Ohio
|
06-1119097
|
(State
or other jurisdiction of incorporation
or organization)
|
(I.R.S.
Employer Identification No.)
|
300
Phillipi Road, P.O. Box 28512, Columbus, Ohio
|
43228-5311
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Large
accelerated filer x
|
Accelerated
filer ¨
|
Non-accelerated
filer ¨
|
Page
|
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|
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2
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2
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a)
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2
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b)
|
3
|
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|
|
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c)
|
4
|
|
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||
d)
|
5
|
|
|
||
e)
|
6
|
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14
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21
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21
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21
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21
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22
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22
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22
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23
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23
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23
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24
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Thirteen
Weeks Ended
|
Twenty-Six
Weeks Ended
|
|||||||||||||||
August
4, 2007
|
July
29, 2006
|
August
4, 2007
|
July
29, 2006
|
|||||||||||||
Net
sales
|
$ |
1,084,891
|
$ |
1,056,535
|
$ |
2,213,290
|
$ |
2,148,157
|
||||||||
Cost
of sales
|
663,817
|
644,242
|
1,345,303
|
1,297,542
|
||||||||||||
Gross
margin
|
421,074
|
412,293
|
867,987
|
850,615
|
||||||||||||
Selling
and administrative expenses
|
365,823
|
380,116
|
748,509
|
772,505
|
||||||||||||
Depreciation
expense
|
21,828
|
24,927
|
43,592
|
49,580
|
||||||||||||
Operating
profit
|
33,423
|
7,250
|
75,886
|
28,530
|
||||||||||||
Interest
expense
|
(105 | ) | (115 | ) | (197 | ) | (205 | ) | ||||||||
Interest
and investment income
|
1,592
|
754
|
4,602
|
1,148
|
||||||||||||
Income
from continuing operations before income taxes
|
34,910
|
7,889
|
80,291
|
29,473
|
||||||||||||
Income
tax expense
|
12,775
|
3,185
|
29,132
|
10,265
|
||||||||||||
Income
from continuing operations
|
22,135
|
4,704
|
51,159
|
19,208
|
||||||||||||
Income
(loss) from discontinued operations, net of tax expense (benefit)
of $795,
$(170), $629, and $(676), respectively
|
1,249
|
(405 | ) |
989
|
(1,196 | ) | ||||||||||
Net
income
|
$ |
23,384
|
$ |
4,299
|
$ |
52,148
|
$ |
18,012
|
||||||||
|
||||||||||||||||
Income
(loss) per common share - basic
|
||||||||||||||||
Continuing
operations
|
$ |
0.21
|
$ |
0.04
|
$ |
0.47
|
$ |
0.17
|
||||||||
Discontinued
operations
|
0.01
|
-
|
0.01
|
(0.01 | ) | |||||||||||
$ |
0.22
|
$ |
0.04
|
