Dollar General Corporation
|
(Exact name of registrant as specified in its charter)
|
Tennessee
|
001-11421
|
61-0502302
|
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer
Identification No.)
|
100 Mission Ridge
Goodlettsville, Tennessee
|
37072
|
|
(Address of principal executive offices)
|
(Zip Code)
|
(Former name or former address, if changed since last report)
|
ITEM 2.02
|
RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
|
ITEM 5.02
|
DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
|
●
|
Extension of the term of such plan to June 1, 2022.
|
||
●
|
Prohibition on the granting of dividend equivalent rights on unearned performance shares.
|
||
●
|
Prohibition on the repricing of any stock option or stock appreciation granted under such plan, without the prior approval of the Company’s shareholders, other than as permitted under Section 8 or Section 9 of such plan. For this purpose, a “repricing” includes: (i) changing the terms of any stock option or stock appreciation right to lower the applicable exercise price; (ii) any other action that is treated as a “repricing” under generally accepted accounting principles; and (iii) repurchasing for cash or canceling any stock option or stock appreciation right in exchange for another award at a time when the exercise price per share is greater than the fair market value of the underlying shares, unless the cancellation and exchange occurs in connection with an event described in Section 8 or 9 of such plan.
|
||
●
|
Addition of a “clawback” provision requiring the committee of the Board of Directors which administers the plan to specify that as a condition of receiving payment of an award granted under the plan on or after June 1, 2012, the participant’s rights, payments, and benefits with respect to any such award shall be subject to any reduction, cancellation, forfeiture or recoupment, in whole or in part, upon the occurrence of certain specified events, as may be required by the Securities and Exchange Commission or any applicable national exchange, law, rule or regulation.
|
||
● | A revised change in control definition which encompasses any of the following events: (i) the sale or disposition, in one or a series of related transactions, of all or substantially all, of the assets of the Company to any person (or group of persons acting in concert) other than any of the Company or its affiliates (collectively, the “Permitted Holders”); (ii) any person (or group of persons acting in concert), other than the Permitted Holders, is or becomes the |
|
beneficial owner (including shares such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the voting stock of the Company (or any entity which controls the Company), including by way of merger, consolidation, tender or exchange offer or otherwise; (iii) a reorganization, recapitalization, merger or consolidation (a “Corporate Transaction”) involving the Company, unless securities representing 50% or more of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Company or the entity resulting from such Corporate Transaction (or the parent of such entity) are held subsequent to such transaction by the person or persons who were the beneficial owners of the outstanding voting securities entitled to vote generally in the election of directors of the Company immediately prior to such Corporate Transaction; or (iv) during any rolling 24 month period looking back from any given date, individuals who at the beginning of such period constituted the Board (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors of the Company, then still in office, who were either directors at the beginning of such period or whose election or nomination for election was previously so approved (any such director, an “Incumbent Director”) cease for any reason to constitute a majority of the Board on the date of determination thereof; provided, that, no individual shall be an Incumbent Director who is elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any Person other than the Board. For purposes of this definition, the term “beneficial owner” is as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended.
|
|
● |
An increase in the maximum amount a participant in such plan can receive in any fiscal year from $5 million to $10 million.
|
|
● |
Acknowledgement that performance measures upon which performance goals for awards granted under such plan may relate not just to the Company, but also to one or more of its affiliates or one or more of its or their divisions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or indices, or any combination thereof.
|
|
● |
Addition of a “clawback” provision requiring the committee of the Board of Directors which administers the plan to specify that as a condition of receiving payment of an award granted under the plan on or after June 1, 2012, the participant’s rights, payments, and benefits with
|
respect to any such award shall be subject to any reduction, cancellation, forfeiture or recoupment, in whole or in part, upon the occurrence of certain specified events, as may be required by the Securities and Exchange Commission or any applicable national exchange, law, rule or regulation. |
ITEM 5.07
|
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
|
Name
|
Votes
For
|
Votes
Withheld
|
Broker Non-
Votes
|
|||
Raj Agrawal
|
239,566,848
|
80,021,731
|
5,156,860
|
|||
Warren F. Bryant
|
251,717,274
|
67,871,305
|
5,156,860
|
|||
Michael M. Calbert
|
239,561,078
|
80,027,501
|
5,156,860
|
|||
Richard W. Dreiling
|
279,121,434
|
40,467,145
|
5,156,860
|
|||
Adrian Jones
|
239,566,037
|
80,022,542
|
5,156,860
|
|||
William C. Rhodes, III
|
251,717,463
|
67,871,116
|
5,156,860
|
|||
David B. Rickard
|
318,202,981
|
1,385,598
|
5,156,860
|
Votes
For
|
Votes
Against
|
Votes
Abstaining
|
Broker Non-
Votes
|
||||
315,156,688
|
4,345,545
|
86,346
|
5,156,860
|
Votes
For
|
Votes
Against
|
Votes
Abstaining
|
Broker Non-
Votes
|
||||
317,408,496
|
2,090,561
|
89,522
|
5,156,860
|
Votes
For
|
Votes
Against
|
Votes
Abstaining
|
|||
323,138,124
|
1,269,480
|
337,835
|
ITEM 7.01
|
REGULATION FD DISCLOSURE.
