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Retail composite driven down as sales growth slows

Staff -- Home Textiles Today, 9/23/2002 12:00:00 AM

Retail composite driven down as sales growth slows

Profitability measures Sales Operations
Store Fiscal year end Net income ($000) % change '00-'01 % change '97-'01 Profit margin Return on equity Net sales ($000) % change '00-'01 % change '97-'01 Same-store sales % chg Gross margin % SG&A/sales Net debt coverage Inventory turns
Source: Home Textiles Today market research
Figures in parentheses represent losses of calculations based on net or operating losses.
1. Includes after-tax charges for minority interest and equity in unconsolidated subsidiaries of $183 million in the 2001 year, $129 million in the 2000 year and $78 million in the 1997 year.
2. Excludes non-sales revenues of $2 billion in both 2001 and 2000.
3. 2001 and 1997 are 52 weeks; 2000 is 53 weeks.
4. Includes extraordinary charges for the redemption of debt of $6 million in 2001 and $51 million in 1997.
5. Excludes net credit revenues of $712 million in 2001 and $541 million in 2000.
6. Includes $1.1 billion in pretax restructuring, impairment and other charges, a $70 million after-tax charge for dividends on convertible preferred securities of a subsidiary, a $184 million pretax reorganization charge, a $115 million income tax benefit and $169 million in net income from discontinued operations.
7. Includes a $46 million after-tax charge for dividends on convertible preferred securities of a subsidiary and a $134 million income tax benefit.
8. Includes $114 million in pretax restructuring, impairment and other charges and a $49 million after-tax charge for dividends on convertible preferred securities of a subsidiary.
9. Includes a $162 million pretax charge for litigation settlement.
10. Not comparable per company.
11. 2001 is 52 weeks, 2000 is 53 weeks and 1997 was 49 weeks and therefore is not comparable.
12. 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.
13. Includes a $2.8 million pretax non-recurring charge.
14. Excludes licensed department retails and other income of $13.1 million in 2001, $13.4 million in 2000 and $11.8 million in 1997.
15. 2001 is 52 weeks; 2000 and 1997 are 53 weeks.
16. Includes a $28.7 million pretax reorganization charge.
17. Includes a $7 million extraordinary loss on the early extinguishment of debt and a $54.8 million income tax benefit.
18. Excludes leased department and other income of $37.9 million in 2001 and $46.4 million in 2000.
19. Includes $25.1 million in leased department and other income.
20. 2001 is 52 weeks; 2000 is 53 weeks. In August of 1998, the company changed the dates of its fiscal year and data is therefore not comparable.
21. Includes license fees from affiliates of $12.2 million in 2001 and $11.3 million in 2000, equity in losses of joint venture of $404,000 in 2001 and $1.3 million in 2000 and income tax benefits of $16.5 million in 2001 and $65.6 million in 2000.
22. Excludes licensed department sales.
23. Includes pretax asset impairment and restructuring charges of $162 million in 2001 and $80 million in 2000 and net losses from discontinued operations of $14 million in 2001 and $1 billion in 2000. 2001 also includes a $770 million net loss on the disposal of discontinued operations and a $10 million extraordinary loss.
24. Includes a $39 million extraordinary charge for debt prepayments.
25. Includes leased department stores.
26. Includes a $3 million extraordinary loss.
27. Includes a $4 million extraordinary loss on the early extinguishment of debt.
28. Includes pretax charges for asset impairment and store closing costs of $3.8 million in 2001 and $51.4 million in 2000. 2000 also includes a $27.3 million extraordinary gain and a $130 million extraordinary charge, the cumulative effect of an accounting change.
29. Excludes service charges, interest and other income of $233.4 million in 2001 and $251.2 million in 2000.
30. Includes pretax charges on losses from long-lived assets of $32.6 million in 2001 and $73.6 million in 2000. 2001 also includes a $9.9 million income tax benefit and a $16.1 million extraordinary loss on the early extinguishment of debt.
