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Retail composite takes a tumble — the details

Staff -- Home Textiles Today, 7/30/2001 12:00:00 AM

Store Fiscal year end Net income ($000) % change '99-'00 % change '96-'00 Profit margin Return on equity Net sales ($000) % change '99-'00 % change '96-'00 Same-store sales Gross margin SG&A sales Net debt coverage Inventory turns
Source: Home Textiles Today market research
Figures in parentheses represent losses or calculations based on net or operating losses.
Net sales are recorded for all retailers with the exception of Belk, Hanover Direct and Lillian Vernon, which reported total revenues, which may include such non-store items as credit service and proceeds from shipping charges.
1. 2000 net loss includes a $488 million restructuring charge, a $318 million income tax benefit and a $296 million net loss on the sale of discontinued operations; 1999 net income was $336 million, including a $169 million pretax restructuring charge; 1996 net income from continuing operations was $440 million.
2. 2001 is 53 weeks; 1999 and 1996 are 52 weeks.
3. 2000 net loss includes a $35 million pretax restructuring charge for Fingerhut and a $927 million pretax asset impairment and restructuring charge; net income was $795 million in 1999 and $266 million in 1996.
4. Includes $11 million in net earnings from discontinued operations and a $5 million extraordinary loss on the early extinguishment of debt.
5. 2000 net loss includes a $51.4 million pretax asset impairment charge, a $27.3 million extraordinary gain and a $130 million extraordinary charge, the cumulative effect of an accounting change; 1999 net income was $2.2 million, including a $69.7 million pretax asset impairment charge; 1996 net income was $238.6 million.
6. Excludes service charge, interest and other income of $251.2 million in 2000 and $244.5 million in 1999.
7. Includes pretax charge on losses from long-lived assets of $73.6 million in 2000, $12.5 million in 1999 and $1.4 million in 1996; 1999 also includes a $35.7 million pretax merger and integration charge and a $9.3 million extraordinary loss on the early extinguishment of debt; 1996 also includes a $3.9 million pretax charge for ESOP expense.
8. Includes pretax gains on the sale of property, equipment and investments of $2.2 million in 2000 and $5.4 million in 1999; pretax restructuring charges of $8.9 million in 2000 and $7.6 million in 1999; net losses on the disposal of discontinued operations of $292,000 in 2000 and $1.5 million in 1999; 1996 includes $36.9 million in net income from discontinued operations.
9. Includes pretax credits of $3.4 million in 2000 and pretax charges of $15.9 million in 1999 for store closing and asset impairment costs.
10. 1999 net income includes a $1.9 million pretax asset impairment charge.
11. Excludes net credit revenues of $9.2 million in 2000, $8.7 million in 1999 and $4.9 million in 1996; excludes net leased department revenues of $3 million in 2000, $4.2 million in both 1999 and 1996.
12. Includes after-tax charges for minority interest and equity in unconsolidated subsidiaries of $129 million in 2000, $170 million in 1999 and $27 million in 1996; 1999 net income also includes a $198 million extraordinary charge, the cumulative effect of an accounting change.
13. Excludes non-sales revenues of $2 billion in 2000 and $1.8 billion in 1999.
14. 2000 net loss includes a $46 million after-tax charge for dividends on convertible preferred securities of a subsidiary and a $134 million income tax benefit; 1999 net income was $403 million, including a $50 million after-tax charge for dividends on convertible preferred securities of a subsidiary and a $230 million after-tax charge for discontinued operations; 1996 net loss was $220 million, including a $5 million net loss from discontinued operations, a $446 million net loss on the disposal of discontinued operations and a $31 million after-tax charge for dividends on convertible preferred securities of a subsidiary.
15. Includes extraordinary charges for the purchase and redemption of debt of $41 million in 1999 and $11 million in 1996; 1996 net income also includes a $134 million pretax real estate repositioning charge.
16. Excludes net credit revenues of $541 million in 2000 and $490 million in 1999.
17. Total revenues.
18. 1999 net income includes a $5.2 million extraordinary charge, the cumulative effect of an accounting change.
19. 1996 net income from continuing operations before extraordinary item.
20. Net loss includes a $7 million extraordinary loss on the early extinguishment of debt and a $54.8 million income tax benefit.
21. 1999 net income was $17.1 million, including a $1.1 million extraordinary charge, the cumulative effect of an accounting change and a $49.6 million income tax benefit.
22. 1996 net income was $17.3 million, including a $9.7 million pretax charge for store closing and a $1.4 million extraordinary loss on the early extinguishment of debt.
23. Excludes revenues from leased departments and other income of $46.4 million in 2000 and $41.7 million in 1999.
24. 2000 net income includes a $9.2 million pretax special charge, a $114.6 million pretax restructuring charge, a $29 million income tax benefit, $1.6 million in net income from discontinued operations and a $32.6 million net gain on the sale of discontinued operations.
25. 1999 net income was $102.2 million, including a $8.1 million pretax special charge, a $10.4 million pretax restructuring charge, $8.8 million in income from discontinued operations, a $34.5 million net gain on the sale of discontinued operations and a $3.8 million extraordinary loss on the retirement of debt.
