Toggle SGML Header (+)


Section 1: 8-K (FORM 8-K TRACTOR SUPPLY COMPANY)

Document




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM 8-K
 
 
CURRENT REPORT
 
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


 Date of Report (Date of Earliest Event Reported): October 25, 2017

  390774893_tscologoa20.jpg
Tractor Supply Company
__________________________________________
(Exact name of registrant as specified in its charter)
 
 
Delaware
000-23314
13-3139732
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
 
 
 
5401 Virginia Way, Brentwood, Tennessee
 
37027
(Address of principal executive offices)
 
(Zip Code)
 
Registrant's telephone number, including area code:
(615) 440-4000

Not Applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
 
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ((§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ] 





Item 2.02 Results of Operations and Financial Condition.
 
On October 25, 2017, Tractor Supply Company (the "Company") issued a press release reporting its results of operations for the third fiscal quarter ended September 30, 2017. Additionally, the Company updated its guidance for the results of operations expected for the full fiscal year ending December 30, 2017.
 
A copy of the press release is furnished herewith as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.
 
(d) Exhibits:
 
This exhibit is furnished pursuant to Item 2.02 hereof and should not be deemed to be "filed" under the Securities Exchange Act of 1934.
 
 

 
 
 
 





SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
Tractor Supply Company
 
 
 
 
October 25, 2017
 
By:
/s/ Kurt D. Barton
 
 
 
 
 
 
 
Name: Kurt D. Barton
 
 
 
Title: Senior Vice President - Chief Financial Officer and Treasurer
 

 
 
 
 
 





EXHIBIT INDEX
 
 
 
 
Exhibit No.
 
Description
 
 
 
99.1
 






(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1 - PRESS RELEASE DATED OCTOBER 25, 2017)

Exhibit


390774893_tscologoa20.jpg
www.TractorSupply.com


TRACTOR SUPPLY COMPANY REPORTS THIRD QUARTER RESULTS
Sales Increased 11.6% to $1.72 Billion
Comparable Store Sales Increased 6.6%
Earnings per Share Increased 7.5% to $0.72


Brentwood, TN, October 25, 2017 - Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retail store chain in the United States, today announced financial results for its third quarter ended September 30, 2017.

Third Quarter Results
Net sales for the third quarter 2017 increased 11.6% to $1.72 billion from $1.54 billion in the third quarter of 2016. Comparable store sales increased 6.6% versus a decrease of 0.6% in the prior year’s third quarter. Each quarter of fiscal 2017 starts one week later than the same quarter of fiscal 2016 due to the Company’s 2016 fiscal year having 53 weeks versus the normal 52 weeks. Adjusting for the week shift, comparable store sales would have decreased 1.1% in last year’s third quarter. The increase in comparable store sales in the third quarter of 2017 was driven by an increase in both traffic and ticket, with comparable store transaction count increasing 5.0% and average ticket increasing 1.5%. Comparable store sales were positive across all geographic regions and major product categories, including strong performance in year-round, seasonal and emergency response related areas.

Gross profit increased 12.2% to $600.5 million from $535.3 million and gross margin increased 20 basis points to 34.9% from 34.7% in the prior year’s third quarter. Favorable seasonal conditions, strong sell through rates and solid inventory management benefited gross margin. These benefits were partially offset by a greater mix of freight intensive categories and higher average fuel costs.

Selling, general and administrative (SG&A) expenses, including depreciation and amortization, increased 15.0% to $452.2 million from $393.3 million in the prior year period. As a percent of net sales, SG&A expenses increased 80 basis points to 26.3% from 25.5% in the third quarter of 2016. The increase in SG&A as a percent of net sales was primarily attributable to higher incentive compensation from the strong year-over-year growth in comparable store sales, store payroll from the Company’s continued effort to enhance customer service and the integration of Petsense expenses. Additionally, the Company has made investments in infrastructure and technology to support its strategic long-term growth initiatives. These SG&A increases were partially offset by leverage in occupancy and other areas of the business from the increase in comparable store sales and cost savings initiatives.

