Safeway 2012 Annual Report Download - page 33

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SAFEWAY INC. AND SUBSIDIARIES
21
Item 6. Selected Financial Data (continued)
(Dollars in millions, except
per-share amounts)
52 Weeks
2012
52 Weeks
2011
52 Weeks
2010
52 Weeks
2009
53 Weeks
2008
Financial Statistics
Identical-store sales increases
(decreases)(1) 1.2% 4.4% (0.7)% (5.0)% 1.4%
Identical-store sales increases
(decreases) without fuel(1) 0.5% 1.0% (2.0)% (2.5)% 0.8%
Gross profit margin 26.51% 27.03% 28.28 % 28.62 % 28.38%
Operating & administrative
expense as a percentage of
sales(2) 24.01% 24.43% 25.45 % 25.33 % 24.17%
Operating profit (loss) as a
percentage of sales(3) 2.50% 2.60% 2.82 % (1.54)% 4.20%
Cash paid for property additions $ 927.6 $ 1,094.7 $ 837.5 $ 851.6 $ 1,595.7
Depreciation expense $ 1,134.3 $ 1,148.8 $ 1,162.4 $ 1,171.2 $ 1,141.1
Total assets(3) $14,657.0 $ 15,073.6 $ 15,148.1 $ 14,963.6 $ 17,484.7
Total debt $ 5,573.7 $ 5,410.2 $ 4,836.3 $ 4,901.7 $ 5,499.8
Total equity(3,4) $ 2,933.4 $ 3,715.3 $ 5,023.9 $ 4,972.6 $ 6,812.4
Other Statistics
Stores opened during the year 925 14 8 20
Stores closed during the year(5) 46 41 45 22 24
Total stores at year end 1,641 1,678 1,694 1,725 1,739
Remodels completed(6)
Lifestyle remodels 429 60 82 232
Other remodels 8— 7 10 21
Total remodels completed 12 29 67 92 253
Total retail square footage at year
end (in millions) 77.6 79.2 79.2 80.1 80.4
(1) Defined as stores operating the same period in both the current year and the previous year. 2008 is based on the same 53-week
period in both years.
(2) Management believes this ratio is relevant because it assists investors in evaluating Safeway’s ability to control costs.
(3) 2009 includes a pretax goodwill impairment charge of $1,974.2 million, ($1,818.2 million, after-tax).
(4) Total equity in 2008 through 2011 has been increased $26.2 million due to a correction in the accounting for real estate taxes.
See Note A, under the caption "Corrections to Previously Reported Financial Statements."
(5) In 2012, the Company disposed of 25 of its Genuardi's stores. See Note Q.
(6) Defined as store remodel projects (other than maintenance) generally requiring expenditures in excess of $0.2 million. Excludes
pharmacy refurbishments.