Safeway 1997 Annual Report Download - page 18

53 Weeks 52 Weeks 52 Weeks 52 Weeks 52 Weeks
(Dollars in millions, except per-share amounts) 1997 1996 1995 1994 1993
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Results of Operations
Sales $22,483.8 $17,269.0 $16,397.5 $15,626.6 $15,214.5
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Gross profit 6,414.7 4,774.2 4,492.4 4,287.3 4,123.3
Operating and administrative expense (5,135.0) (3,882.5) (3,765.0) (3,675.2) (3,681.8)
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Operating profit 1,279.7 891.7 727.4 612.1 441.5
Interest expense (241.2) (178.5) (199.8) (221.7) (265.5)
Equity in earnings of unconsolidated
affiliates (Note 1) 34.9 50.0 26.9 27.3 33.5
Other income, net 2.9 4.4 2.0 6.4 6.8
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Income before income taxes
and extraordinary loss 1,076.3 767.6 556.5 424.1 216.3
Income taxes (454.8) (307.0) (228.2) (173.9) (93.0)
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Income before extraordinary loss 621.5 460.6 328.3 250.2 123.3
Extraordinary loss, net of tax benefit
of $41.1, $1.3 and $6.7 (64.1) – (2.0) (10.5) –
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Net income $ 557.4 $ 460.6 $ 326.3 $ 239.7 $ 123.3
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Diluted earnings per share (Note 2):
Income before extraordinary loss $ 1.25 $ 0.97 $ 0.68 $ 0.51 $ 0.25
Extraordinary loss (0.13) – – (0.02) –
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Net income $ 1.12 $ 0.97 $ 0.68 $ 0.49 $ 0.25
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Financial Statistics
Identical-store sales increases (Note 3) 1.3% 5.1% 4.6% 4.4% 2.1%
Gross profit margin 28.53% 27.65% 27.40% 27.44% 27.10%
Operating and administrative expense margin 22.84% 22.48% 22.96% 23.52% 24.20%
Operating profit margin 5.7% 5.2% 4.4% 3.9% 2.9%
Capital expenditures (Note 4) $ 829.4 $ 620.3 $ 503.2 $ 352.2 $ 290.2
Depreciation and amortization 455.8 338.5 329.7 326.4 330.2
Total assets 8,493.9 5,545.2 5,194.3 5,022.1 5,074.7
Total debt 3,340.3 1,984.2 2,190.2 2,196.1 2,689.2
Stockholders’ equity 2,149.0 1,186.8 795.5 643.8 382.9
Weighted average shares outstanding –
diluted (in millions) (Note 2) 497.7 475.7 481.2 494.2 493.8
Other Statistics
Vons stores acquired during the year 316 ––––
Stores opened during the year 37 30 32 20 14
Stores closed or sold during the year 37 37 35 36 39
Total stores at year-end 1,368 1,052 1,059 1,062 1,078
Remodels completed during the year (Note 5) 181 141 108 71 45
Total retail square footage at year-end (in millions) 53.2 40.7 40.1 39.5 39.4
Note 1. Reflects equity in Vons’ earnings through the first quarter of 1997.
Note 2. Share and per-share amounts have been restated to reflect the two-for-one stock splits effected February 1998 and January 1996.
Earnings per share have been restated in accordance with Statement of Financial Accounting Standards No. 128.
Note 3. Reflects sales increases for stores operating the entire measurement period in both the current and prior periods.
1997 and 1996 identical-store sales exclude British Columbia stores, which were closed during a labor dispute in 1996.
Note 4. Defined on pages 13 and 14 under “Capital Expenditure Program.”
Note 5. Defined as store projects (other than maintenance) generally requiring expenditures in excess of $200,000.
SAFEWAY INC. AND SUBSIDIARIES
Five-Year Summary Financial Information
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