31. Includes a $134,000 pretax gain from long-lived assets, a $36.5 million pretax merger and integration charge, a $9.5 million pretax charge for ESOP expense, a $194.4 million income tax benefit and a $11.3 million extraordinary loss on the early extinguishment of debt.
32. Includes a $3.5 million pretax gain on the sale of property, equipment and investments, a $692,000 pretax restructuring charge, a $221,000 net loss on the disposal of discontinued operations, a $13.5 million pretax asset impairment and store closing charge and a $1 million extraordinary charge, the cumulative effect of an accounting change.
33. Includes a $2.2 million pretax loss on the sale of property, equipment and investments, an $8.9 million pretax restructuring charge and a $292,000 net loss on the disposal of discontinued operations.
34. Includes a $429,000 extraordinary loss on the early retirement of debt.
35. Includes a $673,000 pretax charge for acquisition-related expenses.
36. Excludes net credit revenues of $8.4 million in 2001, $9.2 million in 2000 and $6.5 million in 1997 and net leased department revenues of $4.1 million in 2001, $3.9 million in 2000 and $5.1 million in 1997.
37. Includes pretax charges for asset impairment losses of $542 million in 2001 and $251million in 2000 and after-tax minority interest charges of $21 million in 2001 and $49 million in 2000.
38. Includes a $475 million pretax reaffirmation charge for the estimated cost of settlement of certain lawsuits and investigations by regulatory agencies and a $38 million after-tax minority interest charge.
39. Excludes credit revenues of $5.2 billion in 2001, $4.6 billion in 2000 and $4.9 billion in 1997.
40. Includes a $21 million pretax restructuring charge and a $16 million net loss on the sale of discontinued operations.
41. Includes a $488 million pretax restructuring charge, a $318 million income tax benefit, $159 million in net income from discontinued operations and a $296 million net loss on the sale of discontinued operations.
42. From continuing operations.
43. Retail sales.
44. 2001 and 2000 are 52 weeks; 1997 is 53 weeks.
45. Includes a $40 million net loss from discontinued operations.
46. After preferred dividends of $11.7 million; includes a $1.8 million extraordinary charge.
47. Includes an $18.7 million income tax benefit and an $8.5 million net gain from discontinued operations.
48. Includes a $479 million net loss from discontinued operations.
49. Includes a $45 million pretax charge for merger and other related costs.
50. Includes an $18.4 million pretax restructuring charge, a $456,000 pretax charge for stock-based compensation expense and a $6.8 million income tax benefit.
51. Includes a $1.2 million pretax condemnation award and a $4.8 million pretax charge for stock-based compensation expense.
52. After preferred dividends of $6.1 million.
53. Includes a $34 million pretax restructuring and asset impairment charge and $4 million pretax litigation charge.
54. Includes a $9.1 million pretax trading recovery.
55. Includes pretax provisions for impaired assets and store closing costs of $18 million in 2001, $7 million in 2000 and $75 million in 1997.
56. Excludes membership fees and other revenue of $660 million in 2001, $543.6 million in 2000 and $390.3 million in 1997.
57. 2001 is 52 weeks; 2000 and 1997 are 53 weeks.
58. Includes a $106.4 million pretax loss on contingent lease obligations.
59. Excludes membership fees and other revenue of $118.6 million in 2001 and $103.8 million in 2000.
60. Excludes membership fees and other revenues.
61. Includes an $8.8 million income tax benefit and a $600,000 extraordinary loss related to the early retirement of debt.
62. Includes a $4.3 million income tax benefit and a $6.5 million charge for equity and asset impairment losses.
63. Includes a $1.1 million extraordinary charge for the early retirement of debt.
64. Includes a $7.8 million net gain on the sale of a subsidiary.
65. Excludes shipping and handling revenues of $120.8 million in 2001 and $107.3 million in 2000.
66. After preferred dividends of $10.7 million; includes a $11.3 million pretax special charge, a $23.2 million pretax gain on the sale of Improvements business and a $1.5 million pretax gain on the sale of Kindig Lane property.
