
|
Accrued
payroll |
70,538 |
|
|
62,596 |
|
|
71,717 |
|
Accrued
benefits and withholdings |
59,099 |
|
|
59,966 |
|
|
74,454 |
|
Income
taxes payable |
31,803 |
|
|
— |
|
|
— |
|
Other
current liabilities |
242,607 |
|
|
258,295 |
|
|
249,901 |
|
Total
current liabilities |
3,566,133 |
|
|
3,366,675 |
|
|
3,400,649 |
|
|
|
|
|
|
|
Long-term debt |
2,604,062 |
|
|
1,886,324 |
|
|
1,887,019 |
|
Deferred income
taxes |
98,048 |
|
|
72,961 |
|
|
90,166 |
|
Other liabilities |
208,143 |
|
|
194,670 |
|
|
199,219 |
|
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
Common
stock, $0.01 par value: |
|
|
|
|
|
Authorized shares – 245,000,000 |
|
|
|
|
|
Issued
and outstanding shares – |
|
|
|
|
|
87,998,971 as of June 30, 2017, |
|
|
|
|
|
94,881,546 as of June 30, 2016, and |
|
|
|
|
|
92,851,815 as of December 31, 2016 |
880 |
|
|
949 |
|
|
929 |
|
Additional paid-in capital |
1,296,674 |
|
|
1,309,441 |
|
|
1,336,707 |
|
Retained
(deficit) earnings |
(428,242 |
) |
|
379,620 |
|
|
289,500 |
|
Total shareholders’
equity |
869,312 |
|
|
1,690,010 |
|
|
1,627,136 |
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
$ |
7,345,698 |
|
|
$ |
7,210,640 |
|
|
$ |
7,204,189 |
|
Note: The balance
sheet at December 31, 2016, has been derived from the audited
consolidated financial statements at that date, but does not
include all of the information and footnotes required by United
States generally accepted accounting principles for complete
financial statements. |
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
INCOME(Unaudited)(In thousands, except per share data) |
|
|
For the Three Months Ended June
30, |
|
For the Six Months Ended June
30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Sales |
$ |
2,290,829 |
|
|
$ |
2,176,689 |
|
|
$ |
4,447,088 |
|
|
$ |
4,272,839 |
|
Cost of goods sold,
including warehouse and distribution expenses |
1,090,767 |
|
|
1,049,510 |
|
|
2,115,879 |
|
|
2,048,081 |
|
Gross profit |
1,200,062 |
|
|
1,127,179 |
|
|
2,331,209 |
|
|
2,224,758 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
742,617 |
|
|
702,118 |
|
|
1,470,607 |
|
|
1,381,071 |
|
Operating income |
457,445 |
|
|
425,061 |
|
|
860,602 |
|
|
843,687 |
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
Interest
expense |
(20,827 |
) |
|
(18,701 |
) |
|
(40,231 |
) |
|
(33,522 |
) |
Interest
income |
470 |
|
|
1,193 |
|
|
1,176 |
|
|
1,945 |
|
Other,
net |
(762 |
) |
|
1,241 |
|
|
3 |
|
|
2,258 |
|
Total
other expense |
(21,119 |
) |
|
(16,267 |
) |
|
(39,052 |
) |
|
(29,319 |
) |
|
|
|
|
|
|
|
|
Income before income
taxes |
436,326 |
|
|
408,794 |
|
|
821,550 |
|
|
814,368 |
|
Provision for income
taxes (1) |
153,505 |
|
|
151,000 |
|
|
273,795 |
|
|
301,200 |
|
Net income (1) |
$ |
282,821 |
|
|
$ |
257,794 |
|
|
$ |
547,755 |
|
|
$ |
513,168 |
|
|
|
|
|
|
|
|
|
Earnings per
share-basic: |
|
|
|
|
|
|
|
Earnings per share |
$ |
3.14 |
|
|
$ |
2.69 |
|
|
$ |
6.02 |
|
|
$ |
5.31 |
|
Weighted-average common
shares outstanding – basic |
90,030 |
|
|
95,967 |
|
|
91,012 |
|
|
96,554 |
|
|
|
|
|
|
|
|
|
Earnings per
share-assuming dilution: (1) |
|
|
|
|
|
|
|
Earnings per share |
$ |
3.10 |
|
|
$ |
2.65 |
|
|
$ |
5.93 |
|
|
$ |
5.24 |
|
Weighted-average common
shares outstanding – assuming dilution |
91,299 |
|
|
97,282 |
|
|
92,347 |
|
|
97,911 |
|
(1) The Company adopted
a new share-based compensation accounting standard during the first
quarter ended March 31, 2017. This new standard requires
excess tax benefits related to share-based compensation payments to
be recorded through the income statement. The adoption of
this new accounting standard resulted in a $0.09 and $0.32 benefit
to diluted earnings per common share for the three and six months
ended June 30, 2017, respectively, comprised of a $0.10 and
$0.35, respectively, earnings per share increase from a lower
effective tax rate, partially offset by a $0.01 and $0.03,
respectively, earnings per share decrease from an increase in the