$ |
0.48
|
$ |
0.16
|
|||||||||
Income
(loss) per common share - diluted
|
||||||||||||||||
Continuing
operations
|
$ |
0.21
|
$ |
0.04
|
$ |
0.47
|
$ |
0.17
|
||||||||
Discontinued
operations
|
0.01
|
-
|
0.01
|
(0.01 | ) | |||||||||||
$ |
0.22
|
$ |
0.04
|
$ |
0.48
|
$ |
0.16
|
|||||||||
Weighted-average
common shares outstanding:
|
||||||||||||||||
Basic
|
106,490
|
111,094
|
108,204
|
112,029
|
||||||||||||
Dilutive
effect of share-based awards
|
1,262
|
1,139
|
1,497
|
1,008
|
||||||||||||
Diluted
|
107,752
|
112,233
|
109,701
|
113,037
|
(Unaudited)
August
4, 2007
|
February
3,
2007
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ |
108,639
|
$ |
281,657
|
||||
Inventories
|
713,838
|
758,185
|
||||||
Deferred
income taxes
|
58,793
|
60,292
|
||||||
Other
current assets
|
61,110
|
48,913
|
||||||
Total
current assets
|
942,380
|
1,149,047
|
||||||
Property
and equipment - net
|
491,626
|
505,647
|
||||||
Deferred
income taxes
|
52,679
|
45,057
|
||||||
Other
assets
|
21,302
|
20,775
|
||||||
Total
assets
|
$ |
1,507,987
|
$ |
1,720,526
|
||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ |
209,389
|
$ |
193,996
|
||||
Property,
payroll, and other taxes
|
69,246
|
93,706
|
||||||
Accrued
operating expenses
|
97,607
|
58,815
|
||||||
Insurance
reserves
|
40,816
|
43,518
|
||||||
KB
bankruptcy lease obligation
|
8,811
|
12,660
|
||||||
Accrued
salaries and wages
|
29,893
|
43,515
|
||||||
Income
taxes payable
|
2,087
|
28,022
|
||||||
Total
current liabilities
|
457,849
|
474,232
|
||||||
Deferred
rent
|
34,441
|
37,801
|
||||||
Insurance
reserves
|
43,591
|
44,238
|
||||||
Unrecognized
tax benefits
|
30,274
|
-
|
||||||
Other
liabilities
|
34,778
|
34,552
|
||||||
Shareholders’
equity:
|
||||||||
Preferred
shares - authorized 2,000 shares: $0.01 par value: none
issued
|
-
|
-
|
||||||
Common
shares - authorized 298,000 shares; $0.01 par value; issued
117,495 shares; outstanding 101,714 shares and 109,633 shares,
respectively
|
1,175
|
1,175
|
||||||
Treasury
shares - 15,781 shares and 7,862 shares, respectively, at
cost
|
(406,891 | ) | (124,182 | ) | ||||
Additional
paid-in capital
|
487,186
|
477,318
|
||||||
Retained
earnings
|
831,258
|
781,325
|
||||||
Accumulated
other comprehensive income (loss)
|
(5,674 | ) | (5,933 | ) | ||||
Total
shareholders' equity
|
907,054
|
1,129,703
|
||||||
Total
liabilities and shareholders' equity
|
$ |
1,507,987
|
$ |
1,720,526
|
Accumulated
|
||||||||||||||||||||||||||||||||||||
Additional
|
Other
|
|||||||||||||||||||||||||||||||||||
Common
|
Treasury
|
Unearned
|
Paid-In
|
Retained
|
Comprehensive
|
|||||||||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Compensation
|
Capital
|
Earnings
|
Income
(Loss)
|
Total
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Balance
- January 28, 2006
|
113,932
|
$ |
1,175
|
3,563
|
$ | (48,294 | ) | $ | (2,114 | ) | $ |
470,677
|
$ |
657,280
|
$ |
-
|
$ |
1,078,724
|
||||||||||||||||||
Net
income
|
-
|
-
|
-
|
-
|
-
|
18,012
|
-
|
18,012
|
||||||||||||||||||||||||||||
Adjustment
due to SFAS No. 123(R)
|
-
|
-
|
-
|
-
|
2,114
|
