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2003 retail numbers reveal surprising turnaround

2003 retail numbers reveal surprising turnaround

Profitability Measures Sales Operations
Store Fiscal Year End Net Income ($000) % Change '01-'02 % Change '98-'02 Profit Margin Return on Equity Net Sales ($000) % Change '01-'02 % Change '98-'02 Same-Store Sales % Chg. Gross Margin % SG&A/Sales Net Debt Coverage Inventory Turns
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.
ALL-THE-TIME-LOW-PRICE
Wal-Mart 1/31/03 $8,039,0001 20.5%1 81.5%2 3.3% 20.4% $244,524,0003 12.3%3 77.7% 5.0% 21.5% 16.8% 7.9% 8.1x
Target 2/1/03 1,654,000 20.9 76.94 3.9 17.5 42,722,0005 9.25 41.45 1.1 31.5 22.0 14.5 6.4
Kmart6 1/29/03 (3,219,000)7 8 9 -10.5 117.4 30,762,000 -14.9 -8.6 -10.1 14.6 21.3 -7.6 4.9
Dollar General 1/31/03 264,94610 27.7 75.5 4.3 20.6 6,100,404 14.6 89.4 5.7 28.3 21.3 10.0 3.9
Family Dollar 8/31/02 216,929 14.5 110.0 5.2 18.8 4,162,652 13.6 76.2 5.8 33.5 25.3 11 3.7
ShopKo Stores 2/1/03 (144,819)12 13 -4.5 -26.4 3,240,18714 -4.014 37.8 -2.0 25.7 19.6 26.5 4.1
Value City 2/1/03 (3,665)15 16 16 -0.1 -1.7 2,450,71917 7.317 79.7 -3.5 38.2 37.1 122.5 3.9
MEDIAN 20.7% 79.2% 9.2% 76.2% 1.1% 28.3% 21.3% 12.0% 4.1x
FULL-PRICE
Federated Dept. Stores 2/1/03 $818,000 —%18 23.6%19 5.3% 14.2% $15,435,000 -1.4% 0.5% -3.0% 40.0% 31.3% 22.0% 2.7x
May Dept. Stores 2/1/03 542,000 -22.9 -36.2 4.0 13.4 13,491,000 -2.8 5.5 -5.3 29.9 20.5 27.5 3.3
Dillard's 2/1/03 (398,405)20 21 21 -5.0 -17.6 7,910,99622 -3.022 1.922 -3.0 33.6 27.4 37.1 3.3
Saks 2/1/03 24,24423 7429.223 24 0.4 1.1 5,911,122 -2.6 -0.9 -1.4 36.7 22.5 14.8 2.9
Belk 2/1/03 84,01725 32.626 47.527 3.7 8.8 2,241,555 0.2 9.3 -3.2 32.7 24.8 20.9 3.1
Gottschalks 2/1/03 (11,973)28 29 30 -1.7 -11.3 691,42831 -2.731 44.530 -0.8 33.9 31.6 102.2 2.8
MEDIAN 32.6% 23.6% -2.7% 3.7% -3.0% 33.8% 26.1% 24.8% 3.0x
MID-PRICE
Sears, Roebuck32 12/28/02 $1,376,00033 87.2%33 31.3%34 3.9% 20.4% $35,698,00035 -0.2%35 -3.3%36 -5.6% 28.2% 25.9% 142.3% 5.1x
J.C.Penney 1/25/03 378,00037 447.837 -13.738 1.2 5.9 32,347,000 1.1 8.739 2.6 30.2 26.8 35.0 4.6
Kohl's 2/1/03 643,381 29.8 234.6 7.1 18.3 9,120,287 21.8 147.7 5.3 34.4 19.9 4.2 4.2
MEDIAN 87.2% 31.3% 1.1% 8.7% 2.6% 30.2% 25.9% 35.0% 4.6x
OFF-PRICE
TJX 1/25/03 $578,388 15.6%40 37.5%41 4.8% 41.0% $11,981,207 11.9% 50.7% 3.0% 24.2% 16.2% 2.6% 6.0x
