MIRA INFORM REPORT
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Report Date : |
08.10.2012 |
IDENTIFICATION DETAILS
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Name : |
DOLLAR GENERAL CORP. |
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Registered Office : |
100 Mission Ridge, Goodlettsville, TN,
37072, Davidson County |
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Country : |
United States |
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Financials (as on) : |
03.02.2012 |
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Date of Incorporation : |
1955 |
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Legal Form : |
Public Parent |
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Line of Business : |
The Company offers a selection of merchandise, including consumables, seasonal,
home products and apparel.The Company's merchandise includes national brands
from manufacturers, as well as private brand selections with prices at
substantial discounts to national brands. |
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No. of Employees : |
90,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
No complaints |
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Payment Behaviour : |
Good |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the largest and most technologically
powerful economy in the world, with a per capita GDP of $48,100. In this
market-oriented economy, private individuals and business firms make most of
the decisions, and the federal and state governments buy needed goods and
services predominantly in the private marketplace. US business firms enjoy
greater flexibility than their counterparts in Western Europe and Japan in
decisions to expand capital plant, to lay off surplus workers, and to develop
new products. At the same time, they face higher barriers to enter their
rivals' home markets than foreign firms face entering US markets. US firms are
at or near the forefront in technological advances, especially in computers and
in medical, aerospace, and military equipment; their advantage has narrowed
since the end of World War II. The onrush of technology largely explains the
gradual development of a "two-tier labor market" in which those at
the bottom lack the education and the professional/technical skills of those at
the top and, more and more, fail to get comparable pay raises, health insurance
coverage, and other benefits. Since 1975, practically all the gains in
household income have gone to the top 20% of households. Since 1996, dividends
and capital gains have grown faster than wages or any other category of
after-tax income. Imported oil accounts for nearly 55% of US consumption. Oil
prices doubled between 2001 and 2006, the year home prices peaked; higher
gasoline prices ate into consumers' budgets and many individuals fell behind in
their mortgage payments. Oil prices increased another 50% between 2006 and
2008. In 2008, soaring oil prices threatened inflation and caused a
deterioration in the US merchandise trade deficit, which peaked at $840
billion. In 2009, with the global recession deepening, oil prices dropped 40%
and the US trade deficit shrank, as US domestic demand declined, but in 2011
the trade deficit ramped back up to $803 billion, as oil prices climbed once
more. The global economic downturn, the sub-prime mortgage crisis, investment
bank failures, falling home prices, and tight credit pushed the United States
into a recession by mid-2008. GDP contracted until the third quarter of 2009, making
this the deepest and longest downturn since the Great Depression. To help
stabilize financial markets, in October 2008 the US Congress established a $700
billion Troubled Asset Relief Program (TARP). The government used some of these
funds to purchase equity in US banks and industrial corporations, much of which
had been returned to the government by early 2011. In January 2009 the US
Congress passed and President Barack OBAMA signed a bill providing an
additional $787 billion fiscal stimulus to be used over 10 years - two-thirds
on additional spending and one-third on tax cuts - to create jobs and to help
the economy recover. In 2010 and 2011, the federal budget deficit reached
nearly 9% of GDP; total government revenues from taxes and other sources are
lower, as a percentage of GDP, than that of most other developed countries. The
wars in Iraq and Afghanistan required major shifts in national resources from
civilian to military purposes and contributed to the growth of the US budget
deficit and public debt - through 2011, the direct costs of the wars totaled
nearly $900 billion, according to US government figures. In March 2010,
President OBAMA signed into law the Patient Protection and Affordable Care Act,
a health insurance reform bill that will extend coverage to an additional 32
million American citizens by 2016, through private health insurance for the
general population and Medicaid for the impoverished. Total spending on health
care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In
July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer
Protection Act, a law designed to promote financial stability by protecting
consumers from financial abuses, ending taxpayer bailouts of financial firms,
dealing with troubled banks that are "too big to fail," and improving
accountability and transparency in the financial system - in particular, by
requiring certain financial derivatives to be traded in markets that are
subject to government regulation and oversight. Long-term problems include
inadequate investment in deteriorating infrastructure, rapidly rising medical
and pension costs of an aging population, sizable current account and budget
deficits - including significant budget shortages for state governments - energy
shortages, and stagnation of wages for lower-income families. Source : CIA
Company name
and address
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Dollar General Corp. |
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Employees: |
90,000 |
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Company Type: |
Public Parent |
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Corporate Family: |
9454 Companies |
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Traded: |
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Incorporation Date: |
1955 |
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Auditor: |
Ernst & Young LLP |
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Fiscal Year End: |
03-Feb-2012 |
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Reporting Currency: |
US Dollar |
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Annual Sales: |
14,807.2 1 |
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Net Income: |
766.7 |
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Total Assets: |
9,688.5 2 |
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Market Value: |
17,665.9 |
Business
Description
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Dollar General Corporation is a discount
retailer in the United States by number of stores, with 9,961 stores located in
39 states as of March 2, 2012, primarily in the southern, southwestern,
midwestern and eastern United States. The Company offers a selection of
merchandise, including consumables, seasonal, home products and apparel. The
Company's merchandise includes national brands from manufacturers, as well as
private brand selections with prices at substantial discounts to national
brands. It offers its merchandise at everyday low prices through its
convenient small-box (approximately 7,200 square feet) locations. During the
fiscal year ended February 3, 2012 (fiscal 2011), it opened 625 stores and
remodeled or relocated 575 stores, and closed 60 stores. Its small box stores
offer consumable items, including packaged and refrigerated foods. For the 26
weeks ended 03 August 2012, Dollar General Corp. revenues increased 12% to
$7.85B. Net income increased 41% to $427.6M. Revenues reflect Highly
Consumable segment increase of 13% to $5.8B, Retail Sales - Consumables
increase from $2.61B to $5.8B. Net income benefited from Interest expense
decrease of 42% to $72.7M (expense). Basic Earnings per Share excluding
Extraordinary Items increased from $0.89 to $1.28. |
Industry
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Industry |
Retail
(Specialty) |
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ANZSIC 2006: |
4279 - Other Store-Based
Retailing Not Elsewhere Classified |
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NACE 2002: |
5212 - Other
retail sale in non-specialised stores |
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NAICS 2002: |
45299 - All
Other General Merchandise Stores |
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UK SIC 2003: |
5212 - Other
retail sale in non-specialised stores |
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UK SIC 2007: |
4719 - Other
retail sale in non-specialised stores |
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US SIC 1987: |
5331 - Variety
Stores |
Key
Executives
(Emails Available)
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Significant
Developments
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News
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Financial
Summary
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Stock Snapshot |
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1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
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Dollar General
Corp. The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments. More about Strategic
Initiatives
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The company also opened a new distribution
center in Bessemer, Alabama which became operational in March 2012. The
company also leased a distribution facility in Lebec, California which was
expected to be operational in April 2012. In June 2012, the company announced
its plans to build a distribution center
in Bethel Township, in Berks County, Pennsylvania. Moreover, in the recent
years, the company made significant investments in facilities, technological
improvements and upgrades, which is expected to enhance its efficiency and
ability to support merchandising and operational level initiatives.Dependence
on SuppliersDollar General sources and sells products from a wide variety of
domestic and international suppliers. The company’s major suppliers Procter
& Gamble, Kimberly Clark, Unilever, Kellogg's, General Mills, Nabisco,
Coca-Cola and PepsiCo. |
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In the year ended February 3, 2012, the consumables accounted for
73.2% of the company total sales, followed by seasonal (13.8 %), home products
(6.8%), and apparel (6.2%). As a discount retailer the company offers
everyday low prices on merchandise. The company’s ability to offer price
advantage on merchandise receives support from its low-cost operating model
and its strategy to maintain limited
number of SKUs per category, which in turn helps DGC to maintain strong
purchasing power.Sound Profitability IndicatorsThe company witnessed sound
profitability in the year ended February 3, 2012 (fiscal 2011: consisting of
53 weeks). The company’s revenues increased from $13035m in 2011 to
$14807.19m in 2012, the operating income of the company increased from
$1274.07m in 2011 to $1490.80m in 2012, and the net income increased from
$627.86m in 2011 to $766.68m in 2012. The increase in sales was due to the
increment in stores sales and due to an increase in both customer traffic and
average transactin amount. |
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Overview
DG is a discount retailer that focuses on convenience, quality brands
and low prices. The company leverages its extensive store network across the US
and its everyday low prices product offerings to fuel its business growth
objectives. However, intense competitive factors in the retail domain and its
substantial debt burden could have an adverse affect on its business growth
objectives in the long run.
