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2003 retail numbers reveal surprising turnaround

By Staff -- Home Textiles Today, 8/25/2003

2003 retail numbers reveal surprising turnaround

Profitability MeasuresSalesOperations
StoreFiscal Year EndNet Income ($000)% Change '01-'02% Change '98-'02Profit MarginReturn on EquityNet Sales ($000)% Change '01-'02% Change '98-'02Same-Store Sales % Chg.Gross Margin %SG&A/SalesNet Debt CoverageInventory Turns
ALL-THE-TIME-LOW-PRICE
Wal-Mart1/31/03$8,039,000120.5%181.5%23.3%20.4%$244,524,000312.3%377.7%5.0%21.5%16.8%7.9%8.1x
Target2/1/031,654,00020.976.943.917.542,722,00059.2541.451.131.522.014.56.4
Kmart61/29/03(3,219,000)7—8—9-10.5117.430,762,000-14.9-8.6-10.114.621.3-7.64.9
Dollar General1/31/03264,9461027.775.54.320.66,100,40414.689.45.728.321.310.03.9
Family Dollar8/31/02216,92914.5110.05.218.84,162,65213.676.25.833.525.3—113.7
ShopKo Stores2/1/03(144,819)12——13-4.5-26.43,240,18714-4.01437.8-2.025.719.626.54.1
Value City2/1/03(3,665)15—16—16-0.1-1.72,450,719177.31779.7-3.538.237.1122.53.9
MEDIAN20.7%79.2%9.2%76.2%1.1%28.3%21.3%12.0%4.1x
FULL-PRICE
Federated Dept. Stores2/1/03$818,000—%1823.6%195.3%14.2%$15,435,000-1.4%0.5%-3.0%40.0%31.3%22.0%2.7x
May Dept. Stores2/1/03542,000-22.9-36.24.013.413,491,000-2.85.5-5.329.920.527.53.3
Dillard's2/1/03(398,405)20—21—21-5.0-17.67,910,99622-3.0221.922-3.033.627.437.13.3
Saks2/1/0324,244237429.223—240.41.15,911,122-2.6-0.9-1.436.722.514.82.9
Belk2/1/0384,0172532.62647.5273.78.82,241,5550.29.3-3.232.724.820.93.1
Gottschalks2/1/03(11,973)28—29—30-1.7-11.3691,42831-2.73144.530-0.833.931.6102.22.8
MEDIAN32.6%23.6%-2.7%3.7%-3.0%33.8%26.1%24.8%3.0x
MID-PRICE
Sears, Roebuck3212/28/02$1,376,0003387.2%3331.3%343.9%20.4%$35,698,00035-0.2%35-3.3%36-5.6%28.2%25.9%142.3%5.1x
J.C.Penney1/25/03378,00037447.837-13.7381.25.932,347,0001.18.7392.630.226.835.04.6
Kohl's2/1/03643,38129.8234.67.118.39,120,28721.8147.75.334.419.94.24.2
MEDIAN87.2%31.3%1.1%8.7%2.6%30.2%25.9%35.0%4.6x
OFF-PRICE
TJX1/25/03$578,38815.6%4037.5%414.8%41.0%$11,981,20711.9%50.7%3.0%24.2%16.2%2.6%6.0x
Big Lots2/1/0376,557—42-20.9432.07.53,868,55012.751.77.742.238.413.73.0
Ross Stores2/1/03201,17829.850.35.731.33,531,34918.261.87.025.616.20.13.9
Stein Mart2/1/0320,69034.80.91.59.31,408,6486.756.9-0.824.723.211.83.6
Tuesday Morning12/31/0244,08142.51916.56.063.7728,84613.584.04.336.724.915.83.5
Factory 2-U Stores2/1/03(28,509)44—44—45-5.3-64.3535,270-7.858.3-7.730.336.7-4.78.6
MEDIAN32.3%37.5%12.3%57.6%3.7%28.0%24.1%7.2%3.8x
SPECIALTY STORE
Bed Bath & Beyond3/1/03$302,17937.6%210.4%8.2%20.8%$3,665,16425.2%165.1%7.9%41.4%28.3%—%112.6x
Williams-Sonoma2/2/03124,40365.7126.65.319.32,360,83013.1103.42.740.331.7—114.9
Linens 'n Things461/4/0369,246132.84781.93.210.42,184,71619.8104.93.141.035.82.02.3
Pier 1 Imports3/1/03129,38629.161.07.420.11,754,86713.354.14.742.928.6—113.3
The Bombay Company2/1/037,21793.880.01.54.3494,00012.937.85.029.226.8—113.6
Restoration Hardware2/1/03(3,961)48—49—50-1.0-4.2400,3379.289.46.229.331.5-31.23.6
MEDIAN65.7%81.9%13.2%96.4%4.9%40.7%30.1%-14.6%3.5x
WAREHOUSE CLUB
Costco9/1/02$699,9835116.3%5152.2%511.8%12.3%$37,993,0935211.3%5259.4%526.0%10.6%9.4%—1111.6x
BJ's2/1/03130,8665358.953109.5542.317.75,728,9555512.25566.4552.08.76.9—118.8
MEDIAN37.6%80.9%11.8%62.9%4.0%9.7%8.2%—%10.2x
FABRIC & DECORATING
Jo-Ann Stores2/1/03$44,900—%56235.1%2.7%15.5%$1,682,0007.1%35.3%8.4%46.2%38.2%19.3%2.5x
Hancock Fabrics2/2/0319,92835.9460.44.515.9438,2876.411.78.351.142.60.71.5
MEDIAN35.9%347.8%6.8%23.5%8.4%48.7%40.4%10.0%2.0x
DIRECT-TO-CONSUMER
Hanover Direct12/28/02($24,686)57—%57—%58-5.4%42.0%$457,644-14.0%-16.2%—%36.5%34.4%57.0%5.2x
Lillian Vernon2/22/03(18,602)59—60—61-7.8-25.1237,990-8.3-19.7—41.049.2-12.36.4
MEDIAN—%—%-11.2%-18.0%—%38.8%41.8%22.4%5.8x
HOME IMPROVEMENT
Home Depot622/2/03$3,664,00020.4%127.0%6.3%18.5%$58,247,0008.8%92.7%0.0%31.1%20.9%0.7%5.3x
Lowe's1/31/031,471,00043.8194.25.617.726,491,00019.898.76.030.317.95.54.9