number of weighted-average common shares outstanding - assuming
dilution. The Company’s Condensed Consolidated Statements of
Income for the prior periods ending June 30, 2016, were not
restated to conform to the current periods’
presentation. |
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited) (In thousands) |
|
For the Six Months Ended June
30, |
|
2017 |
|
2016 |
|
|
|
(As Adjusted, Note) |
Operating
activities: |
|
|
|
Net income |
$ |
547,755 |
|
|
$ |
513,168 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization of property, equipment and
intangibles |
114,959 |
|
|
106,430 |
|
Amortization of debt discount and issuance costs |
1,344 |
|
|
1,173 |
|
Deferred
income taxes |
8,049 |
|
|
(6,811 |
) |
Share-based compensation programs |
10,353 |
|
|
9,853 |
|
Other |
6,037 |
|
|
2,655 |
|
Changes
in operating assets and liabilities: |
|
|
|
Accounts
receivable |
(10,797 |
) |
|
(28,837 |
) |
Inventory |
(179,866 |
) |
|
(110,015 |
) |
Accounts
payable |
155,124 |
|
|
306,410 |
|
Income
taxes payable |
58,173 |
|
|
25,170 |
|
Other |
(624 |
) |
|
9,538 |
|
Net cash
provided by operating activities |
710,507 |
|
|
828,734 |
|
|
|
|
|
Investing
activities: |
|
|
|
Purchases of property
and equipment |
(227,506 |
) |
|
(220,416 |
) |
Proceeds from sale of
property and equipment |
752 |
|
|
1,971 |
|
Payments received on
notes receivable |
— |
|
|
1,047 |
|
Other |
(1,967 |
) |
|
— |
|
Net cash
used in investing activities |
(228,721 |
) |
|
(217,398 |
) |
|
|
|
|
Financing
activities: |
|
|
|
Proceeds from
borrowings on revolving credit facility |
1,782,000 |
|
|
— |
|
Payments on revolving
credit facility |
(1,066,000 |
) |
|
— |
|
Proceeds from the
issuance of long-term debt |
— |
|
|
499,160 |
|
Payment of debt
issuance costs |
(1,827 |
) |
|
(3,784 |
) |
Repurchases of common
stock |
(1,342,591 |
) |
|
(856,845 |
) |
Net proceeds from
issuance of common stock |
26,718 |
|
|
32,296 |
|
Other |
(156 |
) |
|
(205 |
) |
Net cash
used in financing activities |
(601,856 |
) |
|
(329,378 |
) |
|
|
|
|
Net (decrease) increase
in cash and cash equivalents |
(120,070 |
) |
|
281,958 |
|
Cash and cash
equivalents at beginning of the period |
146,598 |
|
|
116,301 |
|
Cash and cash
equivalents at end of the period |
$ |
26,528 |
|
|
$ |
398,259 |
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
Income taxes paid |
$ |
203,780 |
|
|
$ |
279,099 |
|
Interest paid, net of
capitalized interest |
37,151 |
|
|
27,174 |
|
Note: The Company
adopted a new share-based compensation accounting standard during
the first quarter ended March 31, 2017. This new standard
requires excess tax benefits related to share-based compensation
payments to be presented as operating activities in the statement
of cash flows, rather than presented as an inflow from financing
activities and an outflow from operating activities under the
previous standard. The retrospective application of this new
accounting standard resulted in the reclassification of $30.1
million of Excess tax benefit from share-based compensation from
Net cash provided by financing activities to Net cash provided by
operating activities for the six months ended June 30,
2016. |
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESSELECTED FINANCIAL
INFORMATION (Unaudited) |
|
|
For the Twelve Months Ended June
30, |
Adjusted Debt to EBITDAR: |
2017 |
|
2016 |
(In
thousands, except adjusted debt to EBITDAR ratio) |
|
|
|
GAAP
debt |
$ |
2,604,062 |
|
|
$ |
1,886,324 |
|
Add: |
Letters of credit |
41,196 |
|
|
39,010 |
|
|
Discount on senior
notes |
2,854 |
|
|
3,441 |
|
|
Debt issuance
costs |
9,083 |
|
|
10,235 |
|
|
Six-times rent
expense |
1,743,720 |
|
|
1,662,528 |
|
Adjusted
debt |
$ |
4,400,915 |
|
|
$ |
3,601,538 |
|
|
|
|
|
|
GAAP net
income |
$ |
1,072,278 |
|
|
$ |
998,012 |
|
Add: |
Interest expense |
77,640 |
|
|
61,930 |
|
|
Provision for income
taxes |
572,095 |
|
|
566,850 |
|
|