Strengths
The company through its extensive network of stores offers a range of
products to cater to the demand of its customers in an effective and efficient
manner. The company’s stores offer broad selection of merchandise, including
consumables, seasonal, home products and apparel, based on a focused assortment
of daily necessities. The merchandise offered includes national brands from
leading manufacturers, as well as, private brand selections at discounts as
compared to the national brands. Its stores offer nearly 10,000 total Stock
Keeping Units (SKUs) per store, which can vary based on store's size,
geographic location, merchandising initiatives, and business seasonality. The
company categorizes its merchandise in four categories, namely, consumables;
seasonal; home products; and apparel. Under Consumables the company offers
paper and cleaning products, food products, beverages and snacks, health and
beauty products, and pet products. Seasonal products include decorations,
greeting cards, stationery, toys, batteries, small electronics, prepaid cell
phones and accessories, gardening supplies, hardware, automotive and home
office supplies. Home products includes kitchen supplies, cookware, small
appliances, candles, craft supplies, light bulbs, storage containers, frames,
and kitchen, bed and bath soft goods. Apparel category include casual for
infants, toddlers, girls, boys, women and men, as well as socks, underwear,
disposable diapers, shoes and accessories. In the year ended February 3, 2012,
the consumables accounted for 73.2% of the company total sales, followed by seasonal
(13.8 %), home products (6.8%), and apparel (6.2%). As a discount retailer the
company offers everyday low prices on merchandise. The company’s ability to
offer price advantage on merchandise receives support from its low-cost
operating model and its strategy to maintain limited number of SKUs per
category, which in turn helps DGC to maintain strong purchasing power.
Sound
Profitability Indicators
The company witnessed sound profitability in the year ended February 3,
2012 (fiscal 2011: consisting of 53 weeks). The company’s revenues increased
from $13035m in 2011 to $14807.19m in 2012, the operating income of the company
increased from $1274.07m in 2011 to $1490.80m in 2012, and the net income
increased from $627.86m in 2011 to $766.68m in 2012. The increase in sales was
due to the increment in stores sales and due to an increase in both customer
traffic and average transaction amount. The sales of consumables increased from
$9,332.1m in 2011 to $10,833.7m in 2012; the sales of seasonal product increased
from $1,887.9m in 2011 to $2,051.1m in 2012; sales of home products increased
from $917.6m in 2011 to $1,005.2m in 2012; and the sales of apparels increased
from $897.3m in 2011 to $917.1m in 2012. The gross profits of the company
increased from $4176.56m in 2011 to $4697.91m in 2012. As a result, the
operating margin of the company increased from 9.77% in 2011 to 10.06% in 2012,
net profit margin increased from 4.81% in 2011 to 5.17% in 2012, return on
equity increased from 15.48% in 2011 to 16.42% in 2012, return on capital
employed increased from 15.57%% in 2011 to 18.22% in 2012, return on assets
increased from 6.57% in 2011 to 7.91% in 2012, return on fixed assets increased
from 17.74% in 2010 to 20.10% in 2011, and return on working capital increased
from 127.09% in 2011 to 194.83% in 2012.
The company leverages its extensive store network to tap the immense
market potential in the US retail domain. The company is among the largest
discount retailer in the US with a network of nearly 10,000 stores in 40 states
of the US, primarily in the Southern, Southwestern, Midwestern and Eastern US.
The company’s average general stores hold an area of nearly 7,200 sq. ft. of
selling space. Its total store count included 69 Dollar General Market stores,
which, offers similar merchandise as offered by the traditional Dollar General
store, with an expanded food section. The company follows an attractive store
economics approach in terms of store size, design and location, for the
establishment of new stores, which requires low initial capital investment and
low maintenance expenditures. Moreover, the company’s store selection
strategy focuses on establishing stores at convenient locations in rural,
suburban and urban communities, which provides closer proximity to customers.
Closer proximity stores offer convenient shopping experience to customers and
enhance company’s ability to deliver competitive prices on its products. The
company’s market analysis, site selection process, store approval processes
and store marketing programs help it to optimize its returns and minimize risks
related to unprofitable stores.
Weaknesses
The company has involvement in various legal issues and lawsuits which not
only could affect the brand image of the company, but also needs significant
commitments on the cost front in terms of fines imposed and penalties levied.
In May 2011, a lawsuit was filed by Winn-Dixie Stores, Inc. against the
subsidiary unit of DGCs subsidiary Dolgencorp, LLC in the Southern District of
Florida. The Winn-Dixie alleged that the that the sale of food and other items
in nearly 55 of the Dolgencorp stores was co-located in a shopping center with
one of plaintiffs' stores, which violates restrictive covenants which are
binding on the occupants of the shopping centers. In June 2010, the company was
involved in a civil action lawsuit (Shaleka Gross, et al v. Dollar General
Corporation) in US District Court for the Southern District of Mississippi. The
plaintiffs in the case include three former non-exempt store employees alleged
that they were not paid for all hours worked in violation of the FLSA. The
company is also facing a similar case filed in 2006 by its former store manage
in the US District Court for the Northern District of Alabama, alleging the
company for paying less than the male store managers because of her sex, which
was in violation of the Equal Pay Act and Title VII of the Civil Rights Act of
1964. The company is facing various other similar issues which put an
additional burden on the cost structure of the company in terms of legal
consultancy fees, fines imposed, penalties levied, and damages paid.
The company witnessed limited liquidity position in the year ended
February 3, 2012, which could have an adverse affect on its operations as the
company could feel credit crunch in fulfilling its operational and working
capital needs. The total current assets of the company declined from $2367.82m
in 2011 to $2275.07m in 2012, however, its total current liabilities
incremented from $1365.37m in 2011 to $1509.90m in 2012. Moreover, the cash and
short term investments of the company substantially declined from $497.45m in
2011 to $126.13m in 2012. As a result, the company’s current ratio declined
from 1.73 times in 2011 to 1.50 times in 2012, quick ratio declined from 0.44
times in 2011 to 0.17 times in 2012, and its cash ratio also substantially
declined from 0.36 times in 2011 to 0.084 times in 2012.
Opportunities
Business
Expansion: E-Commerce
E-retailing, has been witnessing a strong growth in the recent years,
mostly due to the rising internet penetration and the user-friendly shopping
interface created by the retailers. The further enhance its position in
convenience and value; the company in 2011 launched its ecommerce channel at
dollargeneral.com. The company’s newly launched web store offers an extensive
range of brand and private label merchandise, which include health and beauty
products, cleaning supplies, baby items, holiday merchandise, home decor,
stationery, and snacks among others. According to analysts, the online retail
sales in the US are expected to reach $229 billion in 2013. The market is
expected to grow at a compound average growth rate (CAGR) of 10% from 2009 to
2013. Moreover, according to Internet World Stats as on December 31, 2011, the
internet penetration in the world population stood at 32.7%, compared to 28.7%.
Besides, during 2000-2011, internet penetration recorded a growth of 528.1%.
The rising popularity of e-retailing has encouraged more and more customers to
shop online and place their orders through credit cards, thereby avoiding the
time consuming journey and billing queues. Thus, the company's newly launched
ecommerce channel could provide it with ample of opportunities to achieve its
business growth prospects.
Private
Label Gaining Momentum
The company can benefit amidst the increasing demand of private label
goods. It can foster its sales due to the growing preference of private label
items, which offers lower cost products then the other established national
brands. As a part of its strategic intent the company is focusing on nurturing
and enhancing of its private-brand products. The private label brands witnessed
increment in sales and dollar share in US retailing segment consisting of
supermarkets, convenience stores, drug stores and discount stores in nearly all
categories. According to industry experts, in 2011 the overall sales of private
label in supermarkets witnessed an increment of 5.1% compared to the figures in
2010, and in drug stores also private labels reported a overall sales increment
of 3.8% compared to previous year. Moreover, the private label food and
non-food grocery sales in the US in 2011 were $120 billion, which also
witnessed substantial growth and is further expected to follow similar growth
trajectory in coming years. Private label goods are generally much cheaper to
produce than branded goods, due to the lack of advertising and marketing expenses.
This strong growth offers retailers an opportunity to invest in the development
of their own private labels. Also, the retailers are now becoming increasingly
established as brands themselves, marketing their private label products as
alternatives to national brands. This increasing demand for the private label
products creates huge opportunity for the company.
The company has taken various initiatives in the recent past, to fuel
its business growth and to expand the scope of its business. In the year ended
February 3, 2012, the company opened 500 new stores at various strategic
locations which are expected to witness high demand of products, and closed 34
underperforming stores. The company opened 12 new Dollar General Market stores,
which includes seven stores with its entry in Nevada. The company through the
opening of its new stores entered the markets of Connecticut, New Hampshire,
and Nevada. It also remodeled or relocated 550 traditional stores and 25 Dollar
General Market stores. In the fiscal 2012, the company has plans to open 625
new stores and to remodel or relocate an additional 550 stores, which includes
plans to open 40 new Dollar General Market stores. The company is also testing
a larger format traditional store with approximately 10,000 sq. ft. of selling
space, including an expanded section of coolers and freezers. The company
expects the capital expenditures during 2012 to be in the range of $600-$650m.