Net income increased 2.7% to $91.9 million from $89.4 million and diluted earnings per share increased 7.5% to $0.72 from $0.67 in the third quarter of the prior year.

The Company opened 36 new Tractor Supply stores and closed one store, a Del’s store, in the third quarter of 2017 compared to 34 new store openings and one store closure, a Del’s store, in the prior year period. The Company also opened two new Petsense stores during the quarter and had no Petsense store closures.

Greg Sandfort, Chief Executive Officer, stated, “We delivered a strong third quarter with sales growth in all of our major product categories and geographic regions, as well as positive same store sales in both traffic and ticket. Our teams took the necessary steps to ensure we were well-stocked with the right products and inventory levels to meet the needs of our customers during the extended summer selling season and storm events. We know our customers look to us for their everyday basic needs, and we believe we have made the appropriate investments to better serve them. With a loyal and dedicated customer base, continued convergence of our physical and digital storefronts, and a





greater focus on serving the customer, we believe we are well positioned to drive sustainable, long-term growth and shareholder value.”

First Nine Months Results
Net sales increased 9.1% to $5.30 billion from $4.86 billion in the first nine months of 2016. Comparable store sales increased 2.2% versus a 1.1% increase in the first nine months of 2016. Gross profit increased 8.6% to $1.82 billion from $1.68 billion and gross margin decreased 10 basis points to 34.4% from 34.5% in the first nine months of 2016.

SG&A expenses, including depreciation and amortization, increased 12.0% to $1.32 billion. As a percentage of net sales, SG&A expenses increased 60 basis points to 24.9% compared to 24.3% for the first nine months of 2016.

Net income decreased 0.2% to $312.9 million from $313.5 million and net income per diluted share increased 4.3% to $2.43 from $2.33 for the first nine months of 2016.

The Company opened 74 new Tractor Supply stores, converted its two Hometown Pet stores to Petsense stores, and closed two stores, both Del’s stores, in the first nine months of 2017 compared to 92 new store openings and five Del’s store closures during the first nine months of 2016. The Company also opened 19 new Petsense stores (including the conversion of the Hometown Pet stores) during the first nine months and had no Petsense store closures.

Fiscal 2017 Outlook
Based upon the results of the first nine months of fiscal 2017, the Company is providing the following updated guidance for the expected results of operations in fiscal 2017:
 
Updated
Previous
Net Sales
$7.17 billion - $7.22 billion
$7.13 billion - $7.19 billion
Comparable Store Sales
1.7% - 2.2%
1.1% - 1.7%
Net Income
$416 million - $421 million
$413 million - $419 million
Earnings per Diluted Share
$3.25 - $3.29
$3.22 - $3.27
Capital Expenditures
$230 million - $250 million
$250 million - $270 million

Conference Call Information
Tractor Supply Company will be hosting a conference call at 5:00 p.m. Eastern Time today to discuss the quarterly results. The call will be broadcast simultaneously on the Company’s website at IR.TractorSupply.com.

Please allow extra time prior to the call to visit the site and download the streaming media software required to listen to the webcast.

A replay of the webcast will also be available at IR.TractorSupply.com shortly after the conference call concludes.

About Tractor Supply Company
Founded in 1938, Tractor Supply Company is the largest rural lifestyle retail store chain in the United States. At September 30, 2017, the Company operated 1,665 Tractor Supply stores in 49 states and an e-commerce website at www.tractorsupply.com. Tractor Supply stores are focused on supplying the lifestyle needs of recreational farmers and ranchers and others who enjoy the rural lifestyle, as well as tradesmen and small businesses. Stores are located primarily in towns outlying major metropolitan markets and in rural communities. The Company offers the following comprehensive selection of merchandise: (1) equine, livestock, pet and small animal products, including items necessary for their health, care, growth and containment; (2) hardware, truck, towing and tool products; (3) seasonal products, including heating, lawn and garden items, power equipment, gifts and toys; (4) work/recreational clothing and footwear; and (5) maintenance products for agricultural and rural use.