(2,114 | ) |
-
|
-
|
-
|
||||||||||||||||||||||||||
Purchases
of common shares
|
(8,746 | ) |
-
|
8,746
|
(134,169 | ) |
-
|
-
|
-
|
-
|
(134,169 | ) | ||||||||||||||||||||||||
Structured
share repurchase
|
-
|
-
|
-
|
-
|
-
|
(14,714 | ) |
-
|
-
|
(14,714 | ) | |||||||||||||||||||||||||
Exercise
of stock options
|
1,770
|
-
|
(1,770 | ) |
24,179
|
-
|
(3,646 | ) |
-
|
-
|
20,533
|
|||||||||||||||||||||||||
Tax
benefit from share-based awards
|
-
|
-
|
-
|
-
|
-
|
2,670
|
-
|
-
|
2,670
|
|||||||||||||||||||||||||||
Treasury
shares used for matching contributions to savings plan
|
404
|
-
|
(404 | ) |
5,589
|
-
|
(415 | ) |
-
|
-
|
5,174
|
|||||||||||||||||||||||||
Sale
of treasury shares used for deferred compensation plan
|
34
|
-
|
(34 | ) |
402
|
-
|
(19 | ) |
-
|
-
|
383
|
|||||||||||||||||||||||||
Share-based
employee compensation expense
|
-
|
-
|
-
|
-
|
-
|
1,512
|
-
|
-
|
1,512
|
|||||||||||||||||||||||||||
Balance
- July 29, 2006
|
107,394
|
1,175
|
10,101
|
(152,293 | ) |
-
|
453,951
|
675,292
|
-
|
978,125
|
||||||||||||||||||||||||||
Net
income
|
-
|
-
|
-
|
-
|
-
|
-
|
106,033
|
-
|
106,033
|
|||||||||||||||||||||||||||
Adjustment
due to SFAS No. 158
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(5,933 | ) | (5,933 | ) | |||||||||||||||||||||||||
Purchases
of common shares
|
(715 | ) |
-
|
715
|
(16,281 | ) |
-
|
-
|
-
|
-
|
(16,281 | ) | ||||||||||||||||||||||||
Structured
share repurchase
|
-
|
-
|
-
|
-
|
-
|
15,341
|
-
|
-
|
15,341
|
|||||||||||||||||||||||||||
Exercise
of stock options
|
2,902
|
-
|
(2,902 | ) |
43,949
|
-
|
(6,963 | ) |
-
|
-
|
36,986
|
|||||||||||||||||||||||||
Tax
benefit from share-based awards
|
-
|
-
|
-
|
-
|
-
|
9,228
|
-
|
-
|
9,228
|
|||||||||||||||||||||||||||
Sale
of treasury shares used for deferred compensation plan
|
52
|
-
|
(52 | ) |
443
|
-
|
688
|
-
|
-
|
1,131
|
||||||||||||||||||||||||||
Share-based
employee compensation expense
|
-
|
-
|
-
|
-
|
-
|
5,073
|
-
|
-
|
5,073
|
|||||||||||||||||||||||||||
Balance
- February 3, 2007
|
109,633
|
1,175
|
7,862
|
(124,182 | ) |
-
|
477,318
|
781,325
|
(5,933 | ) |
1,129,703
|
|||||||||||||||||||||||||
Net
income
|
-
|
-
|
-
|
-
|
-
|
-
|
52,148
|
-
|
52,148
|
|||||||||||||||||||||||||||
Other
comprehensive income
|
||||||||||||||||||||||||||||||||||||
Amortization
of pension, net of tax of $162
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
259
|
259
|
|||||||||||||||||||||||||||
Comprehensive
income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
52,407
|
|||||||||||||||||||||||||||
Adjustment
due to FIN No. 48
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,215 | ) |
-
|
(2,215 | ) | |||||||||||||||||||||||||
Purchases
of common shares
|
(10,797 | ) |
-
|
10,797
|
(331,119 | ) |
-
|
-
|
-
|
-
|
(331,119 | ) | ||||||||||||||||||||||||
Exercise
of stock options
|
2,526
|
-
|
(2,526 | ) |
41,121
|
-
|
(8,092 | ) |
-
|
-
|
33,029
|
|||||||||||||||||||||||||
Restricted
shares awarded
|
284
|
-
|
(284 | ) |
6,596
|
-
|
(6,596 | ) |
-
|
-
|
-
|
|||||||||||||||||||||||||
Tax
benefit from share-based awards
|
-
|
-
