Kohl's 2008 Annual Report Download - page 18

Item 6. Selected Consolidated Financial Data
The selected consolidated financial data presented below should be read in conjunction with our
consolidated financial statements and related notes included elsewhere in this document. The Statement of
Income and Balance Sheet Data have been derived from our audited consolidated financial statements.
2008 2007 2006 2005 2004
(Dollars in Millions, Except Per Share and Per Square Foot Data)
Statement of Income Data:
Net sales ................................. $16,389 $16,474 $15,597 $13,444 $11,740
Cost of merchandise sold .................... 10,334 10,460 9,922 8,664 7,611
Gross margin .............................. 6,055 6,014 5,675 4,780 4,129
Selling, general and administrative expenses ..... 3,936 3,697 3,422 2,981 2,599
Depreciation and amortization ................ 541 452 388 339 288
Preopening expenses ........................ 42 61 50 44 49
Operating income .......................... 1,536 1,804 1,815 1,416 1,193
Interest expense, net ........................ 111 62 41 70 62
Income before income taxes .................. 1,425 1,742 1,774 1,346 1,131
Provision for income taxes ................... 540 658 665 504 428
Net income ............................... $ 885 $ 1,084 $ 1,109 $ 842 $ 703
Net income per share:
Basic ................................ $ 2.89 $ 3.41 $ 3.34 $ 2.45 $ 2.06
Diluted ............................... $ 2.89 $ 3.39 $ 3.31 $ 2.43 $ 2.04
Operating Data:
Comparable store sales growth (a) ............. (6.9%) (0.8%) 5.9% 3.4% 0.3%
Net sales per selling square foot (b) ............ $ 222 $ 249 $ 256 $ 252 $ 255
Total square feet of selling space
(end of period, in thousands) ................ 74,992 69,889 62,357 56,625 49,201
Number of stores open
(end of period) ........................... 1,004 929 817 732 637
Return on average shareholders’ equity (c) ...... 14.0% 18.5% 19.5% 15.5% 15.4%
Balance Sheet Data (end of period):
Working capital ............................ $ 1,885 $ 1,953 $ 1,482 $ 2,520 $ 2,187
Property and equipment, net .................. 6,984 6,510 5,353 4,616 4,063
Total assets ............................... 11,334 10,560 9,034 9,146 7,973
Long-term debt and capital leases .............. 2,053 2,052 1,040 1,046 1,103
Shareholders’ equity ........................ 6,739 6,102 5,603 5,956 5,034
(a) Comparable store sales growth is based on sales for stores (including e-commerce sales and relocated or
expanded stores) which were open throughout both the full current and prior year periods. Fiscal 2006 was a
53-week year. Comparable store sales growth for 2006 is presented for the 52-weeks ended January 27,
2007 and excludes approximately $200 million in sales which were earned in the 53rd week of that year.
(b) Net sales per selling square foot is based on stores open for the full current period, excluding e-commerce.
Fiscal 2006 excludes the impact of the 53rd week.
(c) Average shareholders equity is based on a 5-quarter average.
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