Tractor Supply Company also owns and operates Petsense, a small-box pet specialty supply retailer focused on meeting the needs of pet owners, primarily in small and mid-size communities, and offering a variety of pet products and services. At September 30, 2017, the Company operated 162 Petsense stores in 26 states. For more information on Petsense, visit www.petsense.com.

Forward Looking Statements
As with any business, all phases of the Company’s operations are subject to influences outside its control. This information contains certain forward-looking statements, including without limitation, statements regarding sales and earnings growth, estimated results of operations, capital expenditures, marketing, merchandising and strategic investments. These forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to the finalization of the Company’s quarterly financial and accounting procedures, and may be affected by certain risks and uncertainties, any one, or a combination, of which could materially affect the results of the Company’s operations. These factors include, without limitation, national, regional and local economic conditions affecting consumer spending, the timing and acceptance of new products in the stores, the timing and mix of goods sold,  purchase price volatility (including inflationary and deflationary pressures), the ability to increase sales at existing stores, the ability to manage growth and identify suitable locations, failure of an acquisition to produce anticipated results, the ability to successfully manage expenses and execute key gross margin enhancing initiatives, the availability of favorable credit sources, capital market conditions in general, the ability to open new stores in the manner and number currently contemplated, the impact of new stores on the business, competition, including from online competitors, weather conditions, the seasonal nature of the business, effective merchandising initiatives and marketing emphasis, the ability to retain vendors, reliance on foreign suppliers, the ability to attract, train and retain qualified employees, product liability and other claims, changes in federal, state or local regulations, potential judgments, fines, legal fees and other costs, breach of information systems or theft of employee or customer data, ongoing and potential future legal or regulatory proceedings, management of the Company’s information systems, failure to develop and implement new technologies, the failure of customer-facing technology systems, business disruption including from the implementation of supply chain technologies, effective tax rate changes and results of examination by taxing authorities, the ability to maintain an effective system of internal control over financial reporting, and changes in accounting standards, assumptions and estimates. Forward-looking statements made by or on behalf of the Company are based on knowledge of its business and the environment in which it operates at the time the statements are made, but because of the factors listed above, actual results could differ materially from those reflected by any forward-looking statements. Consequently, all of the forward-looking statements made are qualified by these cautionary statements and those contained in the Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. There can be no assurance that the results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business and operations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.


(Financial tables to follow)






Condensed Consolidated Statements of Income
(Unaudited)
(in thousands, except per share amounts)

 
THIRD QUARTER ENDED
 
NINE MONTHS ENDED
 
September 30,
2017
 
September 24,
2016
 
September 30,
2017
 
September 24,
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% of
 
 
 
% of
 
 
 
% of
 
 
 
% of
 
 
 
Sales
 
 
 
Sales
 
 
 
Sales
 
 
 