|
-
|
-
|
-
|
18,538
|
-
|
-
|
18,538
|
|||||||||||||||||||||||||||
Sale
of treasury shares used for deferred compensation plan
|
68
|
-
|
(68 | ) |
693
|
-
|
1,311
|
-
|
-
|
2,004
|
||||||||||||||||||||||||||
Share-based
employee compensation expense
|
-
|
-
|
-
|
-
|
-
|
4,707
|
-
|
-
|
4,707
|
|||||||||||||||||||||||||||
Balance
- August 4, 2007
|
101,714
|
$ |
1,175
|
15,781
|
$ | (406,891 | ) | $ |
-
|
$ |
487,186
|
$ |
831,258
|
$ | (5,674 | ) | $ |
907,054
|
|
Twenty-Six
Weeks Ended
|
|||||||
|
August
4, 2007
|
July
29, 2006
|
||||||
Operating
activities:
|
||||||||
Net
income
|
$ |
52,148
|
$ |
18,012
|
||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization expense
|
40,718
|
46,824
|
||||||
Deferred
income taxes
|
(3,396 | ) | (2,870 | ) | ||||
Loss
on disposition of equipment
|
1,394
|
567
|
||||||
Employee
benefits paid with common shares
|
-
|
5,174
|
||||||
KB
Toys matters
|
(1,342 | ) |
-
|
|||||
Non-cash
share-based compensation expense
|
4,707
|
1,512
|
||||||
Non-cash
impairment charges
|
-
|
1,534
|
||||||
Pension
|
956
|
834
|
||||||
Change
in assets and liabilities:
|
||||||||
Inventories
|
44,347
|
17,071
|
||||||
Accounts
payable
|
15,393
|
38,665
|
||||||
Current
income taxes
|
(31,891 | ) |
806
|
|||||
Other
current assets
|
(5,269 | ) | (4,088 | ) | ||||
Other
current liabilities
|
(16,476 | ) | (11,918 | ) | ||||
Other
assets
|
(1,211 | ) | (404 | ) | ||||
Other
liabilities
|
(2,398 | ) |
1,356
|
|||||
Net
cash provided by operating activities
|
97,680
|
113,075
|
||||||
|
||||||||
Investing
activities:
|
||||||||
Capital
expenditures
|
(19,775 | ) | (15,128 | ) | ||||
Purchase
of short-term investments
|
(436,040 | ) | (50,000 | ) | ||||
Redemption
of short-term investments
|
436,040
|
50,000
|
||||||
Cash
proceeds from sale of equipment
|
377
|
664
|
||||||
Other
|
(13 | ) | (67 | ) | ||||
Net
cash used in investing activities
|
(19,411 | ) | (14,531 | ) | ||||
|
||||||||
Financing
activities:
|
||||||||
Proceeds
from long-term obligations
|
-
|
55,400
|
||||||
Payment
of long-term obligations, including capital lease
|
(158 | ) | (29,600 | ) | ||||
Proceeds
from the exercise of stock options
|
33,029
|
20,533
|
||||||
Excess
tax benefit from share-based awards
|
18,538
|
2,670
|
||||||
Structured
share repurchase
|
-
|
(14,714 | ) | |||||
Payment
for treasury shares acquired
|
(304,700 | ) | (134,169 | ) | ||||
Treasury
shares sold for deferred compensation plan
|
2,004
|
383
|
||||||
Net
cash used in financing activities
|
(251,287 | ) | (99,497 | ) | ||||
|
||||||||
Decrease
in cash and cash equivalents
|
(173,018 | ) | (953 | ) | ||||
Cash
and cash equivalents:
|
||||||||
Beginning
of period
|
281,657
|
1,710
|
||||||
End
of period
|
$ |
108,639
|
$ |
757
|
||||
|
||||||||
Supplemental
disclosure of cash flow information:
|
||||||||
Cash
paid for interest, including capital leases
|
$ |
19
|
$ |
29
|
||||
Cash
paid for income taxes, excluding impact of refunds
|
$ |
45,529
|
$ |
20,307
|
||||
Non-cash
activity:
|
||||||||
Assets
acquired under capital leases
|
$ |
2,539
|
$ |
-
|
||||