|
ITEM 9.01
|
FINANCIAL STATEMENTS AND EXHIBITS.
|
(a)
|
Financial statements of businesses acquired. N/A
|
|
(b)
|
Pro forma financial information. N/A
|
|
(c)
|
Shell company transactions. N/A
|
|
(d)
|
Exhibits. See Exhibit Index immediately following the signature page hereto.
|
Date:
|
June 4, 2012
|
DOLLAR GENERAL CORPORATION
|
||
By:
|
/s/ Susan S. Lanigan
|
|||
Susan S. Lanigan
|
||||
Executive Vice President and General Counsel
|
Exhibit No.
|
Description
|
|
99.1
|
News release dated June 4, 2012 regarding fiscal 2012 first quarter financial results
|
|
99.2
|
Amended and Restated 2007 Stock Incentive Plan for Key Employees of Dollar General Corporation and its Affiliates (effective June 1, 2012) (incorporated by reference to Appendix A to the Company’s Definitive Proxy Statement filed with the SEC on April 5, 2012 (file no. 001-11421))
|
|
99.3
|
Amended and Restated Dollar General Corporation Annual Incentive Plan (effective June 1, 2012) (incorporated by reference to Appendix B to the Company’s Definitive Proxy Statement filed with the SEC on April 5, 2012 (file no. 001-11421))
|
|
·
|
Same-Store Sales Increase of 6.7%; Total Sales Improved 13.0%
|
|
·
|
Reported Net Income Up 36%; Adjusted Net Income Up 29%
|
|
·
|
Reported EPS of $0.63, Up 40%; Adjusted EPS of $0.63, Up 31%
|
|
·
|
Company Raises Full Year 2012 Financial Outlook
|
|
·
|
failure to successfully execute the Company’s growth strategy, including delays in store growth and difficulties executing sales and operating profit margin initiatives;
|
|
·
|
the failure of the Company’s new store base to achieve sales and operating levels consistent with the Company’s expectations;
|
|
·
|
risks and challenges in connection with sourcing merchandise from domestic and foreign vendors, as well as trade restrictions;
|
|
·
|
the Company’s level of success in gaining and maintaining broad market acceptance of its private brands and in achieving its other initiatives;
|
|
·
|
unfavorable publicity or consumer perception of the Company’s products;
|
|
·
|
the Company’s debt levels and restrictions in its debt agreements;
|
|
·
|
economic conditions, including their effect on the financial and capital markets, the Company’s suppliers and business partners, employment levels, consumer demand, disposable income, credit availability and spending patterns, inflation and the cost of goods;
|
|
·
|
increases in commodity prices (including, without limitation, cotton, wheat, corn, sugar, oil, paper, nuts and resin);
|
|
·
|
levels of inventory shrinkage;
|
|
·
|
seasonality of the Company’s business;
|
|
·
|
increases in costs of fuel or other energy, transportation or utilities costs and in the costs of labor, employment and healthcare;
|
|
·
|
the impact of changes in or noncompliance with governmental laws and regulations (including, but not limited to, product safety, healthcare and unionization) and developments in and outcomes of legal proceedings, investigations or audits;
|
|
·
|
disruptions, unanticipated expenses or operational failures in the Company’s supply chain including, without limitation, a decrease in transportation capacity for overseas shipments or work stoppages or other labor disruptions that could impede the receipt of merchandise;
|
|
·
|
delays or unanticipated expenses in constructing new distribution centers;
|
|
·
|
damage or interruption to the Company’s information systems;
|
|
·
|
changes in the competitive environment in the Company’s industry and the markets where the Company operates;
|
|
·
|
natural disasters, unusual weather conditions, pandemic outbreaks, boycotts, war and geo-political events;
|
|
·
|
the incurrence of material uninsured losses, excessive insurance costs or accident costs;
|
|
·
|
the Company’s failure to protect its brand name;
|
|
·
|
the Company’s loss of key personnel or the Company’s inability to hire additional qualified personnel;
|
|
·
|
interest rate and currency exchange fluctuations;
|
|
·
|
a data security breach;
|
|
·
|
the Company’s failure to maintain effective internal controls;
|
|
·
|
changes to income tax expense due to changes in or interpretation of tax laws, or as a result of federal or state income tax examinations;
|
|
·
|
changes to or new accounting guidance, such as changes to lease accounting guidance or a requirement to convert to international financial reporting standards;
|
|
·
|
the factors disclosed under “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 22, 2012 or any subsequent quarterly filings on Form 10-Q; and
|
|
·
|
such other factors as may be discussed or identified in this press release.