Sales
Net sales
$
1,721,704

 
100.0
%
 
$
1,542,706

 
100.0
%
 
$
5,303,544

 
100.0
%
 
$
4,863,037

 
100.0
%
Cost of merchandise sold
1,121,248

 
65.1

 
1,007,432

 
65.3

 
3,480,177

 
65.6

 
3,184,097

 
65.5

Gross profit
600,456

 
34.9

 
535,274

 
34.7

 
1,823,367

 
34.4

 
1,678,940

 
34.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
410,276

 
23.8

 
357,592

 
23.2

 
1,198,126

 
22.6

 
1,076,180

 
22.1

Depreciation and amortization
41,927

 
2.5

 
35,662

 
2.3

 
122,701

 
2.3

 
103,296

 
2.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income
148,253

 
8.6

 
142,020

 
9.2

 
502,540

 
9.5

 
499,464

 
10.3

Interest expense, net
3,752

 
0.2

 
1,110

 
0.1

 
9,621

 
0.2

 
4,145

 
0.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
144,501

 
8.4

 
140,910

 
9.1

 
492,919

 
9.3

 
495,319

 
10.2

Income tax expense
52,605

 
3.1

 
51,466

 
3.3

 
180,063

 
3.4

 
181,782

 
3.7

Net income
$
91,896

 
5.3
%
 
$
89,444

 
5.8
%
 
$
312,856

 
5.9
%
 
$
313,537

 
6.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.73

 
 
 
$
0.67

 
 
 
$
2.44

 
 
 
$
2.35

 
 
Diluted
$
0.72

 
 
 
$
0.67

 
 
 
$
2.43

 
 
 
$
2.33

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
126,416

 
 
 
133,392

 
 
 
128,293

 
 
 
133,529

 
 
Diluted
126,919

 
 
 
134,256

 
 
 
128,910

 
 
 
134,509

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per common share outstanding
$
0.27

 
 
 
$
0.24

 
 
 
$
0.78

 
 
 
$
0.68

 
 





















Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(in thousands)

 
THIRD QUARTER ENDED
 
NINE MONTHS ENDED
 
September 30, 2017
 
September 24, 2016
 
September 30, 2017
 
September 24, 2016
Net income
$
91,896

 
$
89,444

 
$
312,856

 
$
313,537

 
 
 
 
 
 
 
 
Other comprehensive income (loss):
 
 
 
 
 
 
 
Change in fair value of interest rate swaps, net of taxes
36

 
251

 
165

 
(1,111
)
Total other comprehensive income (loss)
36

 
251

 
165

 
(1,111
)
Total comprehensive income
$
91,932

 
$
89,695

 
$
313,021

 
$
312,426








Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)

 
September 30,
2017
 
September 24,
2016
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
70,046

 
$
55,507

Inventories
1,591,555

 
1,489,934

Prepaid expenses and other current assets
75,618

 
67,980

Income taxes receivable
4,776

 
16,335

Total current assets
1,741,995

 
1,629,756

 
 
 
 
Property and equipment:
 
 
 
Land
99,323

 
94,362

Buildings and improvements
1,013,937

 
906,624

Furniture, fixtures and equipment
593,329

 
556,276

Computer software and hardware
259,508

 
209,218

Construction in progress
56,006

 
50,173

Property and equipment, gross
2,022,103

 
1,816,653

Accumulated depreciation and amortization
(1,025,266
)
 
(893,488
)
Property and equipment, net
996,837

 
923,165

 
 
 
 
Goodwill and other intangible assets
124,492

 
10,258

Deferred income taxes
40,592

 
53,192

Other assets
24,435

 
19,362

Total assets
$
2,928,351

 
$
2,635,733

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
609,883

 
$
484,014

Accrued employee compensation
34,497

 
17,625

Other accrued expenses
186,037

 
199,327

Current portion of long-term debt
22,500

 
10,000

Current portion of capital lease obligations
3,545

 
1,294

Income taxes payable
15,732

 

Total current liabilities
872,194

 
712,260

 
 
 
 
Long-term debt
487,228

 
283,781

Capital lease obligations, less current maturities
33,509

 
26,246

Deferred rent
104,617

 
91,681

Other long-term liabilities
59,402

 
57,025

Total liabilities
1,556,950

 
1,170,993

 
 
 
 
Stockholders’ equity:
 
 
 
Common stock
1,362

 
1,359

Additional paid-in capital
703,292

 
661,665

Treasury stock
(2,088,145
)
 
(1,645,482
)
Accumulated other comprehensive income (loss)
1,557

 
(1,111
)
Retained earnings
2,753,335

 
2,448,309

Total stockholders’ equity
1,371,401

 
1,464,740

Total liabilities and stockholders’ equity
$
2,928,351

 
$
2,635,733







Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
 
NINE MONTHS ENDED
 
September 30, 2017
 
September 24, 2016
Cash flows from operating activities:
 