67. After preferred dividends of $4 million; includes a $2 million pretax charge for the write-down of inventory of discontinued catalogs and a $19.1 million pretax special charge.
68. After preferred dividends of $190,000; includes a pretax special credit of $2.2 million.
69. 2001 and 2000 are 52 weeks; 1997 is 53 weeks.
70. Includes a $4.5 million income tax benefit.
71. Includes a $2 million pretax restructuring charge and a $640,000 extraordinary charge, the cumulative effect of an accounting change.
All-the-time-low-price
Wal-Mart 1/31/02 $6,671,001 6.0%1 89.2%1 3.1% 19.0% $217,799,0002 13.8%2 84.6% 6.0% 21.2% 16.6% 2077.3% 7.8x
Target3 2/2/02 1,368,0004 8.2 82.24 3.5 17.4 39,176,0005 7.75 41.1 2.7 30.5 21.5 13.2 6.3
Kmart3 1/30/02 (2,418,000)6 —7 —8 -6.7 -55.6 36,151,000 -2.4 12.3 -0.1 17.2 21.0 -25.1 4.9
Dollar General 2/1/02 207,513 193.89 —10 3.9 19.9 5,322,895 17.0 —10 7.3 28.4 21.3 12.3 3.8
Family Dollar 9/1/01 189,505 10.2 153.8 5.2 19.8 3,665,362 17.0 83.7 4.1 33.5 25.3 0.0 3.6
ShopKo Stores11 2/2/02 28,217 -278.412 -42.213 0.8 4.1 3,373,93514 -4.115 37.815 0.1 23.9 18.1 33.9 3.9
Ames15 2/2/02 (813,078)16 —17 — -25.0 — 3,253,97618 -17.718 46.219 -12.5 25.1 28.8 -62.4 3.8
Value City20 2/2/02 (28,723)21 —21 — -1.3 -13.0 2,283,87822 3.222 — -2.4 37.4 38.9 -83.1 3.6
MEDIAN 8.2% 85.7% 5.5% 43.7% 1.4% 26.8% 21.4% 6.2% 3.9x
Full-price
Federated Dept. Stores3 2/2/02 ($276,000)23 —23 —24 -1.8% -5.0% $15,651,000 -5.9% -0.1%25 -5.3% 38.8% 30.7% 25.6% 2.7x
May Dept. Stores3 2/2/02 703,00026 -18.1% -9.8%27 4.9 18.3 14,215,000 -1.1 16.4 -4.6 31.3 20.5 22.8 3.4
Dillard's3 2/2/02 71,79828 —28 -72.2 0.9 2.7 8,154,91129 -4.829 23.4 -3.0 32.5 26.9 41.8 3.5
Saks 2/2/02 32230 -99.630 -99.931 0.0 0.0 6,070,568 -7.8 10.1 0.0 34.8 22.9 18.2 2.8
Belk3 2/2/02 63,38232 10.633 18.0 2.8 7.1 2,243,151 -1.2 15.5 -2.1 31.7 24.9 26.8 3.0
Gottschalks3 2/2/02 42534 -94.0 -88.635 0.1 0.4 710,70236 7.136 71.536 0.4 33.8 31.5 87.1 2.7
MEDIAN -56.1% -9.8% -3.0% 16.0% -2.6% 33.2% 25.9% 26.2% 2.9x
Mid-price
Sears, Roebuck 12/29/01 $735,00037 -45.3%37 -38.1%38 2.1% 12.0% $35,843,00039 -1.4%39 -1.5%39 -2.3% 26.6% 24.8% 225.0% 5.0x