The company also opened a new distribution center in Bessemer, Alabama which
became operational in March 2012. The company also leased a distribution
facility in Lebec, California which was expected to be operational in April
2012. In June 2012, the company announced its plans to build a distribution
center in Bethel Township, in Berks County, Pennsylvania. Moreover, in the
recent years, the company made significant investments in facilities,
technological improvements and upgrades, which is expected to enhance its
efficiency and ability to support merchandising and operational level
initiatives.
Threats
Dollar General sources and sells products from a wide variety of
domestic and international suppliers. The company’s major suppliers Procter
& Gamble, Kimberly Clark, Unilever, Kellogg's, General Mills, Nabisco,
Coca-Cola and PepsiCo. In year ended February 2012, the company made nearly 8%
and 7% of its purchases from its largest and second largest suppliers,
respectively. Around 8.0% of its purchases were directly imported at cost.
Apart from that, its domestic suppliers also import their products or
components directly. Therefore, political and economic instability in foreign
suppliers’ countries might have a major impact on Dollar General. Along with
that, the company is also vulnerable to the financial instability of the
suppliers, their failure to meet the standards and any labor problems faced by
the suppliers. Disruptions due to labor stoppages, strikes or slowdowns, or
other disruptions, involving its vendors or the transportation and handling
industries also may negatively affect its ability to receive merchandise and
thus may negatively affect its annual sales. This dependence on the third party
suppliers/vendors to procure its supplies is fraught with grave country risk
and foreign exchange risk.
Increasing debt could have a major impact on the operational performance
of the company as a major portion of the company's earnings would be diverted
to servicing its debt obligations. This could be of concern to the investors
and make it difficult for the company to raise funds on favorable terms from
the market. Although the company reduced its total debt burden in 2012 compared
to 2011, however it still sustains on the higher side. For the year ended
February 3, 2012, the company had total outstanding debt of $2.618 billion,
which also includes the current portion of long-term obligations. The
outstanding debt includes a $1.964 billion senior secured term loan facility
which maturity in July 2014; nearly $450.7m principal amount of senior
subordinated toggle notes due 2017; and borrowings of $184.7m under company’s
senior secured asset-based revolving credit facility. The company in March 2012
amended its revolving credit facility and increased its maximum borrowing to
$1.2 billion and extended the maturity date to July 2014, which was previously
scheduled to mature at July 2013. The company incurred this debt to meet its
working capital and capital expenditure needs. If it fails to comply with any
of the debt service requirements, the debt could become due and payable prior
to its scheduled maturity. The company needs to dedicate a significant portion
of its cash flow from operations to service interest and principal payments.
Any reduction in revenues and operating cash flows could hinder the company’s
ability to repay interest and principal, resulting in default.
Being in the discount retail merchandise business, Dollar General faces
stiff competition relating to price, store location, merchandise assortment,
quality, and customer service. It directly competes with discount stores and
mass merchandise retailers. The grocery, drug, convenience, variety and other
specialty stores also competes in luring customers from the company. Apart from
various local and independent operators, the direct competitors in the dollar
store retail category include Family Dollar, Dollar Tree, Fred’s, 99 Cents
Only. Other retail categories competing with Dollar General include Wal-Mart
Walgreens, CVS, Rite Aid, Target and Costco. Having a greater financial arm,
these firms have a competitive edge over Dollar General in terms of marketing,
distribution, and other activities. They compete heavily through aggressive
promotional activities, merchandise selection and availability, best customer
service, right location, longer store hours, best in-store amenities and low
price. Due to their large scale operations, extensive geographical markets and
product and brand variety, they have better bargaining power from the suppliers
compared to Dollar General. Thus the competition pressurizes the company to
lower the prices to maintain its competitive position, thereby lowering the
margins.
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Corporate Family |
Corporate Structure News: |
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Dollar General Corp. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Goodlettsville, TN |
United States |
Retail (Specialty) |
14,807.2 |
90,000 |
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Branch |
Indianola, MS |
United States |
Retail (Specialty) |
66.3 |
650 |
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Branch |
Fulton, MO |
United States |
Retail (Specialty) |
66.3 |
650 |
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Subsidiary |
Scottsville, KY |
United States |
Miscellaneous Capital Goods |
566.4 |
600 |
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Branch |
Alachua, FL |
United States |
Advertising |
135.6 |
600 |
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Branch |
Ardmore, OK |
United States |
Retail (Specialty) |
61.2 |
600 |
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Branch |
Jonesville, SC |
United States |
Retail (Specialty) |
56.1 |
550 |
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Branch |
South Boston, VA |
United States |
Retail (Specialty) |
51.0 |
500 |
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Branch |
Bossier City, LA |
United States |
Retail (Specialty) |
20.4 |
200 |
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Branch |
North Wilkesboro, NC |
United States |
Retail (Specialty) |
9.4 |
92 |
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Branch |
Nashville, TN |
United States |
Retail (Specialty) |
6.6 |
65 |
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Branch |
Nashville, TN |
United States |
Retail (Specialty) |
5.8 |
57 |
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Branch |
Bronson, FL |
United States |
Retail (Specialty) |
5.1 |
50 |
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Branch |
Louisville, KY |
United States |
Retail (Specialty) |
5.1 |
50 |
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Branch |
Carrollton, OH |
United States |
Retail (Specialty) |
4.4 |
43 |
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Branch |
Orlando, FL |
United States |
Retail (Specialty) |
4.1 |
40 |
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Branch |
Russellville, KY |
United States |
Retail (Specialty) |
3.6 |
35 |
|
|
Branch |
Lakeland, FL |
United States |
Retail (Specialty) |
3.6 |
35 |
|
|
Branch |
Pleasant View, TN |
United States |
Retail (Specialty) |
3.6 |
35 |
|
|
Branch |
Scottsville, KY |
United States |
Retail (Specialty) |
3.3 |
32 |
|
|
Branch |
Collinsville, VA |
United States |
Retail (Specialty) |
3.1 |
30 |
|
|
Branch |
Jackson, GA |
United States |
Retail (Specialty) |
3.1 |
30 |
|
|
Branch |
Uhrichsville, OH |
United States |
Retail (Specialty) |
3.1 |
30 |
|
|
Branch |
Shelbyville, TN |
United States |
Retail (Specialty) |
3.1 |
30 |
|
|
Branch |
Fort Oglethorpe, GA |
United States |
Retail (Specialty) |
3.1 |
30 |
|
|
Branch |
Franklin, KY |
United States |
Retail (Specialty) |
3.0 |
29 |
|
|
Branch |
Louisville, KY |
United States |
Retail (Specialty) |
2.9 |
28 |
|
|
Branch |
Bowling Green, KY |
United States |
Retail (Specialty) |
2.7 |
26 |
|
|
Branch |
Seymour, TN |
United States |
Retail (Specialty) |
2.7 |
26 |
|
|
Branch |
Livonia, MI |
United States |
Retail (Specialty) |
2.6 |
25 |
|
|
Branch |
Huntsville, AL |
United States |
Retail (Specialty) |
2.6 |
25 |
|
|
Branch |
Ardmore, TN |
United States |
Retail (Specialty) |
2.6 |
25 |
|
|
Branch |
Savannah, GA |
United States |
Retail (Specialty) |
2.4 |
24 |
|
|
Branch |
Edmonton, KY |
United States |
Retail (Specialty) |
2.4 |
24 |
|
|
Branch |
Greeneville, TN |
United States |
Retail (Specialty) |
2.3 |
23 |
|
|
Branch |
Harriman, TN |
United States |
Retail (Specialty) |
2.3 |
23 |
|
|
Branch |
Crossville, TN |
United States |
Retail (Specialty) |
2.3 |
23 |
|
|
Branch |
Cedartown, GA |
United States |
Retail (Department and Discount) |
3.6 |
22 |
|
|
Branch |
Livingston, TN |
United States |
Retail (Specialty) |
2.2 |
22 |
|
|
Branch |
La Vergne, TN |
United States |
Retail (Specialty) |
2.2 |
22 |
|
|
Branch |
White House, TN |
United States |
Retail (Specialty) |
2.2 |
22 |
|
|
Branch |
Clarksville, VA |
United States |
Retail (Specialty) |
2.1 |
21 |
|
|
Branch |
Bluefield, VA |
United States |
Retail (Specialty) |
2.0 |
20 |
|
|
Branch |
Powell, TN |
United States |
Retail (Specialty) |
2.0 |
20 |
|
|
Branch |
Knoxville, TN |
United States |
Retail (Specialty) |
2.0 |
20 |
|
|
Branch |
Lebanon, TN |
United States |
Retail (Specialty) |
2.0 |
20 |
|
|
Branch |
Hendersonville, TN |
United States |
Retail (Specialty) |
2.0 |
20 |
|
|
Branch |
Montgomery, AL |
United States |
Retail (Specialty) |
2.0 |
20 |
|
|
Branch |
Hermitage, TN |
United States |
Retail (Specialty) |
2.0 |
20 |
|
|
Branch |
Wellsburg, WV |
United States |
Retail (Specialty) |
2.0 |
20 |
|
|
Branch |
New Port Richey, FL |
United States |
Retail (Specialty) |
2.0 |
20 |
|
|
Branch |
New Orleans, LA |
United States |
Retail (Specialty) |
2.0 |
20 |
|
|
Branch |
Knoxville, TN |
United States |
Retail (Specialty) |
2.0 |
20 |
|
|
Subsidiary |
Covington, IN |
United States |
Retail (Specialty) |
1.3 |
13 |
|
|
Subsidiary |
Eudora, AR |
United States |
Retail (Specialty) |
0.6 |
6 |
|
|
Subsidiary |
Centralia, IL |
United States |
Retail (Specialty) |
0.6 |
6 |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dollar General
Corp.