 
 
Net income
$
312,856

 
$
313,537

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 
Depreciation and amortization
122,701

 
103,296

Loss on disposition of property and equipment
509

 
219

Share-based compensation expense
22,931

 
17,326

Deferred income taxes
4,626

 
2,002

Change in assets and liabilities:
 

 
 

Inventories
(221,899
)
 
(205,559
)
Prepaid expenses and other current assets
14,939

 
19,530

Accounts payable
90,361

 
56,765

Accrued employee compensation
9,251

 
(25,059
)
Other accrued expenses
(33,259
)
 
2,626

Income taxes
9,154

 
(6,384
)
Other
8,792

 
7,336

Net cash provided by operating activities
340,962

 
285,635

Cash flows from investing activities:
 
 
 
Capital expenditures
(152,040
)
 
(167,161
)
Proceeds from sale of property and equipment
10,880

 
366

Net cash used in investing activities
(141,160
)
 
(166,795
)
Cash flows from financing activities:
 
 
 
Borrowings under debt facilities
1,010,000

 
695,000

Repayments under debt facilities
(773,750
)
 
(550,000
)
Debt issuance costs
(599
)
 
(1,380
)
Principal payments under capital lease obligations
(1,554
)
 
(823
)
Repurchase of shares to satisfy tax obligations
(771
)
 
(843
)
Repurchase of common stock
(326,647
)
 
(215,692
)
Net proceeds from issuance of common stock
9,619

 
37,421

Cash dividends paid to stockholders
(99,970
)
 
(90,829
)
Net cash used in financing activities
(183,672
)
 
(127,146
)
Net change in cash and cash equivalents
16,130

 
(8,306
)
Cash and cash equivalents at beginning of period
53,916

 
63,813

Cash and cash equivalents at end of period
$
70,046

 
$
55,507

 
 
 
 
Supplemental disclosures of cash flow information:
 
 
 
Cash paid during the period for:
 
 
 
Interest                                                                        
$
8,010

 
$
3,445

Income taxes
166,027

 
184,817

 
 
 
 
Supplemental disclosures of non-cash activities:
 
 
 
Property and equipment acquired through capital lease
$
11,395

 
$
10,493

Non-cash accruals for construction in progress
15,949

 
17,727






Selected Financial and Operating Information (a) 
(Unaudited)
 
 
THIRD QUARTER ENDED
 
NINE MONTHS ENDED
 
 
Sept. 30, 2017
 
Sept. 24, 2016
 
Oct. 1, 2016
 
Sept. 30, 2017
 
Sept. 24, 2016
 
Oct. 1, 2016
 
 
 
 
(originally reported)
 
(adjusted for week shift) (b)
 
 
 
(originally reported)
 
(adjusted for week shift) (b)
Sales Information:
 
 
 
 
 
 
 
 
 
 
 
 
Comparable store sales increase (decrease)
 
6.6
%
 
(0.6
)%
 
(1.1
)%
 
2.2
%
 
1.1
 %
 
0.8%
New store sales (% of total sales)
 
5.8
%
 
5.3
 %
 
 
 
6.1
%
 
5.2
 %
 
 
Average transaction value
 
$43.39
 
$43.07
 
 
 
$44.23
 
$44.21
 
 
Comparable store average transaction value increase (decrease)
 
1.5
%
 
(1.1
)%
 
(1.3
)%
 
0.2
%
 
(0.9
)%
 
(1.0)%
Comparable store average transaction count increase
 
5.0
%
 
0.5
 %
 
0.3
 %
 
2.0
%
 
2.0
 %
 
1.9%
Total selling square footage (000’s)
 
27,762
 
25,404
 
 
 
27,762
 
25,404
 
 
Exclusive brands (% of total sales)
 