Treasury
shares acquired, but not settled
|
$ |
26,419
|
$ |
-
|
||||
Increase
in accrued property and equipment
|
$ |
9,029
|
$ |
2,848
|
|
Second
Quarter
|
Year
to Date
|
||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
|
|
|
|
|
||||||||||||
Weighted-average
fair value of options granted
|
$ |
12.63
|
$ |
6.21
|
$ |
11.54
|
$ |
5.29
|
||||||||
Risk-free
interest rate
|
4.9 | % | 5.0 | % | 4.4 | % | 4.6 | % | ||||||||
Expected
life (years)
|
4.4
|
4.3
|
4.4
|
4.6
|
||||||||||||
Expected
volatility
|
42.0 | % | 41.4 | % | 42.5 | % | 42.5 | % | ||||||||
Expected
annual forfeiture rate
|
3.0 | % | 3.0 | % | 3.0 | % | 3.0 | % |
Number
of Options
|
Weighted
Average Exercise Price
|
Weighted
Average Remaining Contractual Term (years)
|
Aggregate
Intrinsic Value (000's)
|
|||||||||||||
Outstanding
stock options at February 3, 2007
|
6,644,990
|
$ |
15.78
|
|||||||||||||
Granted
|
1,057,500
|
28.72
|
||||||||||||||
Exercised
|
(2,318,325 | ) |
12.99
|
|||||||||||||
Forfeited
|
(526,825 | ) |
26.91
|
|||||||||||||
Outstanding
stock options at May 5, 2007
|
4,857,340
|
$ |
18.73
|
5.8
|
$ |
70,136
|
||||||||||
Granted
|
6,000
|
28.73
|
||||||||||||||
Exercised
|
(208,000 | ) |
14.01
|
|||||||||||||
Forfeited
|
(243,900 | ) |
14.25
|
|||||||||||||
Outstanding
stock options at August 4, 2007
|
4,411,440
|
$ |
19.21
|
5.6
|
$ |
34,109
|
||||||||||
Vested
and expected to vest at August 4, 2007
|
4,222,017
|
$ |
19.20
|
5.5
|
$ |
32,809
|
||||||||||
Exercisable
at August 4, 2007
|
2,145,140
|
$ |
18.08
|
4.8
|
$ |
19,734
|
Number
of Shares
|
Weighted
Average Grant-Date Fair Value
|
|||||||
Nonvested
restricted stock at February 3, 2007
|
408,671
|
$ |
12.37
|
|||||
Granted
|
319,100
|
28.73
|
||||||
Vested
|
(66,667 | ) |
11.25
|
|||||
Forfeited
|
-
|
-
|
||||||
Nonvested
restricted stock at May 5, 2007
|
661,104
|
$ |
20.38
|
|||||
Granted
|
1,800
|
27.92
|
||||||
Vested
|
(283,500 | ) |
12.80
|
|||||
Forfeited
|
(2,700 | ) |
23.42
|
|||||
Nonvested
restricted stock at August 4, 2007
|
376,704
|
$ |
26.10
|
|
Second
Quarter
|
Year
to Date
|
||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
(In
thousands)
|
|
|
|
|
||||||||||||
Total
intrinsic value of stock options exercised
|
$ |
3,627
|
$ |
5,954
|
$ |
42,508
|
$ |
6,925
|
||||||||
Total
fair value of restricted stock vested
|
9,022
|
-
|
11,021
|
-
|
Second
Quarter
|
Year
to Date
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Service
cost - benefits earned in the period
|
$ |
658
|
$ |
749
|
$ |
1,316
|
$ |
1,498
|
||||||||
Interest
cost on projected benefit obligation
|
788
|
792
|
1,575
|
1,583
|
||||||||||||
Expected
investment return on plan assets
|
(1,072 | ) | (1,080 | ) | (2,144 | ) | (2,159 | ) | ||||||||
Amortization
of actuarial loss
|
172
|
351
|
346
|
703
|
||||||||||||
Amortization
of prior service cost
|
34
|
34
|
68
|
68
|
||||||||||||
Amortization
of transition obligation
|
4
|
4
|
7
|
7
|
||||||||||||
Net
periodic pension cost
|
$ |
584
|
$ |
850
|
$ |
1,168
|
$ |
1,700
|
|
2007
|
2006
|
||||||
Discount
rate
|
5.9%
|
5.7%
|
||||||
Rate