|
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
|
||||||||||||||
Condensed Consolidated Balance Sheets
|
||||||||||||||
(In thousands)
|
||||||||||||||
(Unaudited)
|
||||||||||||||
May 4,
|
April 29,
|
February 3,
|
||||||||||||
2012
|
2011
|
2012
|
||||||||||||
ASSETS
|
||||||||||||||
Current assets:
|
||||||||||||||
Cash and cash equivalents
|
$
|
132,530
|
$
|
602,463
|
$
|
126,126
|
||||||||
Merchandise inventories
|
2,000,864
|
1,767,121
|
2,009,206
|
|||||||||||
Income taxes receivable
|
5,210
|
-
|
-
|
|||||||||||
Prepaid expenses and other current assets
|
135,131
|
137,313
|
139,742
|
|||||||||||
Total current assets
|
2,273,735
|
2,506,897
|
2,275,074
|
|||||||||||
Net property and equipment
|
1,878,172
|
1,562,596
|
1,794,960
|
|||||||||||
Goodwill
|
4,338,589
|
4,338,589
|
4,338,589
|
|||||||||||
Other intangible assets, net
|
1,231,866
|
1,251,289
|
1,235,954
|
|||||||||||
Other assets, net
|
47,846
|
55,493
|
43,943
|
|||||||||||
Total assets
|
$
|
9,770,208
|
$
|
9,714,864
|
$
|
9,688,520
|
||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||
Current liabilities:
|
||||||||||||||
Current portion of long-term obligations
|
$
|
459
|
$
|
1,039
|
$
|
590
|
||||||||
Accounts payable
|
985,924
|
933,710
|
1,064,087
|
|||||||||||
Accrued expenses and other
|
360,349
|
380,422
|
397,075
|
|||||||||||
Income taxes payable
|
50,355
|
32,217
|
44,428
|
|||||||||||
Deferred income taxes
|
14,166
|
39,842
|
3,722
|
|||||||||||
Total current liabilities
|
1,411,253
|
1,387,230
|
1,509,902
|
|||||||||||
Long-term obligations
|
2,880,920
|
3,262,597
|
2,617,891
|
|||||||||||
Deferred income taxes
|
649,532
|
606,071
|
656,996
|
|||||||||||
Other liabilities
|
231,427
|
230,043
|
229,149
|
|||||||||||
Total liabilities
|
5,173,132
|
5,485,941
|
5,013,938
|
|||||||||||
Commitments and contingencies
|
||||||||||||||
Redeemable common stock
|
5,644
|
9,267
|
6,087
|
|||||||||||
Shareholders' equity:
|
||||||||||||||
Preferred stock
|
-
|
-
|
-
|
|||||||||||
Common stock
|
290,782
|
298,844
|
295,828
|
|||||||||||
Additional paid-in capital
|
2,967,014
|
2,948,506
|
2,960,940
|
|||||||||||
Retained earnings
|
1,336,298
|
987,901
|
1,416,918
|
|||||||||||
Accumulated other comprehensive loss
|
(2,662
|
)
|
(15,595
|
)
|
(5,191
|
)
|
||||||||
Total shareholders' equity
|
4,591,432
|
4,219,656
|
4,668,495
|
|||||||||||
Total liabilities and shareholders' equity
|
$
|
9,770,208
|
$
|
9,714,864
|
$
|
9,688,520
|
||||||||
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
|
||||||||||||||
Condensed Consolidated Statements of Income
|
||||||||||||||
(In thousands, except per share amounts)
|
||||||||||||||
(Unaudited)
|
||||||||||||||
For the Quarter (13 Weeks) Ended
|
||||||||||||||
May 4,
|
% of Net
|
April 29,
|
% of Net
|
|||||||||||
2012
|
Sales
|
2011
|
Sales
|
|||||||||||
Net sales
|
$
|
3,901,205
|
100.00
|
%
|
$
|
3,451,697
|
100.00
|
%
|