|
|
|
||||||
|
Cordele Dispatch, Ga., Clay Mercer column |
04-Oct-2012 |
|||||
|
News Summary: Stocks rise after jobs report |
04-Oct-2012 |
|||||
|
Officials recommend rezoning for Dollar General |
04-Oct-2012 |
|||||
|
Dollar Stores Prepare for Holiday Season, Offer Huge
Discounts on Toys |
04-Oct-2012 |
|||||
|
Keselowski revs back into lead |
04-Oct-2012 |
|||||
|
FORM 8-K: DOLLAR GENERAL FILES CURRENT REPORT |
04-Oct-2012 |
|||||
|
Family Dollar earnings, profits up |
03-Oct-2012 |
|||||
|
Werner Enterprises at Citi Global Industrials Conference
- Final |
03-Oct-2012 |
|||||
|
CAR Auto Racing Glance |
03-Oct-2012 |
|||||
|
AUTO RACING PACKAGE: Auto Racing Glance |
03-Oct-2012 |
|||||
|
||||||
|
Dollar General offers 10% discount on toys for holiday
season |
28-Sep-2012 |
|||||
|
Dollar General announces USD30.0m secondary offering of
shares |
28-Sep-2012 |
|||||
|
US: Dollar General raises FY outlook after Q2 profit up |
06-Sep-2012 |
|||||
|
US: Discounter Dollar General H1 profits up |
05-Sep-2012 |
|||||
|
Dollar General Literacy Foundation Awards Grants |
02-Sep-2012 |
|||||
|
Dollar General Literacy Foundation Awards over $2M in
Grants to 564 Schools and Organizations Nationwide |
31-Aug-2012 |
|||||
|
Cook Memorial Public Library District receives $1,000
grant |
13-Aug-2012 |
|||||
|
American Realty Capital Trust Posts Q2 2012 Results |
11-Aug-2012 |
|||||
|
United States : T-Mobile USA Reports Second Quarter 2012
Operating Results |
10-Aug-2012 |
|||||
|
American Realty Capital Trust Reports Q2 2012 Results |
07-Aug-2012 |
|||||
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
03-Feb-2012 |
28-Jan-2011 |
29-Jan-2010 |
30-Jan-2009 |
01-Feb-2008 |
|
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
14,807.2 |
13,035.0 |
11,796.4 |
10,457.7 |
9,495.2 |
|
Revenue |
14,807.2 |
13,035.0 |
11,796.4 |
10,457.7 |
9,495.2 |
|
Total Revenue |
14,807.2 |
13,035.0 |
11,796.4 |
10,457.7 |
9,495.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
10,109.3 |
8,858.4 |
8,106.5 |
7,396.6 |
6,851.8 |
|
Cost of Revenue, Total |
10,109.3 |
8,858.4 |
8,106.5 |
7,396.6 |
6,851.8 |
|
Gross Profit |
4,697.9 |
4,176.6 |
3,689.9 |
3,061.1 |
2,643.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
3,207.1 |
2,902.5 |
2,736.6 |
2,448.6 |
2,285.4 |
|
Total Selling/General/Administrative Expenses |
3,207.1 |
2,902.5 |
2,736.6 |
2,448.6 |
2,285.4 |
|
Litigation |
- |
0.0 |
0.0 |
32.0 |
- |
|
Other Unusual Expense (Income) |
- |
- |
0.0 |
0.0 |
102.6 |
|
Unusual Expense (Income) |
- |
0.0 |
0.0 |
32.0 |
102.6 |
|
Total Operating Expense |
13,316.4 |
11,760.9 |
10,843.1 |
9,877.2 |
9,239.9 |
|
|
|
|
|
|
|
|
Operating Income |
1,490.8 |
1,274.1 |
953.3 |
580.5 |
255.4 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-205.0 |
-274.2 |
-345.7 |
-391.9 |
-263.2 |
|
Interest Expense, Net Non-Operating |
-205.0 |
-274.2 |
-345.7 |
-391.9 |
-263.2 |
|
Interest Income -
Non-Operating |
0.1 |
0.2 |
0.1 |
3.1 |
8.8 |
|
Interest/Investment Income - Non-Operating |
0.1 |
0.2 |
0.1 |
3.1 |
8.8 |
|
Interest Income (Expense) - Net Non-Operating Total |
-204.9 |
-274.0 |
-345.6 |
-388.9 |
-254.4 |
|
Other Non-Operating Income (Expense) |
-60.6 |
-15.1 |
-55.5 |
2.8 |
-3.6 |
|
Other, Net |
-60.6 |
-15.1 |
-55.5 |
2.8 |
-3.6 |
|
Income Before Tax |
1,225.3 |
985.0 |
552.1 |
194.4 |
-2.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
458.6 |
357.1 |
212.7 |
86.2 |
10.2 |
|
Income After Tax |
766.7 |
627.9 |
339.4 |
108.2 |
-12.8 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
766.7 |
627.9 |
339.4 |
108.2 |
-12.8 |
|
Net Income |
766.7 |
627.9 |
339.4 |
108.2 |
-12.8 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
766.7 |
627.9 |
339.4 |
108.2 |
-12.8 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
766.7 |
627.9 |
339.4 |
108.2 |
-12.8 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
341.2 |
341.0 |
322.8 |
317.0 |
316.8 |
|
Basic EPS Excl Extraord Items |
2.25 |
1.84 |
1.05 |
0.34 |
-0.04 |
|
Basic/Primary EPS Incl Extraord Items |
2.25 |
1.84 |
1.05 |
0.34 |
-0.04 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
766.7 |
627.9 |
339.4 |
108.2 |
-12.8 |
|
Diluted Weighted Average Shares |
345.1 |
344.8 |
324.8 |
317.5 |
316.8 |
|
Diluted EPS Excl Extraord Items |
2.22 |
1.82 |
1.05 |
0.34 |
-0.04 |
|
Diluted EPS Incl Extraord Items |
2.22 |
1.82 |
1.05 |
0.34 |
-0.04 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.05 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
239.7 |
0.0 |
15.7 |
|
Interest Expense, Supplemental |
205.0 |
274.2 |
345.7 |
391.9 |
263.2 |
|
Interest Capitalized, Supplemental |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
243.7 |
215.7 |
201.1 |
190.5 |
200.4 |
|
Total Special Items |
61.2 |
15.9 |
65.9 |
32.0 |
102.6 |
|
Normalized Income Before Tax |
1,286.5 |
1,000.9 |
618.0 |
226.4 |
100.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
22.9 |
5.8 |
25.4 |
14.2 |
35.9 |
|
Inc Tax Ex Impact of Sp Items |
481.5 |
362.9 |
238.1 |
100.4 |
46.1 |
|
Normalized Income After Tax |
805.0 |
638.0 |
380.0 |
126.0 |
53.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
805.0 |
638.0 |
380.0 |
126.0 |
53.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.36 |
1.87 |
1.18 |
0.40 |
0.17 |
|
Diluted Normalized EPS |
2.33 |
1.85 |
1.17 |
0.40 |
0.17 |
|
Amort of Intangibles, Supplemental |
21.0 |
27.4 |
41.3 |
45.0 |
26.1 |
|
Rental Expenses |
542.3 |
489.3 |
428.6 |
389.6 |
364.6 |
|
Advertising Expense, Supplemental |
50.4 |
46.9 |
41.5 |
27.8 |
40.9 |
|
Normalized EBIT |
1,552.0 |
1,290.0 |
1,019.2 |
612.5 |
358.0 |
|
Normalized EBITDA |
1,816.7 |
1,533.1 |
1,261.6 |
848.0 |
584.5 |
|
Current Tax - Domestic |
385.3 |
273.0 |
173.0 |
10.5 |
5.4 |
|
Current Tax - Foreign |
1.4 |
1.3 |
1.5 |
1.1 |
0.9 |
|
Current Tax - Local |
56.3 |
28.1 |
21.0 |
1.2 |
5.6 |
|
Current Tax - Total |
443.0 |
302.3 |
195.5 |
12.8 |
11.9 |
|
Deferred Tax - Domestic |
8.3 |
42.0 |
12.4 |
64.4 |
3.4 |
|
Deferred Tax - Foreign |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Tax - Local |
7.3 |
12.8 |
4.8 |
9.0 |
-5.0 |
|
Deferred Tax - Total |
15.6 |
54.8 |
17.2 |
73.4 |
-1.6 |
|
Income Tax - Total |
458.6 |
357.1 |
212.7 |
86.2 |
10.2 |
|