of increase in compensation levels
|
3.5%
|
3.5%
|
||||||
Expected
long-term rate of return
|
8.5%
|
8.5%
|
||||||
Measurement
date for plan assets and benefit obligations
|
12/31/06
|
12/31/05
|
|
Second
Quarter
|
Year
to Date
|
||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
(In
thousands)
|
|
|
|
|
||||||||||||
Consumables
|
$ |
320,027
|
$ |
308,931
|
$ |
637,228
|
$ |
616,396
|
||||||||
Home
|
180,405
|
187,173
|
367,588
|
371,517
|
||||||||||||
Furniture
|
153,587
|
143,471
|
342,266
|
322,050
|
||||||||||||
Hardlines
|
154,836
|
152,546
|
299,503
|
289,982
|
||||||||||||
Seasonal
|
148,704
|
146,033
|
318,905
|
307,056
|
||||||||||||
Other
|
127,332
|
118,381
|
247,800
|
241,156
|
||||||||||||
Net
sales
|
$ |
1,084,891
|
$ |
1,056,535
|
$ |
2,213,290
|
$ |
2,148,157
|
|
·
|
Comparable
store sales for stores open at least two years at the beginning of
2007
increased 5.2%. Net sales were positively impacted by a large
closeout deal from a major home furnishings retailer which we estimate
increased comparable store sales by approximately
2%.
|
|
·
|
Gross
margin dollars increased $8.8
million.
|
|
·
|
Selling
and administrative expenses as a percent of sales decreased 230 basis
points to 33.7% of sales versus 36.0% of
sales.
|
|
·
|
Depreciation
expense as a percent of sales decreased 30 basis points to 2.0% of
sales
versus 2.3% of sales.
|
|
·
|
Diluted
earnings per share from continuing operations improved to $0.21 per
share
compared to $0.04 per share.
|
|
·
|
Net
cash provided by operating activities increased in the second quarter
of
2007 driven by net income above second quarter of 2006 by $19.1 million
and a reduction in inventories.
|
|
·
|
Average
inventory levels were lower throughout the second quarter of 2007
compared
to the second quarter of 2006 and, combined with the 5.2% increase
in
comparable store sales, resulted in a higher inventory turnover rate
in
the second quarter of 2007 than the second quarter of
2006. This is the sixth consecutive quarter that the inventory
turnover rate has improved when compared to the prior year’s comparable
quarter.
|
|
·
|
We
acquired 7.5 million of our common shares under the 2007 Repurchase
Program during the second quarter of
2007.
|
|
2007
|
2006
|
||||||
Stores
open at the beginning of the fiscal year
|
1,375
|
1,401
|
||||||
Stores
opened during the period
|
3
|
7
|
||||||
Stores
closed during the period
|
(9 | ) | (7 | ) | ||||
Stores
open at the end of the period
|
1,369
|
1,401
|
|
Second
Quarter
|
Year
to Date
|
||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
|
|
|
|
|
||||||||||||
Net
sales
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost
of sales
|
61.2
|
61.0
|
60.8
|
60.4
|
||||||||||||
Gross
margin
|
38.8
|
39.0
|
39.2
|
39.6
|
||||||||||||
Selling
and administrative expenses
|
33.7
|
36.0
|
33.8
|
36.0
|
||||||||||||
Depreciation
expense
|
2.0
|
2.3
|
2.0
|
2.3
|
||||||||||||
Operating
profit
|
3.1
|
0.7
|
3.4
|
1.3
|
||||||||||||
Interest
expense
|
0.0
|
0.0
|
0.0
|
0.0
|
||||||||||||
Interest
income
|
0.1
|
0.0
|
0.2
|
0.1
|
||||||||||||
Income