||||||
Cost of goods sold
|
2,672,949
|
68.52
|
%
|
2,364,300
|
68.50
|
%
|
||||||||
Gross profit
|
1,228,256
|
31.48
|
%
|
1,087,397
|
31.50
|
%
|
||||||||
Selling, general and administrative expenses
|
843,932
|
21.63
|
%
|
765,779
|
22.19
|
%
|
||||||||
Operating profit
|
384,324
|
9.85
|
%
|
321,618
|
9.32
|
%
|
||||||||
Interest expense
|
37,074
|
0.95
|
%
|
65,572
|
1.90
|
%
|
||||||||
Other (income) expense
|
1,671
|
0.04
|
%
|
2,272
|
0.07
|
%
|
||||||||
Income before income taxes
|
345,579
|
8.86
|
%
|
253,774
|
7.35
|
%
|
||||||||
Income tax expense
|
132,164
|
3.39
|
%
|
96,805
|
2.80
|
%
|
||||||||
Net income
|
$
|
213,415
|
5.47
|
%
|
$
|
156,969
|
4.55
|
%
|
||||||
Earnings per share:
|
||||||||||||||
Basic
|
$
|
0.64
|
$
|
0.46
|
||||||||||
Diluted
|
$
|
0.63
|
$
|
0.45
|
||||||||||
Weighted average shares:
|
||||||||||||||
Basic
|
336,080
|
341,522
|
||||||||||||
Diluted
|
339,490
|
345,393
|
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
|
|||||||||||||
Condensed Consolidated Statements of Cash Flows
|
|||||||||||||
(In thousands)
|
|||||||||||||
(Unaudited)
|
|||||||||||||
For the Quarter (13 Weeks) Ended
|
|||||||||||||
May 4,
|
April 29,
|
||||||||||||
2012
|
2011
|
||||||||||||
Cash flows from operating activities:
|
|||||||||||||
Net income
|
$
|
213,415
|
$
|
156,969
|
|||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|||||||||||||
Depreciation and amortization
|
72,271
|
67,486
|
|||||||||||
Deferred income taxes
|
(1,119
|
)
|
7,393
|
||||||||||
Tax benefit of stock options
|
(18,589
|
)
|
(434
|
)
|
|||||||||
Loss on debt retirement, net
|
1,629
|
2,167
|
|||||||||||
Non-cash share-based compensation
|
4,759
|
3,519
|
|||||||||||
Other non-cash gains and losses
|
2,828
|
4,574
|
|||||||||||
Change in operating assets and liabilities:
|
|||||||||||||
Merchandise inventories
|
6,499
|
(5,275
|
)
|
||||||||||
Prepaid expenses and other current assets
|
5,370
|
(32,369
|
)
|
||||||||||
Accounts payable
|
(82,227
|
)
|
(25,922
|
)
|
|||||||||
Accrued expenses and other liabilities
|
(30,218
|
)
|
38,810
|
||||||||||
Income taxes
|
19,306
|
6,671
|
|||||||||||
Other
|
(1,285
|
)
|
(17
|
)
|
|||||||||
Net cash provided by operating activities
|
192,639
|
223,572
|
|||||||||||
Cash flows from investing activities:
|
|||||||||||||
Purchases of property and equipment
|
(145,857
|
)
|
(91,958
|
)
|
|||||||||
Proceeds from sales of property and equipment
|
119
|
367
|
|||||||||||
Net cash used in investing activities
|
(145,738
|
)
|
(91,591
|
)
|
|||||||||
Cash flows from financing activities:
|
|||||||||||||
Repayments of long-term obligations
|
(202
|
)
|
(27,151
|
)
|
|||||||||
Borrowings under revolving credit facility
|
584,900
|
-
|
|||||||||||
Repayments of borrowings under revolving credit facility
|
(321,800
|
)
|
-
|
||||||||||
Debt issue costs
|
(7,663
|
)
|
-
|
||||||||||
Repurchases of common stock from principal shareholder