Defined Contribution Expense - Domestic |
12.6 |
11.2 |
10.3 |
9.2 |
8.1 |
|
Total Pension Expense |
12.6 |
11.2 |
10.3 |
9.2 |
8.1 |
|
Annual Balance Sheet |
|
Financials in:
USD (mil) |
|
03-Feb-2012 |
28-Jan-2011 |
29-Jan-2010 |
30-Jan-2009 |
01-Feb-2008 |
|
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
126.1 |
497.4 |
222.1 |
378.0 |
100.2 |
|
Short Term Investments |
- |
- |
- |
0.0 |
19.6 |
|
Cash and Short Term Investments |
126.1 |
497.4 |
222.1 |
378.0 |
119.8 |
|
Other Receivables |
- |
0.0 |
7.5 |
6.4 |
32.5 |
|
Total Receivables, Net |
- |
0.0 |
7.5 |
6.4 |
32.5 |
|
Total Inventory |
2,009.2 |
1,765.4 |
1,519.6 |
1,415.0 |
1,288.7 |
|
Prepaid Expenses |
139.7 |
104.9 |
96.3 |
66.2 |
59.5 |
|
Deferred Income Tax - Current Asset |
- |
- |
0.0 |
4.6 |
17.3 |
|
Other Current Assets, Total |
- |
- |
0.0 |
4.6 |
17.3 |
|
Total Current Assets |
2,275.1 |
2,367.8 |
1,845.4 |
1,870.1 |
1,517.7 |
|
|
|
|
|
|
|
|
Buildings |
836.7 |
749.1 |
651.6 |
636.8 |
603.8 |
|
Land/Improvements |
204.6 |
174.4 |
137.9 |
137.8 |
137.5 |
|
Machinery/Equipment |
1,500.3 |
1,235.8 |
992.4 |
781.4 |
645.4 |
|
Construction in
Progress |
139.5 |
17.9 |
10.4 |
5.0 |
2.8 |
|
Property/Plant/Equipment - Gross |
2,681.0 |
2,177.3 |
1,792.4 |
1,561.0 |
1,389.6 |
|
Accumulated Depreciation |
-886.0 |
-652.7 |
-464.0 |
-292.0 |
-115.3 |
|
Property/Plant/Equipment - Net |
1,795.0 |
1,524.6 |
1,328.4 |
1,269.0 |
1,274.2 |
|
Goodwill, Net |
4,338.6 |
4,338.6 |
4,338.6 |
4,338.6 |
4,344.9 |
|
Intangibles - Gross |
1,321.4 |
1,340.4 |
1,395.7 |
1,396.1 |
1,396.6 |
|
Accumulated Intangible Amortization |
-85.4 |
-83.5 |
-111.4 |
-70.5 |
-26.1 |
|
Intangibles, Net |
1,236.0 |
1,256.9 |
1,284.3 |
1,325.6 |
1,370.6 |
|
Other Long Term Assets |
43.9 |
58.3 |
66.8 |
86.0 |
149.0 |
|
Other Long Term Assets, Total |
43.9 |
58.3 |
66.8 |
86.0 |
149.0 |
|
Total Assets |
9,688.5 |
9,546.2 |
8,863.5 |
8,889.2 |
8,656.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,064.1 |
953.6 |
831.0 |
678.4 |
551.0 |
|
Accrued Expenses |
397.1 |
347.7 |
342.3 |
375.0 |
301.0 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
0.6 |
1.2 |
3.7 |
14.2 |
3.2 |
|
Income Taxes Payable |
44.4 |
26.0 |
4.5 |
7.6 |
3.0 |
|
Deferred Income Tax - Current Liability |
3.7 |
36.9 |
25.1 |
0.0 |
- |
|
Other Current liabilities, Total |
48.2 |
62.8 |
29.6 |
7.6 |
3.0 |
|
Total Current Liabilities |
1,509.9 |
1,365.4 |
1,206.5 |
1,075.2 |
858.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
2,612.8 |
3,280.7 |
3,399.7 |
4,123.0 |
4,278.8 |
|
Capital Lease Obligations |
5.1 |
6.4 |
- |
- |
- |
|
Total Long Term Debt |
2,617.9 |
3,287.1 |
3,399.7 |
4,123.0 |
4,278.8 |
|
Total Debt |
2,618.5 |
3,288.2 |
3,403.4 |
4,137.1 |
4,282.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
657.0 |
598.6 |
546.2 |
556.1 |
486.7 |
|
Deferred Income Tax |
657.0 |
598.6 |
546.2 |
556.1 |
486.7 |
|
Other Long Term Liabilities |
235.2 |
240.7 |
320.8 |
303.2 |
328.8 |
|
Other Liabilities, Total |
235.2 |
240.7 |
320.8 |
303.2 |
328.8 |
|
Total Liabilities |
5,020.0 |
5,491.7 |
5,473.2 |
6,057.5 |
5,952.6 |
|
|
|
|
|
|
|
|
Preferred Stock - Non Redeemable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Preferred Stock - Non Redeemable, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock |
295.8 |
298.8 |
298.0 |
278.1 |
277.7 |
|
Common Stock |
295.8 |
298.8 |
298.0 |
278.1 |
277.7 |
|
Additional Paid-In Capital |
2,960.9 |
2,945.0 |
2,923.4 |
2,489.6 |
2,480.1 |
|
Retained Earnings (Accumulated Deficit) |
1,416.9 |
830.9 |
203.1 |
103.4 |
-4.8 |
|
Other Comprehensive Income |
-5.2 |
-20.3 |
-34.2 |
-39.4 |
-49.1 |
|
Other Equity, Total |
-5.2 |
-20.3 |
-34.2 |
-39.4 |
-49.1 |
|
Total Equity |
4,668.5 |
4,054.5 |
3,390.3 |
2,831.7 |
2,703.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
9,688.5 |
9,546.2 |
8,863.5 |
8,889.2 |
8,656.4 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
338.1 |
341.5 |
340.6 |
317.8 |
317.4 |
|
Total Common Shares Outstanding |
338.1 |
341.5 |
340.6 |
317.8 |
317.4 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
90,000 |
85,900 |
79,800 |
72,500 |
71,500 |
|
Number of Common Shareholders |
1,171 |
1,044 |
466 |
188 |
145 |
|
Accumulated Intangible Amort, Suppl. |
85.4 |
83.5 |
111.4 |
70.5 |
26.1 |
|
Total Long Term Debt, Supplemental |
2,613.4 |
3,299.4 |
3,418.1 |
4,157.0 |
4,304.0 |
|
Long Term Debt Maturing within 1 Year |
0.0 |
1.2 |
3.6 |
14.2 |
3.2 |
|
Long Term Debt Maturing in Year 2 |
1,074.1 |
0.7 |
1.2 |
26.4 |
13.0 |
|
Long Term Debt Maturing in Year 3 |
1,074.1 |
0.3 |
0.8 |
23.8 |
25.2 |
|
Long Term Debt Maturing in Year 4 |
0.2 |
1,963.8 |
0.3 |
23.3 |
23.3 |
|
Long Term Debt Maturing in Year 5 |
0.2 |
864.8 |
1,963.8 |
23.3 |
23.3 |
|
Long Term Debt Maturing in 2-3 Years |
2,148.2 |
1.0 |
2.0 |
50.2 |
38.2 |
|
Long Term Debt Maturing in 4-5 Years |
0.3 |
2,828.6 |
1,964.1 |
46.6 |
46.5 |
|
Long Term Debt Matur. in Year 6 & Beyond |
464.9 |
468.6 |
1,448.4 |
4,046.1 |
4,216.0 |
|
Interest Costs |
- |
-2.6 |
-3.1 |
-3.5 |
-3.9 |
|
Total Capital Leases, Supplemental |
5.1 |
6.4 |
8.3 |
9.9 |
10.3 |
|
Capital Lease Payments Due in Year 1 |
0.6 |
1.5 |
2.3 |
3.1 |
3.7 |
|
Capital Lease Payments Due in Year 2 |
0.3 |
1.0 |
1.6 |
2.1 |
1.9 |
|
Capital Lease Payments Due in Year 3 |
0.3 |
0.6 |
1.1 |
1.1 |
0.8 |
|
Capital Lease Payments Due in Year 4 |
0.4 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Capital Lease Payments Due in Year 5 |
0.4 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Capital Lease Payments Due in 2-3 Years |
0.6 |
1.6 |
2.7 |
3.2 |
2.7 |
|
Capital Lease Payments Due in 4-5 Years |
0.8 |
1.2 |
1.2 |
1.2 |
1.2 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
3.1 |
4.6 |
5.2 |
5.9 |
6.5 |
|
Total Operating Leases, Supplemental |
3,660.0 |
3,003.3 |
2,325.0 |
1,671.9 |
1,614.2 |
|
Operating Lease Payments Due in Year 1 |
537.8 |
481.9 |
423.8 |
358.4 |
335.5 |
|
Operating Lease Payments Due in Year 2 |
495.4 |
444.8 |
391.0 |
308.5 |
286.5 |
|
Operating Lease Payments Due in Year 3 |
442.9 |
394.8 |
342.8 |
260.5 |
237.9 |
|
Operating Lease Payments Due in Year 4 |
379.7 |
338.8 |
283.5 |
211.0 |
199.0 |
|
Operating Lease Payments Due in Year 5 |
324.5 |
275.3 |