MEDIAN32.1%160.6%14.3%95.7%3.0%30.7%19.4%13.1%5.1x
Source: Home Textiles Today market research and company reports
Figures in parentheses represent losses of calculations based on net or operating losses.
1. Includes after-tax charges for minority interests of $193 million in 2002 and $183 million in 2001.
2. Includes after-tax charges for minority interest and equity in unconsolidated subsidiaries of $153 million.
3. Excludes non-sales revenues of $2 billion in 2002 and $1.9 billion in 2001.
4. Includes a $27 million extraordinary charge for the purchase and redemption of debt.
5. Excludes net credit revenues of $1.2 billion in 2002, $712 million in 2001 and $459 million in 1998.
6. Emerged from Ch. 11 bankruptcy in April, 2003.
7. Includes $739 million in pretax restructuring, impairment and other charges, a $386 million pretax reorganization charge, a $24 million income tax benefit and $43 million in net income from discontinued operations.
8. 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 $183 million pretax reorganization gain and $166 million in net income from discontinued operations. 2001 net loss was $2.4 billion.
9. Includes a $19 million pretax charge for voluntary early retirement programs. 1998 net income was $491 million.
10. Includes a $29.5 million pretax gain from litigation settlement expense and other related proceeds.
11. No interest expense reported.
12. Includes a $6 million pretax restructuring charge and a $186.1 million extraordinary charge, the cumulative effect of an accounting change. 2001 net income was $28.2 million.
13. Includes a $5.7 million pretax non-recurring charge. 1998 net income was $55.6 million.
14. Excludes licensed department rentals and other income of $12.6 million in 2002 and $13.1 million in 2001.
15. Includes $2.6 million in license fees from affiliates, a $2.1 million extraordinary charge and a $2.1 million extraordinary charge for the cumulative effect of an accounting change.
16. Includes $12.2 million in license fees from affiliates, $406,000 in equity in loss of joint venture and a $16.5 million income tax benefit. 2001 net loss was $28.7 million and 1998 net income was $24.9 million.
17. Excludes licensed department sales.
18. Includes $162 million in pretax asset impairment and restructuring charges, a $14 million net loss from discontinued operations, a $770 million net loss on the disposal of discontinued operations and a $10 million extraordinary loss. 2001 net loss was $276 million.
19. Includes a $23 million extraordinary charge for debt prepayments.
20. Includes a $52.2 million pretax charge for asset impairment and store closing costs, a $4.4 million extraordinary loss and a $530.3 million extraordinary loss, the cumulative effect of an accounting change.
21. Includes a $3.8 million pretax charge for asset impairment and store closing costs and a $6 million extraordinary gain. 2001 net loss was $71.8 million and 1998 net income was $135.3 million.
22. Excludes service charges, interest and other income of $322.9 million in 2002, $244.8 million in 2001 and $215 million in 1998.
23. Includes pretax charges for losses from long-lived assets of $19.5 million in 2002 and $32.6 million in 2001, pretax integration charges of $10 million in 2002 and $1.5 million in 2001 and pretax gains on the early extinguishment of debt of $709,000 in 2002 and $26.1 million in 2001. 2002 also includes a $45.6 million extraordinary charge, the cumulative effect of an accounting change.
24. Includes a $61.8 million pretax loss from long-lived assets, a $121.7 million pretax charge for integration and year 2000 charges and a $42.4 million pretax loss on extinguishment of debt.
25. Includes a $402,000 pretax loss on the sale of property, equipment and investments, a $8.1 million pretax restructuring charge and a $561,000 pretax asset impairment and store closing charge.