26. 1996 net income was $45 million, including $5 million in net earnings from discontinued operations.
27. Excludes revenues from licensed department rentals and other income of $13.4 million in 2000; $13.6 million in 1999 and $12 million in 1996.
28. 2000 is 53 weeks; 1999 is 52 weeks. 1996 figures are not comparable due to a change in the fiscal year end.
29. Includes $11.3 million in license fees from affiliates, a $16 million net loss on the disposal of assets, $1.3 million in equity in loss of joint venture and a $65.6 million income tax benefit.
30. 1999 net income was $33.5 million, including $8.5 million in license fees from affiliates, a $146 million net gain on the disposal of assets and $1.3 million in equity in income of joint venture.
31. 1996 figures are not comparable due to the change in the fiscal year end.
32. Excludes licensed department sales of $1.5 billion in 2000 and $1 billion in 1999.
33. 2000 and 1996 are 53 weeks; 1999 is 52 weeks.
34. Includes a $4.3 million income tax benefit and a $6.5 million charge for equity and asset impairment losses.
35. 1999 net income was $25.6 million.
36. 1996 net income was $24.6 million.
37. Includes a $4.1 million extraordinary charge, the cumulative effect of an accounting change.
38. 1996 net loss was $13.4 million, including a $7.9 million income tax benefit.
39. Excludes finance and other revenues of $663.6 million in 2000 and $498.2 million in 1999.
40. Same-store sales for Eddie Bauer stores.
41. 1999 net income includes a $1.8 million pretax non-recurring credit.
42. 1996 net income includes a $1.4 million pretax charge from the sale of a subsidiary.
43. Excludes shipping and handling revenues of $107.3 million in 2000 and $97.1 million in 1999.
44. Income includes net merchandise sales and handling revenues.
45. After preferred dividends of $4.1 million; includes a $2 million pretax charge for the write-down of inventory of discontinued catalogs and a $19.1 million pretax special charge.
46. 1999 net loss, after preferred dividends of $634,000 was $16.9 million, including a $1.9 million pretax charge for the write-down of inventory of discontinued catalogs, a $144,000 pretax special charge, a $4.3 million pretax gain on the sales of The Shopper's Edge and a $967,000 pretax gain on the sale of Austad's.
47. 1996 net loss, after preferred dividends of $225,000 was $105.3 million, including $36.7 million in pretax special charges and a $1.1 million extraordinary loss on the early extinguishment of debt.
48. Includes a $2 million pretax restructuring charge and a $640,000 extraordinary charge, the cumulative effect of an accounting change.
49. 1999 net income was $6.3 million.
50. 1996 net income was $5.2 million.
51. Includes pretax charges for asset impairment losses of $251 million in 2000 and $41 million in 1999; includes after-tax minority interest charges of $49 million in 2000, $62 million in 1999 and $8 million in 1996.
52. Excludes credit revenues of $4.4 billion in 2000 and $4.6 billion in 1999.
53. Total revenues.
54. Includes a $4 million pretax gain on the sales of assets.
55. Includes a $4.1 million extraordinary charge for the early retirement of debt.
56. Includes pretax provisions for impaired assets and store closing costs of $7 million in 2000, $56.5 million in 1999 and $10 million in 1996; 1999 also includes a $118 million extraordinary charge, the cumulative effect of an accounting change.
57. Excludes membership fees and other revenues of $543.6 million in 2000, $479.6 million in 1999 and $352.6 million in 1996.
58. Excludes membership fees and other income of $103.8 million in 2000, $90.4 million in 1999 and $64.7 million in 1996.