from continuing operations before income taxes
|
3.2
|
0.7
|
3.6
|
1.4
|
||||||||||||
Income
tax expense
|
1.2
|
0.3
|
1.3
|
0.5
|
||||||||||||
Income
from continuing operations
|
2.0
|
0.4
|
2.3
|
0.9
|
||||||||||||
Discontinued
operations
|
0.1
|
0.0
|
0.0
|
(0.1 | ) | |||||||||||
Net
income
|
2.2 | % | 0.4 | % | 2.4 | % | 0.8 | % |
Second
Quarter
|
||||||||||||||||||||||||
2007
|
2006
|
Change
|
||||||||||||||||||||||
($
in thousands)
|
||||||||||||||||||||||||
Consumables
|
$ |
320,027
|
29.5 | % | $ |
308,931
|
29.2 | % | $ |
11,096
|
3.6 | % | ||||||||||||
Home
|
180,405
|
16.6
|
187,173
|
17.7
|
(6,768 | ) | (3.6 | ) | ||||||||||||||||
Furniture
|
153,587
|
14.2
|
143,471
|
13.6
|
10,116
|
7.1
|
||||||||||||||||||
Hardlines
|
154,836
|
14.3
|
152,546
|
14.5
|
2,290
|
1.5
|
||||||||||||||||||
Seasonal
|
148,704
|
13.7
|
146,033
|
13.8
|
2,671
|
1.8
|
||||||||||||||||||
Other
|
127,332
|
11.7
|
118,381
|
11.2
|
8,951
|
7.6
|
||||||||||||||||||
Net
sales
|
$ |
1,084,891
|
100.0 | % | $ |
1,056,535
|
100.0 | % | $ |
28,356
|
2.7 | % |
Year
to Date
|
||||||||||||||||||||||||
2007
|
2006
|
Change
|
||||||||||||||||||||||
($
in thousands)
|
||||||||||||||||||||||||
Consumables
|
$ |
637,228
|
28.8 | % | $ |
616,396
|
28.7 | % | $ |
20,832
|
3.4 | % | ||||||||||||
Home
|
367,588
|
16.6
|
371,517
|
17.3
|
(3,929 | ) | (1.1 | ) | ||||||||||||||||
Furniture
|
342,266
|
15.5
|
322,050
|
15.0
|
20,216
|
6.3
|
||||||||||||||||||
Hardlines
|
299,503
|
13.5
|
289,982
|
13.5
|
9,521
|
3.3
|
||||||||||||||||||
Seasonal
|
318,905
|
14.4
|
307,056
|
14.3
|
11,849
|
3.9
|
||||||||||||||||||
Other
|
247,800
|
11.2
|
241,156
|
11.2
|
6,644
|
2.8
|
||||||||||||||||||
Net
sales
|
$ |
2,213,290
|
100.0 | % | $ |
2,148,157
|
100.0 | % | $ |
65,133
|
3.0 | % |
Period
|
|
(a)
Total Number of Shares Purchased (1)
|
(b)
Average Price Paid per Share(2)
|
(c)
Total Number of Shares Purchased as Part of Publicly Announced Plans
or
Programs
|
(d)
Approximate Dollar Value of Shares that May Yet Be Purchased Under
the
Plans or Programs
|
|||||||||||||||
May
6, 2007 - June 2, 2007 (3)
|
276
|
$ |
31.48
|
201
|
$ |
479,936
|
||||||||||||||
June
3, 2007 - June 30, 2007
|
3,280
|
30.37
|
3,280
|
380,324
|
||||||||||||||||
July
1, 2007 - August 4, 2007
|
4,000
|
27.26
|
4,000
|
271,270
|
||||||||||||||||
Total
|
7,556
|
$ |
28.74
|
7,481
|
$ |
271,270
|
(1)
|
On
March 9, 2007, we announced that our Board of Directors authorized
the
repurchase of up to $600.0 million of our common shares commencing
upon
authorization and continuing until exhausted. We purchased approximately
7,481,000 common shares through open market transactions during the
second
quarter of 2007 pursuant to this
program.
|
|
(2)
|
The
average price paid per share for open market purchases includes a
per
share commission paid to the executing
broker/dealer.
|
|
(3)
|
Included
in the total number of shares purchased were approximately 75,000
common
shares which were withheld to satisfy tax withholding obligations
with
respect to share-based
compensation.
|
Director
|
For
|
Withheld
|
Jeffrey
P. Berger
|