Safeway 2006 Annual Report Download - page 38

SAFEWAY INC. AND SUBSIDIARIES
Item 6. Selected Financial Data (continued)
(Dollars in millions, except
per-share amounts)
52 Weeks
2006 (1)
52 Weeks
2005 (1)
52 Weeks
2004
53 Weeks
2003
52 Weeks
2002
Financial Statistics
Comparable-store sales
increases (decreases) (4) 4.4% 5.9% 0.9% (2.4%) (0.7%)
Identical-store sales increases
(decreases) (4) 4.1% 5.8% 0.3% (2.8%) (1.7%)
Identical-store sales increases
(decreases) excluding fuel (4) 3.3% 4.3% (1.3%) (4.5%) (2.4%)
Gross profit margin 28.82% 28.93% 29.58% 30.02% 31.49%
Operating & administrative
expense as a percentage of
sales (5) 24.84% 25.77% 26.30% 26.37% 25.09%
Operating profit as a
percentage of sales 4.0% 3.2% 3.3% 1.6% 2.7%
Cash capital expenditures $ 1,674.2 $ 1,383.5 $ 1,212.5 $ 935.8 $ 1,467.4
Depreciation & amortization 991.4 932.7 894.6 863.6 888.3
Total assets 16,273.8 15,756.9 15,377.4 15,096.7 16,047.2
Total debt 5,868.1 6,358.6 6,763.4 7,822.3 8,435.6
Total stockholders’ equity 5,666.9 4,919.7 4,306.9 3,644.3 3,627.5
Weighted average shares
outstanding – basic (in
millions) 444.9 447.9 445.6 441.9 467.3
Weighted average shares
outstanding – diluted (in
millions) 447.8 449.8 449.1 441.9 467.3
Other Statistics
Stores opened during the year 17 21 33 40 75
Stores closed during the year 31 48 48 31 40
Total stores at year end 1,761 1,775 1,802 1,817 1,808
Remodels completed (6)
Lifestyle remodels 276 293 92 19 –
Other remodels 822 23 56 203
Total remodels completed 284 315 115 75 203
Total retail square footage at
year end (in millions) 80.8 81.0 82.1 82.6 81.5
(1) 2006 and 2005 include stock-based compensation expense of $51.2 million ($0.07 per diluted share) and $59.7 million ($0.08
per diluted share), respectively. For additional information, see the caption “Stock-Based Employee Compensation” in Note A
and the caption “Additional Stock Plan Information” in Note G to the consolidated financial statements set forth in Part II, Item 8
of this report.
(2) Safeway recorded a $700 million charge in 2002 for the cumulative effect of the adoption of Statement of Financial Accounting
Standards (“SFAS”) No. 142, “Goodwill and Other Intangible Assets.”
(3) No common stock dividends were declared prior to the second quarter of 2005.
(4) Defined as stores operating the same period in both the current year and the previous year. Comparable stores include
replacement stores while identical stores do not. 2005 sales increase includes an estimated 130-basis-point improvement in
comparable-store sales and an estimated 140-basis-point improvement in identical-store sales due to the impact of the Southern
California strike which ended in the first quarter of 2004. 2004 sales increase includes an estimated reduction of 60 basis points
due to the impact of this strike. 2003 sales decrease includes the estimated 240-basis-point impact of the Southern California
strike.
(5) Management believes this ratio is relevant because it assists investors in evaluating Safeway’s ability to control costs.
(6) Defined as store remodel projects (other than maintenance) generally requiring expenditures in excess of $0.2 million. Excludes
acquisitions.
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