DEPARTMENT STORES
J.C.Penney 1/27/01 ($705,000)1 —1 —1 -2.2% -11.3% $31,846,000 0.3% 39.7% -2.4% 27.7% 27.1% 239.9% 4.1x
Federated2 2/3/01 (184,000)3 -123.1%3 —3 -1.0 -3.2 18,407,000 3.9 24.1 2.0 40.9 32.7 28.9 2.9x
May Dept. Stores2 2/3/01 858,000 -7.4 14.6%4 5.9 22.3 14,454,000 4.3 26.3 0.5 31.3 19.6 20.4 3.5x
Dillard's 2/3/01 (5,850)5 —5 —5 -0.1 -0.2 8,566,5606 -1.36 38.2 -3.0 32.3 25.9 41.2 3.2x
Saks2 2/3/01 75,2167 -60.37 -6.97 1.1 3.3 6,581,236 2.3 39.2 0.2 36.0 21.8 16.0 2.8x
Kohl's 2/2/01 372,148 44.2 263.1 6.0 16.9 6,151,996 35.0 157.6 9.0 34.1 20.8 5.7 4.5x
Belk 2/3/01 57,3338 -19.48 -43.48 2.5 6.6 2,269,695 5.8 29.9 4.4 31.2 25.1 28.0 3.0x
Stein Mart 12/30/00 39,3579 232.99 51.6 3.3 20.3 1,206,624 16.6 95.8 9.7 25.7 21.6 6.7 3.4x
Gottschalks 2/3/01 7,079 6.710 286.0 1.1 6.0 663,86811 22.611 69.911 5.6 34.7 30.4 48.5 2.8x
MEDIAN -0.3% 51.6% 5.1% 39.5% 3.2% 31.8% 23.5% 28.5% 3.3x
DISCOUNT STORES
Wal-Mart 1/31/01 $6,295,00012 17.1%12 106.0%12 3.3% 20.1% $191,329,00013 15.9%13 82.5% 5.0% 21.5% 16.5% 1923.3% 7.3x
Kmart2 1/31/01 (244,000)14 —14 —14 -0.7 -4.0 37,028,000 3.1 17.8 1.1 19.9 20.0 -637.8 4.4x
Target2 2/3/01 1,264,000 10.515 173.015 3.5 19.4 36,362,00016 9.516 44.917 2.4 30.4 22.5 14.8 6.3x
TJX 1/27/01 538,066 3.118 151.619 5.6 44.2 9,579,006 8.9 43.2 2.0 25.0 15.7 2.6 5.4x
Ames2 2/3/01 (240,588)20 —21 —22 -6.1 -60.7 3,953,58523 3.023 83.4 -2.1 25.8 26.8 -235.6 3.7x
ShopKo Stores2 2/3/01 (15,818)24 —25 —26 -0.4 -2.4 3,517,11227 15.427 75.327 0.7 24.6 19.2 — 3.9x
Family Dollar 4/26/00 172,017 22.8 183.9 5.5 21.6 3,132,639 13.9 82.7 5.2 33.7 25.1 — 3.4x
Value City 2/3/01 (101,791)29 —30 —31 -4.6 -40.7 2,213,01732 32.532 —31 -1.1 32.5 39.3 -20.3 3.7x
MEDIAN 10.5% 173.0% 9.5% 60.1% 1.1% 25.8% 22.5% -8.9% 3.8x
FABRIC STORES
Jo-Ann Stores33 2/3/01 ($13,600)34 —35 —36 -0.9% -5.5% $1,483,300 7.4% 59.7% 1.3% 43.5% 39.7% 51.9% 1.9x
Hancock Fabrics 1/28/01 10,867 59.4% -12.9% 2.8 13.2 385,245 1.0 1.9 2.0 50.8 44.5 9.0 1.4x
MEDIAN 59.4% -12.9% 4.2% 30.8% 1.7% 47.2% 42.1% 30.5% 1.7x
MAIL-ORDER
Spiegel 12/30/00 $120,81837 41.6% —38 3.9% 14.6% $3,061,15139 5.0%40 -4.8% -8.0%40 38.3% 51.1% -18.9% 3.6x
Lands' End 1/26/01 34,657 -27.841 -32.0%42 2.6 11.0 1,354,97443 2.744 13.544 0.0 46.2 41.3 — 4.2x
Hanover Direct2 12/30/00 (84,815)45 —46 —47 -14.1 — 603,014 9.7 -13.9 0.0 32.8 39.5 -25.0 6.5x
Lillian Vernon 2/24/01 (1,378)48 —49 —50 -0.5 -1.3 287,094 2.2 3.4 0.0 43.3 43.0 — 4.9x
MEDIAN 6.9% -32.0% 3.9% -0.7% -8.0% 40.8% 42.2% -22.0% 4.6x
NATIONAL CHAINS
Sears, Roebuck 12/30/00 $1,343,00051 -7.6%52 5.7%52 3.7% 19.8% $36,548,00052 4.0%53 -4.0%53 2.3% 26.4% 23.6% 123.9% 5.0x
MEDIAN -7.6% 5.7% 4.0% -4.0% 2.3% 26.4% 23.6% 123.9% 5.0x
SPECIALTY STORES
Bed Bath & Beyond 3/3/01 $171,922 31.0% 212.5% 7.2% 21.0% $2,396,655 29.0% 193.4% 5.0% 41.2% 29.8% — 2.6x
Williams-Sonoma 1/28/01 56,782 -16.654 149.7 3.1 13.3 1,829,483 25.3 113.2 5.5 37.9 32.5 7.2% 4.2x
Linens 'N Things 12/30/00 64,937 24.8 331.8 4.1 14.1 1,572,576 20.9 125.9 3.7 40.9 34.1 1.8 2.4x
Pier 1 Imports 23/3/01 94,650 26.7 114.755 6.7 17.8 1,411,498 14.7 49.0 7.8 42.1 28.3 1.6 2.8x
MEDIAN 25.8% 181.1% 23.1% 119.6% 5.3% 41.1% 31.2% 1.8% 2.7x
WAREHOUSE CLUBS
Costco 9/3/00 $631,43756 58.9%56 153.8%56 2.0% 14.9% $31,620,72357 17.2%57 64.6%57 11.0% 10.4% 8.7% — 12.1x
BJ's2 2/3/01 131,501 18.3 145.2 2.7 19.8 4,828,27358 17.358 68.858 5.1 9.4 7.0 5.3% 9.3x
MEDIAN 38.6% 149.5% 17.3% 66.7% 8.1% 9.9% 7.9% 5.3% 10.7x


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