226.2 |
160.9 |
158.5 |
|
Operating Lease Pymts. Due in 2-3 Years |
938.3 |
839.6 |
733.8 |
569.0 |
524.4 |
|
Operating Lease Pymts. Due in 4-5 Years |
704.2 |
614.1 |
509.7 |
372.0 |
357.4 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
1,479.7 |
1,067.8 |
657.7 |
372.6 |
397.0 |
|
Annual Cash Flows |
|
Financials in:
USD (mil) |
|
03-Feb-2012 |
28-Jan-2011 |
29-Jan-2010 |
30-Jan-2009 |
01-Feb-2008 |
|
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
766.7 |
627.9 |
339.4 |
108.2 |
-12.8 |
|
Depreciation |
275.4 |
254.9 |
256.8 |
247.9 |
234.1 |
|
Depreciation/Depletion |
275.4 |
254.9 |
256.8 |
247.9 |
234.1 |
|
Deferred Taxes |
10.2 |
51.0 |
14.9 |
73.4 |
-1.3 |
|
Unusual Items |
60.3 |
14.6 |
55.3 |
- |
1.2 |
|
Other Non-Cash Items |
36.3 |
15.6 |
20.5 |
62.1 |
49.0 |
|
Non-Cash Items |
96.6 |
30.2 |
75.7 |
62.1 |
50.3 |
|
Inventories |
-291.5 |
-251.8 |
-100.2 |
-173.0 |
95.9 |
|
Prepaid Expenses |
-34.6 |
-10.2 |
-7.3 |
-0.6 |
- |
|
Other Assets |
- |
- |
- |
- |
-2.4 |
|
Accounts Payable |
104.4 |
123.4 |
106.0 |
140.4 |
-6.6 |
|
Accrued Expenses |
71.8 |
-42.4 |
-12.6 |
68.7 |
69.1 |
|
Taxes Payable |
51.6 |
42.9 |
1.2 |
34.0 |
10.2 |
|
Other Assets & Liabilities, Net |
-0.2 |
-1.2 |
-1.0 |
14.1 |
- |
|
Other Operating Cash Flow |
- |
- |
- |
- |
5.2 |
|
Changes in Working Capital |
-98.5 |
-139.3 |
-14.0 |
83.6 |
171.3 |
|
Cash from Operating Activities |
1,050.5 |
824.7 |
672.8 |
575.2 |
441.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-514.9 |
-420.4 |
-250.7 |
-205.5 |
-139.8 |
|
Capital Expenditures |
-514.9 |
-420.4 |
-250.7 |
-205.5 |
-139.8 |
|
Acquisition of Business |
- |
- |
- |
0.0 |
-6,738.4 |
|
Sale of Fixed Assets |
1.0 |
1.4 |
2.7 |
1.3 |
1.2 |
|
Sale/Maturity of Investment |
- |
0.0 |
0.0 |
61.5 |
31.0 |
|
Purchase of Investments |
- |
0.0 |
0.0 |
-9.9 |
-69.2 |
|
Other Investing Cash Flow |
- |
- |
- |
- |
0.0 |
|
Other Investing Cash Flow Items, Total |
1.0 |
1.4 |
2.7 |
52.9 |
-6,775.5 |
|
Cash from Investing Activities |
-513.8 |
-418.9 |
-248.0 |
-152.6 |
-6,915.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
33.1 |
13.9 |
5.4 |
-1.6 |
-83.5 |
|
Financing Cash Flow Items |
33.1 |
13.9 |
5.4 |
-1.6 |
-83.5 |
|
Cash Dividends Paid - Common |
0.0 |
0.0 |
-239.7 |
0.0 |
-15.7 |
|
Total Cash Dividends Paid |
0.0 |
0.0 |
-239.7 |
0.0 |
-15.7 |
|
Sale/Issuance of
Common |
0.2 |
0.6 |
443.8 |
4.2 |
2,759.5 |
|
Repurchase/Retirement
of Common |
-214.0 |
-13.7 |
-5.9 |
-0.5 |
-0.5 |
|
Common Stock, Net |
-213.8 |
-13.1 |
437.8 |
3.7 |
2,759.0 |
|
Options Exercised |
- |
- |
- |
0.0 |
41.5 |
|
Issuance (Retirement) of Stock, Net |
-213.8 |
-13.1 |
437.8 |
3.7 |
2,800.5 |
|
Short Term Debt Issued |
1,157.8 |
0.0 |
0.0 |
- |
1,522.1 |
|
Short Term Debt Reduction |
-973.1 |
0.0 |
0.0 |
-102.5 |
-1,419.6 |
|
Short Term Debt, Net |
184.7 |
0.0 |
0.0 |
-102.5 |
102.5 |
|
Long Term Debt Issued |
- |
0.0 |
1.1 |
0.0 |
4,176.8 |
|
Long Term Debt
Reduction |
-912.0 |
-131.2 |
-785.3 |
-44.4 |
-246.4 |
|
Long Term Debt, Net |
-912.0 |
-131.2 |
-784.2 |
-44.4 |
3,930.4 |
|
Issuance (Retirement) of Debt, Net |
-727.3 |
-131.2 |
-784.2 |
-146.9 |
4,032.9 |
|
Cash from Financing Activities |
-908.0 |
-130.4 |
-580.7 |
-144.8 |
6,734.2 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-371.3 |
275.4 |
-155.9 |
277.8 |
260.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
497.4 |
222.1 |
378.0 |
100.2 |
189.3 |
|
Net Cash - Ending Balance |
126.1 |
497.4 |
222.1 |
378.0 |
449.8 |
|
Cash Interest Paid |
209.4 |
244.8 |
328.4 |
377.0 |
238.0 |
|
Cash Taxes Paid |
382.3 |
314.1 |
188.0 |
7.1 |
-4.6 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
03-Feb-2012 |
28-Jan-2011 |
29-Jan-2010 |
30-Jan-2009 |
01-Feb-2008 |
|
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
14,807.2 |
13,035.0 |
11,796.4 |
10,457.7 |
9,495.2 |
|
Total Revenue |
14,807.2 |
13,035.0 |
11,796.4 |
10,457.7 |
9,495.2 |
|
|
|
|
|
|
|
|
Cost of Goods Sold |
10,109.3 |
8,858.4 |
8,106.5 |
7,396.6 |
6,851.8 |
|
Sell./Gen./Admin. |
3,207.1 |
2,902.5 |
2,736.6 |
2,448.6 |
2,285.4 |
|
Transaction and related costs |
- |
- |
0.0 |
0.0 |
102.6 |
|
Litigation Settle. |
- |
0.0 |
0.0 |
32.0 |
- |
|
Total Operating Expense |
13,316.4 |
11,760.9 |
10,843.1 |
9,877.2 |
9,239.9 |
|
|
|
|
|
|
|
|
Others |
-60.6 |
-15.1 |
-55.5 |
2.8 |
- |
|
Loss on interest rate swaps |
- |
- |
- |
- |
-2.4 |
|
Loss on debt retirement, net |
- |
- |
- |
- |
-1.2 |
|
Interest Income |
0.1 |
0.2 |
0.1 |
3.1 |
8.8 |
|
Interest expense |
-205.0 |
-274.2 |
-345.7 |
-391.9 |
-263.2 |
|
Net Income Before Taxes |
1,225.3 |
985.0 |
552.1 |
194.4 |
-2.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
458.6 |
357.1 |
212.7 |
86.2 |
10.2 |
|
Net Income After Taxes |
766.7 |
627.9 |
339.4 |
108.2 |
-12.8 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
766.7 |
627.9 |
339.4 |
108.2 |
-12.8 |
|
Net Income |
766.7 |
627.9 |
339.4 |
108.2 |
-12.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
766.7 |
627.9 |
339.4 |
108.2 |
-12.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
766.7 |
627.9 |
339.4 |
108.2 |
-12.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
341.2 |
341.0 |
322.8 |
317.0 |
316.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
2.25 |
1.84 |
1.05 |
0.34 |
-0.04 |
|
Basic EPS Including ExtraOrdinary Item |
2.25 |
1.84 |
1.05 |
0.34 |
-0.04 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
766.7 |
627.9 |
339.4 |
108.2 |
-12.8 |
|
Diluted Weighted Average Shares |
345.1 |
344.8 |
324.8 |
317.5 |
316.8 |
|
Diluted EPS Excluding ExtraOrd Items |
2.22 |
1.82 |
1.04 |
0.34 |
-0.04 |
|
Diluted EPS Including ExtraOrd Items |
2.22 |
1.82 |
1.04 |
0.34 |
-0.04 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.05 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
239.7 |
0.0 |
15.7 |
|
Normalized Income Before Taxes |
1,286.5 |
1,000.9 |
618.0 |
226.4 |
100.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
481.5 |
362.9 |
238.1 |
100.4 |
46.1 |
|
Normalized Income After Taxes |
805.0 |
638.0 |
380.0 |
126.0 |
53.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
805.0 |
638.0 |
380.0 |
126.0 |
53.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.36 |
1.87 |
1.18 |