31.6
%
 
32.3
 %
 
 
 
31.8
%
 
32.3
 %
 
 
Imports (% of total sales)
 
11.4
%
 
11.2
 %
 
 
 
11.7
%
 
11.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Store Count Information:
 
 
 
 
 
 
 
 
 
 
 
 
Tractor Supply
 
 
 
 
 
 
 
 
 
 
 
 
Beginning of period
 
1,630
 
1,542
 
 
 
1,595
 
1,488
 
 
New stores opened
 
36
 
34
 
 
 
74
 
92
 
 
Stores closed
 
(1)
 
(1)
 
 
 
(4)
 
(5)
 
 
End of period
 
1,665
 
1,575
 
 
 
1,665
 
1,575
 
 
Petsense
 
 
 
 
 
 
 
 
 
 
 
 
Beginning of period
 
160
 

 
 
 
143
 

 
 
New stores opened
 
2
 

 
 
 
19
 

 
 
Stores closed
 

 

 
 
 

 

 
 
End of period
 
162
 

 
 
 
162
 

 
 
Consolidated end of period
 
1,827
 
1,575
 
 
 
1,827
 
1,575
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-opening costs (000’s)
 
$3,863
 
$2,850
 
 
 
$8,519
 
$7,666
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet Information:
 
 
 
 
 
 
 
 
 
 
 
 
Average inventory per store (000’s) (c)
 
$796.5
 
$877.4
 
 
 
$796.5
 
$877.4
 
 
Inventory turns (annualized)
 
3.11
 
3.01
 
 
 
3.15
 
3.13
 
 
Share repurchase program:
 
 
 
 
 
 
 
 
 
 
 
 
Cost (000’s)
 
$78,500
 
$108,786
 
 
 
$326,647
 
$215,692
 
 
Average purchase price per share
 
$55.07
 
$77.17
 
 
 
$62.44
 
$80.47
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures (millions):
 
 
 
 
 
 
 
 
 
 
 
 
New and relocated stores and stores not yet opened
 
$24.3
 
$32.0
 
 
 
$59.5
 
$88.0
 
 
Information technology
 
14.8
 
13.4
 
 
 
49.1
 
30.7
 
 
Existing stores
 
10.0
 
15.6
 
 
 
30.7
 
37.4
 
 
Distribution center capacity and improvements
 
6.3
 
5.1
 
 
 
12.6
 
10.9
 
 
Corporate and other
 
0.0
 
0.1
 
 
 
0.1
 
0.2
 
 
Total
 
$55.4
 
$66.2
 
 
 
$152.0
 
$167.2
 
 





2016 Comparable Store Sales: Originally Reported and Adjusted for Week Shift (b) 
(Unaudited)
 
 
FISCAL 2016
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
Comparable store sales increase (originally reported)
 
4.9
 %
 
(0.5
)%
 
(0.6
)%
 
3.1
%
 
1.6
%
Comparable store sales increase (adjusted for week shift)
 
2.6
 %
 
1.0
 %
 
(1.1
)%
 
3.8
%
 
1.6
%
Impact of week shift
 
(2.3
)%
 
1.5
 %
 
(0.5
)%
 
0.7
%
 
%

(a) Beginning in the fourth quarter ended December 31, 2016, selected financial and operating information includes the consolidation of Petsense unless otherwise noted. Petsense stores are not considered comparable stores until 12 months after the date of acquisition.  
(b) Due to the 53-week fiscal 2016, each quarter of fiscal 2017 starts one week later than the same quarter of fiscal 2016. The tables above represent comparable store sales for 2016 as originally reported and as adjusted to represent the same 13-week period as the 2017 fiscal quarters. The adjusted 13-week periods end on April 2, 2016, July 2, 2016, October 1, 2016 and December 31, 2016, respectively.  
(c) Assumes average inventory cost, excluding inventory in transit.  






(Back To Top)