J.C.Penney 1/26/02 98,00040 —41 -76.342 0.3 1.6 32,004,000 0.5 7.443 3.3 28.8 26.4 51.1 4.5
Kohl's 2/2/02 495,676 33.2 250.9 6.6 17.8 7,488,654 21.7 144.7 6.8 34.3 20.4 4.8 4.5
MEDIAN -6.1% -38.1% 0.5% 7.4% 3.3% 28.8% 24.8% 4.8% 4.5x
Off-price
TJX44 1/26/02 $500,39745 -7.0% 70.7%46 4.7% 37.3% $10,708,998 11.8% 44.9% 3.0% 24.1% 15.7% 2.9% 5.6x
Big Lots3 2/2/02 (20,234)47 —48 —48 -0.6 -2.2 3,433,321 4.8 37.7 2.0 39.1 39.9 -74.1 2.9
Ross Stores3 2/2/02 155,045 2.2 32.0 5.2 28.5 2,986,596 10.2 50.2 3.0 30.7 20.4 1.0 3.5
Stein Mart44 2/2/02 15,354 -61.0 -55.8 1.2 7.6 1,320,190 9.4 66.6 -0.7 24.0 22.9 27.2 3.5
Factory 2-U Stores3 2/2/02 (10,896)50 —51 —52 -1.9 -15.4 580,460 4.5 93.1 -8.7 33.6 32.4 14.1 7.2
MEDIAN -29.4% -11.9% 9.4% 66.6% -8.7% 30.7% 22.9% 14.1% 3.5x
Specialty store
Bed Bath & Beyond3 3/2/02 $219,599 27.7% 200.2% 7.5% 20.1% $2,927,962 22.2% 177.0% 7.1% 41.2% 29.4% 0.0% 2.5x
Williams-Sonoma 2/3/02 75,096 32.3 81.6 3.6 14.1 2,086,662 14.1 112.0 1.7 38.1 31.9 4.6 4.9
Linens 'n Things 12/29/01 29,74953 -54.2 15.4 1.6 6.0 1,823,803 16.0 108.6 -2.4 40.7 35.8 4.3 2.3
Pier 1 Imports3 3/2/02 100,209 5.9 28.454 6.5 17.1 1,548,556 9.7 44.0 4.5 42.0 28.9 0.0 3.1
MEDIAN 16.8% 55.0% 15.1% 110.3% 3.1% 41.0% 30.7% 2.2% 2.8x
Warehouse club
Costco 9/2/01 $602,08955 -4.6%55 92.9%55 1.8% 12.3% $34,137,02156 8.0%56 58.9%56 4.0% 10.4% 9.2% 0.0% 11.7x
BJ's57 2/2/02 82,34858 -37.4 20.6 1.6 12.0 5,161,16459 6.959 63.360 3.6 9.2 6.8 0.0 8.9
MEDIAN 16.4% 56.8% 7.5% 61.1% 3.8% 9.8% 8.0% 0.0% 10.3x
Fabric and decorating
Jo-Ann Stores 2/2/02 ($14,900)61 —62 —63 -0.9% -6.4% $1,570,300 5.9% 61.1% 5.9% 44.1% 41.0% 66.9% 2.1x
Hancock Fabrics 32/3/02 14,659 34.9% -4.3% 3.6 14.6 411,857 6.9 7.8 6.3 51.1 43.9 3.9 1.5
MEDIAN 34.9% -4.3% 6.4% 34.5% 6.1% 47.6% 42.5% 35.4% 1.8x
Direct-to-consumer
Lands' End 2/1/02 $66,916 93.1% 4.3%64 4.6% 16.7% $1,448,23065 6.9%65 7.5% — 47.6% 39.7% 0.0% 3.7x
Hanover Direct 12/29/01 (16,590)66 —67 —68 -3.1 — 532,165 -11.7 -4.6 — 36.2 37.2 -124.2 5.3
Lillian Vernon69 2/23/02 (9,089)70 —71 — -3.5 -9.9 259,634 -9.6 -12.8 — 40.6 45.8 -0.5 5.3
MEDIAN 93.1% 4.3% -9.6% -4.6% — 40.6% 39.7% -0.5% 5.3x


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