0.40 |
0.17 |
|
Diluted Normalized EPS |
2.33 |
1.85 |
1.17 |
0.40 |
0.17 |
|
Interest Expense |
205.0 |
274.2 |
345.7 |
391.9 |
263.2 |
|
Interest Capitalized |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Rental Expense |
542.3 |
489.3 |
428.6 |
389.6 |
364.6 |
|
Advertising Costs |
50.4 |
46.9 |
41.5 |
27.8 |
40.9 |
|
Depreciation |
243.7 |
215.7 |
201.1 |
190.5 |
200.4 |
|
Amortization |
21.0 |
27.4 |
41.3 |
45.0 |
26.1 |
|
Federal |
385.3 |
273.0 |
173.0 |
10.5 |
5.4 |
|
Foreign |
1.4 |
1.3 |
1.5 |
1.1 |
0.9 |
|
State |
56.3 |
28.1 |
21.0 |
1.2 |
5.6 |
|
Current Tax - Total |
443.0 |
302.3 |
195.5 |
12.8 |
11.9 |
|
Federal |
8.3 |
42.0 |
12.4 |
64.4 |
3.4 |
|
Foreign |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
State |
7.3 |
12.8 |
4.8 |
9.0 |
-5.0 |
|
Deferred Tax - Total |
15.6 |
54.8 |
17.2 |
73.4 |
-1.6 |
|
Income Tax - Total |
458.6 |
357.1 |
212.7 |
86.2 |
10.2 |
|
401(k) Savings & Retirement Plan |
10.9 |
9.5 |
8.4 |
8.0 |
7.3 |
|
Supplemental Retirement Plan |
1.7 |
1.7 |
1.9 |
1.2 |
0.8 |
|
Total Pension Expense |
12.6 |
11.2 |
10.3 |
9.2 |
8.1 |
|
Annual Balance Sheet |
|
Financials in:
USD (mil) |
|
03-Feb-2012 |
28-Jan-2011 |
29-Jan-2010 |
30-Jan-2009 |
01-Feb-2008 |
|
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equiv. |
126.1 |
497.4 |
222.1 |
378.0 |
100.2 |
|
Short Term Investments |
- |
- |
- |
0.0 |
19.6 |
|
Deferred Income Taxes |
- |
- |
0.0 |
4.6 |
17.3 |
|
Inventories |
2,009.2 |
1,765.4 |
1,519.6 |
1,415.0 |
1,288.7 |
|
Prepaid expenses and other current asset |
139.7 |
104.9 |
96.3 |
66.2 |
59.5 |
|
Income Taxes Receivable |
- |
0.0 |
7.5 |
6.4 |
32.5 |
|
Total Current Assets |
2,275.1 |
2,367.8 |
1,845.4 |
1,870.1 |
1,517.7 |
|
|
|
|
|
|
|
|
Land |
204.6 |
174.4 |
137.9 |
137.8 |
137.5 |
|
Buildings |
622.8 |
575.3 |
520.9 |
518.9 |
516.5 |
|
Leasehold Improv |
213.9 |
173.8 |
130.8 |
117.8 |
87.3 |
|
Furn./Fixt/Equip |
1,500.3 |
1,235.8 |
992.4 |
781.4 |
645.4 |
|
Constr. in Prog. |
139.5 |
17.9 |
10.4 |
5.0 |
2.8 |
|
Depreciation |
-886.0 |
-652.7 |
-464.0 |
-292.0 |
-115.3 |
|
Goodwill |
4,338.6 |
4,338.6 |
4,338.6 |
4,338.6 |
4,344.9 |
|
Intangible assets |
1,321.4 |
1,340.4 |
1,395.7 |
1,396.1 |
1,396.6 |
|
Amortization |
-85.4 |
-83.5 |
-111.4 |
-70.5 |
-26.1 |
|
Other assets, net |
43.9 |
58.3 |
66.8 |
86.0 |
149.0 |
|
Total Assets |
9,688.5 |
9,546.2 |
8,863.5 |
8,889.2 |
8,656.4 |
|
|
|
|
|
|
|
|
Cur.Mat.LT Debt |
0.6 |
1.2 |
3.7 |
14.2 |
3.2 |
|
Accounts Pybl. |
1,064.1 |
953.6 |
831.0 |
678.4 |
551.0 |
|
Accrued Exps. |
397.1 |
347.7 |
342.3 |
375.0 |
301.0 |
|
Deferred income taxes |
3.7 |
36.9 |
25.1 |
0.0 |
- |
|
Income Taxes |
44.4 |
26.0 |
4.5 |
7.6 |
3.0 |
|
Total Current Liabilities |
1,509.9 |
1,365.4 |
1,206.5 |
1,075.2 |
858.2 |
|
|
|
|
|
|
|
|
Capital lease obligations |
5.1 |
6.4 |
- |
- |
- |
|
Long-term obligations |
2,612.8 |
3,280.7 |
3,399.7 |
4,123.0 |
4,278.8 |
|
Total Long Term Debt |
2,617.9 |
3,287.1 |
3,399.7 |
4,123.0 |
4,278.8 |
|
|
|
|
|
|
|
|
Derivatives |
- |
- |
- |
63.5 |
82.3 |
|
Deferred income taxes |
657.0 |
598.6 |
546.2 |
556.1 |
486.7 |
|
Other liabilities |
229.1 |
231.6 |
302.3 |
225.8 |
237.4 |
|
Redeemable common stock |
6.1 |
9.2 |
18.5 |
13.9 |
9.1 |
|
Total Liabilities |
5,020.0 |
5,491.7 |
5,473.2 |
6,057.5 |
5,952.6 |
|
|
|
|
|
|
|
|
Preferred stock, 1,000 shares authorized |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock |
295.8 |
298.8 |
298.0 |
278.1 |
277.7 |
|
Additional Paid in Capital |
2,960.9 |
2,945.0 |
2,923.4 |
2,489.6 |
2,480.1 |
|
Retained Erngs. |
1,416.9 |
830.9 |
203.1 |
103.4 |
-4.8 |
|
Other Comp. Inc. |
-5.2 |
-20.3 |
-34.2 |
-39.4 |
-49.1 |
|
Dfrd. Comp. |
- |
- |
- |
- |
0.0 |
|
Total Equity |
4,668.5 |
4,054.5 |
3,390.3 |
2,831.7 |
2,703.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
9,688.5 |
9,546.2 |
8,863.5 |
8,889.2 |
8,656.4 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
338.1 |
341.5 |
340.6 |
317.8 |
317.4 |
|
Total Common Shares Outstanding |
338.1 |
341.5 |
340.6 |
317.8 |
317.4 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amortization |
85.4 |
83.5 |
111.4 |
70.5 |
26.1 |
|
Full-Time Employees |
90,000 |
85,900 |
79,800 |
72,500 |
71,500 |
|
Number of Common Shareholders |
1,171 |
1,044 |
466 |
188 |
145 |
|
Long Term Debt Maturing within 1 Year |
0.0 |
1.2 |
3.6 |
14.2 |
3.2 |
|
Long Term Debt Maturing within 2 Year |
- |
0.7 |
1.2 |
26.4 |
13.0 |
|
Long Term Debt Maturing within 3 Years |
2,148.2 |
0.3 |
0.8 |
23.8 |
25.2 |
|
Long Term Debt Maturing within 4 Year |
- |
1,963.8 |
0.3 |
23.3 |
23.3 |
|
Long Term Debt Maturing within 5 Years |
0.3 |
864.8 |
1,963.8 |
23.3 |
23.3 |
|
Long Term Debt Maturing After 5 Years |
464.9 |
468.6 |
1,448.4 |
4,046.1 |
4,216.0 |
|
Total Long Term Debt, Supplemental |
2,613.4 |
3,299.4 |
3,418.1 |
4,157.0 |
4,304.0 |
|
Capital Leases Maturing within 1 Year |
0.6 |
1.5 |
2.3 |
3.1 |
3.7 |
|
Capital Leases Maturing within 2 Years |
- |
1.0 |
1.6 |
2.1 |
1.9 |
|
Capital Leases Maturing within 3 Years |
0.6 |
0.6 |
1.1 |
1.1 |
0.8 |
|
Capital Leases Maturing within 4 Years |
- |
0.6 |
0.6 |
0.6 |
0.6 |
|
Capital Leases Maturing within 5 Years |
0.8 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Capital Leases Remaining Maturities |
3.1 |
4.6 |
5.2 |
5.9 |
6.5 |
|
Interest |
- |
-2.6 |
-3.1 |
-3.5 |
-3.9 |
|
Total Capital Leases |
5.1 |
6.4 |
8.3 |
9.9 |
10.3 |
|
Operating Leases Maturing within 1 Year |
537.8 |
481.9 |
423.8 |
358.4 |
335.5 |
|
Operating Leases Maturing within 2 Years |
495.4 |
444.8 |
391.0 |
308.5 |
286.5 |
|
Operating Leases Maturing within 3 Years |
442.9 |
394.8 |
342.8 |
260.5 |
237.9 |
|
Operating Leases Maturing within 4 Years |
379.7 |
338.8 |
283.5 |
211.0 |
199.0 |
|
Operating Leases Maturing within 5 Years |
324.5 |
275.3 |
226.2 |
160.9 |
158.5 |
|
Operating Leases Remaining Maturities |
1,479.7 |
1,067.8 |
657.7 |
372.6 |
397.0 |
|
Total Operating Leases |
3,660.0 |
3,003.3 |
2,325.0 |
1,671.9 |
1,614.2 |
|
Annual Cash Flows |
|
Financials in:
USD (mil) |
|
03-Feb-2012 |
28-Jan-2011 |
29-Jan-2010 |
30-Jan-2009 |
01-Feb-2008 |
|
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
766.7 |
627.9 |
339.4 |
108.2 |
-12.8 |
|
Depreciation |
275.4 |