|
(300,000
|
)
|
-
|
||||||||||
Equity transactions with employees, net of taxes paid
|
(14,321
|
)
|
(247
|
)
|
|||||||||
Tax benefit of stock options
|
18,589
|
434
|
|||||||||||
Net cash used in financing activities
|
(40,497
|
)
|
(26,964
|
)
|
|||||||||
Net increase in cash and cash equivalents
|
6,404
|
105,017
|
|||||||||||
Cash and cash equivalents, beginning of period
|
126,126
|
497,446
|
|||||||||||
Cash and cash equivalents, end of period
|
$
|
132,530
|
$
|
602,463
|
|||||||||
Supplemental cash flow information:
|
|||||||||||||
Cash paid for:
|
|||||||||||||
Interest
|
$
|
21,737
|
$
|
41,386
|
|||||||||
Income taxes
|
$
|
117,361
|
$
|
82,664
|
|||||||||
Supplemental schedule of non-cash investing and financing activities:
|
|||||||||||||
Purchases of property and equipment awaiting processing for payment, included in Accounts payable
|
$
|
39,726
|
$
|
35,649
|
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
|
||||||||||
Selected Additional Information
|
||||||||||
(Unaudited)
|
||||||||||
Sales by Category (in thousands)
|
||||||||||
For the Quarter (13 Weeks) Ended
|
||||||||||
May 4, 2012
|
April 29, 2011
|
% Change
|
||||||||
Consumables
|
$
|
2,877,282
|
$
|
2,529,070
|
13.8
|
%
|
||||
Seasonal
|
524,493
|
457,057
|
14.8
|
%
|
||||||
Home products
|
258,998
|
234,208
|
10.6
|
%
|
||||||
Apparel
|
240,432
|
231,362
|
3.9
|
%
|
||||||
Net sales
|
$
|
3,901,205
|
$
|
3,451,697
|
13.0
|
%
|
||||
Store Activity
|
||||||||||
For the Quarter (13 Weeks) Ended
|
||||||||||
May 4, 2012
|
April 29, 2011
|
|||||||||
Beginning store count
|
9,937
|
9,372
|
||||||||
New store openings
|
128
|
139
|
||||||||
Store closings
|
(13
|
)
|
(15
|
)
|
||||||
Net new stores
|
115
|
124
|
||||||||
Ending store count
|
10,052
|
9,496
|
||||||||
Total selling square footage (000's)
|
72,928
|
68,131
|
||||||||
Growth rate
|
7
|
%
|
7
|
%
|
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
|
|||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures
|
|||||||||||||||||||||
Adjusted Net Income and Adjusted Diluted Earnings Per Share
|
|||||||||||||||||||||
And Calculation of SG&A and Operating Profit, Excluding Certain Items
|
|||||||||||||||||||||
(in millions, except per share amounts)
|
|||||||||||||||||||||
For the Quarter (13 Weeks) Ended
|
|||||||||||||||||||||
May 4, 2012
|
April 29, 2011
|
Increase
|
|||||||||||||||||||
$
|
% of Net Sales
|
$
|
% of Net Sales
|
$
|
%
|
||||||||||||||||
Net sales
|
$
|
3,901.2
|
$
|
3,451.7
|
$
|
449.5
|
13.0
|
%
|
|||||||||||||
SG&A
|
$
|
843.9
|
21.63
|
%
|
$
|
765.8
|
22.19
|
%
|
$
|
78.2
|
10.2
|
%
|
|||||||||
Litigation settlements
|
-
|
(13.1
|
)
|
||||||||||||||||||
Secondary offering expenses
|
(0.4
|
)
|
-
|
||||||||||||||||||
Acceleration of equity-based compensation
|
(0.6
|
)
|
-
|
||||||||||||||||||
SG&A, excluding certain items
|
$
|
842.9
|
21.61
|
%
|
$
|
752.7
|
21.81
|
%
|
$
|
