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Total
Retail Business
Credit Business
431
397
368
388
435
37.2
36.7
35.5
34.5
37.4
1,177
1,177
1,251
848
Adjusted
Total
975
312
5.56
5.56
5.41
5.20
5.16
1,119
991
696
648
1,173
28.9
28.8
29.8
28.7
26.7
26.7
25.9
25.5
25.4
24.5
Total
Retail Business
Credit Business
431
397
368
388
435
37.2
36.7
35.5
34.5
37.4
1,177
1,177
1,251
848
Adjusted
Total
975
312
5.56
5.56
5.41
5.20
5.16
1,119
991
696
648
1,173
28.9
28.8
29.8
28.7
26.7
26.7
25.9
25.5
25.4
24.5
Total
Retail Business
Credit Business
431
397
368
388
435
37.2
36.7
35.5
34.5
37.4
1,177
1,177
1,251
848
Adjusted
Total
975
312
5.56
5.56
5.41
5.20
5.16
1,119
991
696
648
1,173
28.9
28.8
29.8
28.7
26.7
26.7
25.9
25.5
25.4
24.5
Total
Retail Business
Credit Business
431
397
368
388
435
37.2
36.7
35.5
34.5
37.4
1,177
1,177
1,251
848
Adjusted
Total
975
312
5.56
5.56
5.41
5.20
5.16
1,119
991
696
648
1,173
28.9
28.8
29.8
28.7
26.7
26.7
25.9
25.5
25.4
24.5
Total
Retail Business
Credit Business
431
397
368
388
435
37.2
36.7
35.5
34.5
37.4
1,177
1,177
1,251
848
Adjusted
Total
975
312
5.56
5.56
5.41
5.20
5.16
1,119
991
696
648
1,173
28.9
28.8
29.8
28.7
26.7
26.7
25.9
25.5
25.4
24.5
Total
Retail Business
Credit Business
431
397
368
388
435
37.2
36.7
35.5
34.5
37.4
1,177
1,177
1,251
848
Adjusted
Total
975
312
5.56
5.56
5.41
5.20
5.16
1,119
991
696
648
1,173
28.9
28.8
29.8
28.7
26.7
26.7
25.9
25.5
25.4
24.5
Total
Retail Business
Credit Business
431
397
368
388
435
37.2
36.7
35.5
34.5
37.4
10.3
10.2
8.1
7.6
12.9
5.56
5.56
5.41
5.20
5.16
1,177
1,177
1,251
848
Adjusted
Total
975
312
28.9
28.8
29.8
28.7
26.7
26.7
25.9
25.5
25.4
24.5
Dollars in millions except per share and per square foot amounts.
2007 cash flow from operations was $312. Cash flow from operations was impacted in 2007 by the securitization accounting change and, to a lesser extent, growth in
credit accounts receivable. 2007 adjusted cash flow from operations of $975 is a non-GAAP financial measure and is calculated as follows: cash flow from operations of
$312,
plus the impact of $1,083 related to accounts receivable, and less the impact of $420 related to the investment in asset-backed securities, both primarily related to
the securitization accounting change. We believe that adjusted cash flow from operations is a useful measure for investors to understand the effect of the securitization
accounting change in comparing 2007 results to other years. It should not be considered a substitute for cash flow from operations.
Fiscal Year
2011
2010
% Change
Net sales
$10,497
$9,310 12.7
Earnings before income taxes
1,119 991 12.9
Net earnings
683 613 11.4
Earnings per basic share
3.20 2.80 14.3
Earnings per diluted share
3.14 2.75 14.2
Cash dividends paid per share
0.92 0.76 21.1
SAlES PEr SquArE Foot ($)
2007
2008
2009
2010
2011
2007
2008
2009
2010
2011
2007
2008
2009
2010
2011
2007
2008
2009
2010
2011
2007
2008
2009
2010
2011
2007 2008
2009
2010
2011
EArNINGS
bEForE INComE tAxES ($)
Same-store Sales Percentage Change
3.9
(9.0)
(4.2)
8.1
7.2
2007
2008
2009
2010
2011
GroSS ProFIt
(As a Percentage of Net Sales)
INvENtorY turN
(Cost of Sales and related buying and occupancy
Divided by Average Inventory)
SCORECARD
SG&A ExPENSE
(As a Percentage of Net Sales)
CASh FloW From oPErAtIoNS ($)