Big Lots 2/1/03 76,557 42 -20.943 2.0 7.5 3,868,550 12.7 51.7 7.7 42.2 38.4 13.7 3.0
Ross Stores 2/1/03 201,178 29.8 50.3 5.7 31.3 3,531,349 18.2 61.8 7.0 25.6 16.2 0.1 3.9
Stein Mart 2/1/03 20,690 34.8 0.9 1.5 9.3 1,408,648 6.7 56.9 -0.8 24.7 23.2 11.8 3.6
Tuesday Morning 12/31/02 44,081 42.5 1916.5 6.0 63.7 728,846 13.5 84.0 4.3 36.7 24.9 15.8 3.5
Factory 2-U Stores 2/1/03 (28,509)44 44 45 -5.3 -64.3 535,270 -7.8 58.3 -7.7 30.3 36.7 -4.7 8.6
MEDIAN 32.3% 37.5% 12.3% 57.6% 3.7% 28.0% 24.1% 7.2% 3.8x
SPECIALTY STORE
Bed Bath & Beyond 3/1/03 $302,179 37.6% 210.4% 8.2% 20.8% $3,665,164 25.2% 165.1% 7.9% 41.4% 28.3% —%11 2.6x
Williams-Sonoma 2/2/03 124,403 65.7 126.6 5.3 19.3 2,360,830 13.1 103.4 2.7 40.3 31.7 11 4.9
Linens 'n Things46 1/4/03 69,246 132.847 81.9 3.2 10.4 2,184,716 19.8 104.9 3.1 41.0 35.8 2.0 2.3
Pier 1 Imports 3/1/03 129,386 29.1 61.0 7.4 20.1 1,754,867 13.3 54.1 4.7 42.9 28.6 11 3.3
The Bombay Company 2/1/03 7,217 93.8 80.0 1.5 4.3 494,000 12.9 37.8 5.0 29.2 26.8 11 3.6
Restoration Hardware 2/1/03 (3,961)48 49 50 -1.0 -4.2 400,337 9.2 89.4 6.2 29.3 31.5 -31.2 3.6
MEDIAN 65.7% 81.9% 13.2% 96.4% 4.9% 40.7% 30.1% -14.6% 3.5x
WAREHOUSE CLUB
Costco 9/1/02 $699,98351 16.3%51 52.2%51 1.8% 12.3% $37,993,09352 11.3%52 59.4%52 6.0% 10.6% 9.4% —11 11.6x
BJ's 2/1/03 130,86653 58.953 109.554 2.3 17.7 5,728,95555 12.255 66.455 2.0 8.7 6.9 —11 8.8
MEDIAN 37.6% 80.9% 11.8% 62.9% 4.0% 9.7% 8.2% —% 10.2x
FABRIC & DECORATING
Jo-Ann Stores 2/1/03 $44,900 —%56 235.1% 2.7% 15.5% $1,682,000 7.1% 35.3% 8.4% 46.2% 38.2% 19.3% 2.5x
Hancock Fabrics 2/2/03 19,928 35.9 460.4 4.5 15.9 438,287 6.4 11.7 8.3 51.1 42.6 0.7 1.5
MEDIAN 35.9% 347.8% 6.8% 23.5% 8.4% 48.7% 40.4% 10.0% 2.0x
DIRECT-TO-CONSUMER
Hanover Direct 12/28/02 ($24,686)57 —%57 —%58 -5.4% 42.0% $457,644 -14.0% -16.2% —% 36.5% 34.4% 57.0% 5.2x
Lillian Vernon 2/22/03 (18,602)59 60 61 -7.8 -25.1 237,990 -8.3 -19.7 41.0 49.2 -12.3 6.4
MEDIAN —% —% -11.2% -18.0% —% 38.8% 41.8% 22.4% 5.8x
HOME IMPROVEMENT
Home Depot62 2/2/03 $3,664,000 20.4% 127.0% 6.3% 18.5% $58,247,000 8.8% 92.7% 0.0% 31.1% 20.9% 0.7% 5.3x
Lowe's 1/31/03 1,471,000 43.8 194.2 5.6 17.7 26,491,000 19.8 98.7 6.0 30.3 17.9 5.5 4.9
MEDIAN 32.1% 160.6% 14.3% 95.7% 3.0% 30.7% 19.4% 13.1% 5.1x


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