90.2
|
12.0
|
%
|
|||||||||
Operating profit
|
$
|
384.3
|
9.85
|
%
|
$
|
321.6
|
9.32
|
%
|
$
|
62.7
|
19.5
|
%
|
|||||||||
Litigation settlements
|
-
|
13.1
|
|||||||||||||||||||
Secondary offering expenses
|
0.4
|
-
|
|||||||||||||||||||
Acceleration of equity-based compensation
|
0.6
|
-
|
|||||||||||||||||||
Operating profit, excluding certain items
|
$
|
385.3
|
9.88
|
%
|
$
|
334.7
|
9.70
|
%
|
$
|
50.6
|
15.1
|
%
|
|||||||||
Net income
|
$
|
213.4
|
5.47
|
%
|
$
|
157.0
|
4.55
|
%
|
$
|
56.4
|
36.0
|
%
|
|||||||||
Litigation settlements
|
-
|
13.1
|
|||||||||||||||||||
Secondary offering expenses
|
0.4
|
-
|
|||||||||||||||||||
Acceleration of equity-based compensation
|
0.6
|
-
|
|||||||||||||||||||
Write-off of capitalized debt costs
|
1.6
|
-
|
|||||||||||||||||||
Repurchase of long-term obligations
|
-
|
2.2
|
|||||||||||||||||||
Total adjustments
|
2.6
|
15.3
|
|||||||||||||||||||
Income tax effect of adjustments
|
(0.9
|
)
|
(6.0
|
)
|
|||||||||||||||||
Net adjustments
|
1.7
|
9.3
|
|||||||||||||||||||
Adjusted net income
|
$
|
215.1
|
5.51
|
%
|
$
|
166.3
|
4.82
|
%
|
$
|
48.8
|
29.3
|
%
|
|||||||||
Diluted earnings per share:
|
|||||||||||||||||||||
As reported
|
$
|
0.63
|
$
|
0.45
|
|||||||||||||||||
Adjusted
|
$
|
0.63
|
$
|
0.48
|
|||||||||||||||||
Weighted average diluted shares
|
339.5
|
345.4
|
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
|
|||||||||||||||||
Reconciliation of Non-GAAP Financial Measures
|
|||||||||||||||||
RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA
|
|||||||||||||||||
(In millions)
|
|||||||||||||||||
Quarter (13 Weeks) Ended
|
Four Quarters Ended
|
||||||||||||||||
May 4,
|
April 29,
|
May 4,
|
April 29,
|
||||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||||||
(53 Weeks)
|
(52 Weeks)
|
||||||||||||||||
Net income
|
$
|
213.4
|
$
|
157.0
|
$
|
823.1
|
$
|
648.9
|
|||||||||
Add (subtract):
|
|||||||||||||||||
Interest income
|
-
|
-
|
(0.1
|
)
|
(0.2
|
)
|
|||||||||||
Interest expense
|
37.1
|
65.6
|
176.5
|
267.7
|
|||||||||||||
Depreciation and amortization
|
69.9
|
64.3
|
269.7
|
246.5
|
|||||||||||||
Income taxes
|
132.2
|
96.8
|
494.0
|
371.3
|
|||||||||||||
EBITDA
|
452.6
|
383.7
|
1,763.2
|
1,534.2
|
|||||||||||||
Adjustments:
|
|||||||||||||||||
Loss on debt retirements
|
1.6
|
2.2
|
59.7
|
16.8
|
|||||||||||||
Loss on hedging instruments
|
-
|
0.1
|
0.3
|
0.4
|
|||||||||||||
Non-cash expense for share-based awards
|
4.8
|
3.5
|
16.6
|
13.4
|
|||||||||||||
Litigation settlement and related costs, net
|
-
|
13.1
|
-
|
13.1
|
|||||||||||||
Indirect costs related to merger and stock offerings
|
0.4
|
-
|
1.3
|
0.5
|
|||||||||||||
Other non-cash charges (including LIFO)
|
3.2
|
5.5
|
51.0
|
15.2
|
|||||||||||||
Other
|
0.6
|
-
|
0.6
|
-
|
|||||||||||||
Total Adjustments
|
10.6
|
24.4
|
129.5
|
59.4
|
|||||||||||||
Adjusted EBITDA
|
$
|
463.2
|
$
|
408.1
|
$
|
1,892.7
|
$
|
1,593.6
|