26. 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.
27. Includes a $597,000 pretax gain on the sale of property, equipment and investments, $188,000 in net equity in earnings of unconsolidated affiliates and a $1 million extraordinary charge for the early payment of debt.
28. Includes a $10.9 million pretax asset impairment charge, a $3.7 million pretax loss on the early extinguishment of debt and an $8.8 million income tax benefit.
29. Includes a $696,000 pretax loss on the early retirement of debt. 2001 net income was $425,000.
30. Includes a $859,000 pretax charge for acquisition related expenses. 1998 net income was $5.3 million.
31. Excludes net credit revenues and net leased department revenues of $11.8 million in 2002, $12.5 million in 2001 and $12.9 million in 1998.
32. Includes the results of Lands' End from its June 2002 acquisition.
33. Includes pretax charges for special and impairment losses of $111 million in 2002 and $542 million in 2001, after-tax minority interest charges of $11 million in 2002 and $21 million in 2001. 2002 also includes a $208 million extraordinary charge, the cumulative effect of an accounting change.
34. Includes a $352 million pretax charge for asset impairment losses, a $45 million after-tax minority interest charge and a $24 million extraordinary loss on the early extinguishment of debt.
35. Excludes credit and financial products revenues of $5.7 billion in 2002 and $5.2 billion in 2001.
36. Total revenues.
37. After preferred dividends of $27 million in 2002 and $29 million in 2001; includes a $34 million net gain from discontinued operations in 2002 and a $16 million net loss from discontinued operations in 2001.
38. For continuing operations.
39. Retail sales, excludes $1 billion in direct marketing revenue.
40. Includes a $40 million net loss from discontinued operations.
41. After preferred dividends of $3.5 million; includes a $9 million net loss on the disposal of discontinued operations.
42. Includes an $18.7 million income tax benefit and $8.5 million in net income from discontinued operations.
43. Includes $23.2 million in net income from discontinued operations and a $12.6 million extraordinary charge, the cumulative effect of an accounting change.
44. Includes pretax restructuring charges of $9.9 million in 2002 and $18.4 million in 2001 and income tax benefits of $18.2 million in 2002 and $6.8 million in 2001. 2001 also includes a $456,000 pretax charge for stock-based compensation expense. 2001 net loss was $10.9 million.
45. After preferred stock charges of $7.6 million. 1998 net loss was $5.3 million.
46. 2001 and 1998 are 52 weeks; 2002 is 53 weeks.
47. Includes a $34 million pretax restructuring and asset impairment charge and a $4 million pretax litigation charge.
48. After preferred shareholder dividends of $358,000 ; includes a $278,000 pretax charge for the change in fair value of warrants and an $8.5 million income tax benefit.
49. After preferred shareholder dividends and beneficial conversion charges of $2.8 million ; includes a $2.7 million pretax charge for the change in fair value of warrants and an $8.9 million income tax benefit. 2001 net loss was $35.4 million.
50. After $999,000 in preferred stock accretion. 1998 net income was $3.9 million.
51. Includes pretax provisions for impaired assets and store closing costs of $21 million in 2002, $18 million in 2001 and $6 million in 1998.
52. Excludes membership fees and other revenue of $769.4 million in 2002, $660 million in 2001 and $439.5 million in 1998.
53. Includes net losses from discontinued operations of $14.9 million in 2002 and $1.4 million in 2001. 2002 also includes a $15.6 million pretax gain on contingent lease obligations and 2001 also includes a $106.4 million pretax loss on contingent lease obligations.
54. Includes a $1.5 million pretax charge for pension termination costs, $628,00 in net losses from discontinued operations and $19.3 million extraordinary charge, the cumulative effect of an accounting change.
55. Excludes membership fees and other revenue of $130.7 million in 2002, $117.4 million in 2001 and $74.8 million in 1998.
56. Includes an $8.8 million income tax benefit and a $600,000 extraordinary loss related to the early retirement of debt. 2001 net loss was $14.9 million.
57. After preferred dividends of $15.6 million in 2002 and $10.7 million in 2001; includes pretax special charges of $4.4 million in 2002 and $11.3 million in 2001 and pretax gains on the sale of Improvements business of $570,000 in 2002 and $23.2 million in 2001. 2001 also includes a $1.5 million pretax gain on the sale of Kindig Lane property. 2001 net loss was 16.6 million.
58. After preferred dividends of $578,000; includes a $3.7 million pretax charge for the write-down of inventory of discontinued catalogs and a $485,000 pretax special credit. 1998 net loss was $26.2 million.
59. Includes a $387,000 pretax credit from a restructuring reserve and a $2.9 million income tax benefit. 2001 net loss was $9.1 million.
60. Includes a $4.5 million income tax benefit. 1998 net income was $5.2 million.
61. Includes a $2.2 million pretax charge for the write-off of a computer project and severance costs.
62. 2002 and 1998 are 52 weeks; 2001 is 53 weeks.

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