Depreciation and
amortization |
226,395 |
|
|
210,679 |
|
|
Share-based
compensation expense |
19,359 |
|
|
20,448 |
|
|
Rent expense |
290,620 |
|
|
277,088 |
|
EBITDAR |
$ |
2,258,387 |
|
|
$ |
2,135,007 |
|
|
|
|
|
|
Adjusted
debt to EBITDAR |
1.95 |
|
1.69 |
|
June 30, |
|
2017 |
|
2016 |
Selected
Balance Sheet Ratios: |
|
|
|
Inventory turnover
(1) |
1.5 |
|
|
1.5 |
|
Average inventory per
store (in thousands) (2) |
$ |
600 |
|
|
$ |
588 |
|
Accounts payable to
inventory (3) |
104.5 |
% |
|
106.3 |
% |
Return on equity
(4) |
73.7 |
% |
|
52.6 |
% |
Return on assets
(5) |
14.7 |
% |
|
14.2 |
% |
|
For the Three Months Ended June
30, |
|
For the Six Months Ended June
30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Reconciliation of Free Cash Flow (in
thousands): |
|
|
|
|
|
|
|
Cash
provided by operating activities (6) |
$ |
333,807 |
|
|
$ |
325,613 |
|
|
$ |
710,507 |
|
|
$ |
828,734 |
|
Less: |
Capital
expenditures |
116,874 |
|
|
116,442 |
|
|
227,506 |
|
|
220,416 |
|
|
Excess tax benefit from
share-based compensation payments |
9,165 |
|
|
15,374 |
|
|
32,479 |
|
|
30,136 |
|
Free cash
flow |
$ |
207,768 |
|
|
$ |
193,797 |
|
|
$ |
450,522 |
|
|
$ |
578,182 |
|
Store and Team Member Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June
30, |
|
For the Six Months Ended June
30, |
|
For the Twelve Months Ended June
30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Beginning store
count |
4,888 |
|
|
4,623 |
|
|
4,829 |
|
|
4,571 |
|
|
4,660 |
|
|
4,465 |
|
New stores opened |
50 |
|
|
38 |
|
|
110 |
|
|
90 |
|
|
232 |
|
|
198 |
|
Stores acquired |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
48 |
|
|
— |
|
Stores closed |
(4 |
) |
|
(1 |
) |
|
(5 |
) |
|
(1 |
) |
|
(6 |
) |
|
(3 |
) |
Ending store count |
4,934 |
|
|
4,660 |
|
|
4,934 |
|
|
4,660 |
|
|
4,934 |
|
|
4,660 |
|
|
For the Three Months Ended June
30, |
|
For the Twelve Months Ended June
30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Total employment |
75,692 |
|
|
74,067 |
|
|
|
|
|
Square footage (in
thousands) |
35,940 |
|
|
33,824 |
|
|
|
|
|
Sales per
weighted-average square foot (7) |
$ |
63.64 |
|
|
$ |
64.15 |
|
|
$ |
249.18 |
|
|
$ |
248.77 |
|
Sales per
weighted-average store (in thousands) (8) |
$ |
463 |
|
|
$ |
466 |
|
|
$ |
1,811 |
|
|
$ |
1,804 |
|
(1)
Calculated as cost of goods sold for the last 12 months divided by
average inventory. Average inventory is calculated as the
average of inventory for the trailing four quarters used in
determining the denominator. |
(2) Calculated as inventory divided by store count at the end
of the reported period. |
(3)
Calculated as accounts payable divided by inventory. |
(4)
Calculated as net income for the last 12 months divided by average
total shareholders’ equity. Average total shareholders’
equity is calculated as the average of total shareholders’ equity
for the trailing four quarters used in determining the
denominator. |
(5) Calculated as net income for the last 12 months divided by
average total assets. Average total assets is calculated as
the average of total assets for the trailing four quarters used in
determining the denominator. |
(6)
Prior period amount has been reclassified to conform to current
period presentation, due to the Company’s adoption of a new
accounting standard during the first quarter ended March 31,
2017. |
(7)
Calculated as sales less jobber sales, divided by weighted-average
square footage. Weighted-average square footage is determined
by weighting store square footage based on the approximate dates of
store openings, acquisitions, expansions or closures. |
(8)
Calculated as sales less jobber sales, divided by weighted-average
stores. Weighted-average stores is determined by weighting
stores based on their approximate dates of openings, acquisitions
or closures. |
|
For further information contact:
Investor & Media Contact
Mark Merz (417) 829-5878
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