254.9 |
256.8 |
247.9 |
234.1 |
|
Noncash share based compensation |
15.3 |
16.0 |
17.3 |
10.0 |
49.3 |
|
Noncash unrealized loss on interest rate |
- |
- |
- |
- |
3.7 |
|
Deferred Taxes |
10.2 |
51.0 |
14.9 |
73.4 |
-1.3 |
|
Tax benefit of stock options |
-33.1 |
-13.9 |
-5.4 |
-1.0 |
-3.9 |
|
Loss on debt retirement, net |
60.3 |
14.6 |
55.3 |
- |
1.2 |
|
Noncash inventory adjustments and asset |
48.7 |
7.6 |
0.6 |
50.7 |
0.0 |
|
Other noncash gains and losses |
5.5 |
5.9 |
7.9 |
2.4 |
- |
|
Inventories |
-291.5 |
-251.8 |
-100.2 |
-173.0 |
95.9 |
|
Prepaid expenses and other current asset |
-34.6 |
-10.2 |
-7.3 |
-0.6 |
- |
|
Other Current Assets |
- |
- |
- |
- |
-2.4 |
|
Trade Acct. Pybl. |
104.4 |
123.4 |
106.0 |
140.4 |
-6.6 |
|
Accrued expenses and other liabilities |
71.8 |
-42.4 |
-12.6 |
68.7 |
69.1 |
|
Income taxes |
51.6 |
42.9 |
1.2 |
34.0 |
10.2 |
|
Other |
-0.2 |
-1.2 |
-1.0 |
14.1 |
- |
|
Other |
- |
- |
- |
- |
5.2 |
|
Cash from Operating Activities |
1,050.5 |
824.7 |
672.8 |
575.2 |
441.6 |
|
|
|
|
|
|
|
|
Merger, net of cash acquired |
- |
- |
- |
0.0 |
-6,738.4 |
|
Capital Expenditures |
-514.9 |
-420.4 |
-250.7 |
-205.5 |
-139.8 |
|
Purchases of Short Term Investments |
- |
0.0 |
0.0 |
-9.9 |
-8.9 |
|
Sales of Short Term Investments |
- |
0.0 |
0.0 |
61.5 |
31.0 |
|
Proceeds from sales of property and equi |
1.0 |
1.4 |
2.7 |
1.3 |
1.2 |
|
Purchases of Long -Term Investments |
- |
- |
- |
0.0 |
-23.2 |
|
Purchases of promissory notes |
- |
- |
- |
0.0 |
-37.0 |
|
Insurance Proceeds Related to Property |
- |
- |
- |
- |
0.0 |
|
Cash from Investing Activities |
-513.8 |
-418.9 |
-248.0 |
-152.6 |
-6,915.3 |
|
|
|
|
|
|
|
|
Issuance of common stock |
0.2 |
0.6 |
443.8 |
4.2 |
2,759.5 |
|
Equity settlements with employees, net o |
-29.0 |
-13.7 |
-5.9 |
- |
- |
|
Borrowings under revolving credit facili |
1,157.8 |
0.0 |
0.0 |
- |
1,522.1 |
|
Repayments of borrowings under revolving |
-973.1 |
0.0 |
0.0 |
-102.5 |
-1,419.6 |
|
LT Borrowings-Issue |
- |
0.0 |
1.1 |
0.0 |
4,176.8 |
|
LT Borrowings-Repay. |
-912.0 |
-131.2 |
-785.3 |
-44.4 |
-246.4 |
|
Cash Dividends |
0.0 |
0.0 |
-239.7 |
0.0 |
-15.7 |
|
Repurchase of common stock from principa |
-185.0 |
0.0 |
0.0 |
- |
- |
|
Debt issuance costs |
- |
- |
- |
0.0 |
-87.4 |
|
Tax benefit of stock options |
33.1 |
13.9 |
5.4 |
1.0 |
3.9 |
|
Treasury Stock |
- |
- |
- |
-0.5 |
-0.5 |
|
Other |
- |
- |
- |
-2.5 |
0.0 |
|
Options |
- |
- |
- |
0.0 |
41.5 |
|
Cash from Financing Activities |
-908.0 |
-130.4 |
-580.7 |
-144.8 |
6,734.2 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-371.3 |
275.4 |
-155.9 |
277.8 |
260.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
497.4 |
222.1 |
378.0 |
100.2 |
189.3 |
|
Net Cash - Ending Balance |
126.1 |
497.4 |
222.1 |
378.0 |
449.8 |
|
Cash Interest Paid |
209.4 |
244.8 |
328.4 |
377.0 |
238.0 |
|
Cash Taxes Paid |
382.3 |
314.1 |
188.0 |
7.1 |
-4.6 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
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Standard
& Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
- We have lowered our long-term sovereign credit rating on the
United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+'
short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our opinion that the fiscal
consolidation plan that Congress and the Administration recently agreed to
falls short of what, in our view, would be necessary to stabilize the
government's medium-term debt dynamics.
·
More broadly, the downgrade reflects our view that the
effectiveness, stability, and predictability of American policymaking and
political institutions have weakened at a time of ongoing fiscal and economic
challenges to a degree more than we envisioned when we assigned a negative
outlook to the rating on April 18, 2011.
·
Since then, we have changed our view of the difficulties in
bridging the gulf between the political parties over fiscal policy, which makes
us pessimistic about the capacity of Congress and the Administration to be able
to leverage their agreement this week into a broader fiscal consolidation plan
that stabilizes the government's debt dynamics any time soon.
·
The outlook on the long-term rating is negative. We could
lower the long-term rating to 'AA' within the next two years if we see that
less reduction in spending than agreed to, higher interest rates, or new fiscal
pressures during the period result in a higher general government debt
trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The
transfer and convertibility (T&C) assessment of the U.S.--our assessment of
the likelihood of official interference in the ability of U.S.-based public-
and private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term rating
on the U.S. because we believe that the prolonged controversy over raising the
statutory debt ceiling and the related fiscal policy debate indicate that
further near-term progress containing the growth in public spending, especially
on entitlements, or on reaching an agreement on raising revenues is less likely
than we previously assumed and will remain a contentious and fitful process. We
also believe that the fiscal consolidation plan that Congress and the
Administration agreed to this week falls short of the amount that we believe is
necessary to stabilize the general government debt burden by the middle of the
decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and Assumptions
," June 30, 2011, especially Paragraphs 36-41). Nevertheless, we view the
U.S. federal government's other economic, external, and monetary credit
attributes, which form the basis for the sovereign rating, as broadly
unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The
political brinksmanship of recent months highlights what we see as America's
governance and policymaking becoming less stable, less effective, and less
predictable than what we previously believed. The statutory debt ceiling and
the threat of default have become political bargaining chips in the debate over
fiscal policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be extraordinarily
difficult to bridge, and, as we see it, the resulting agreement fell well short
of the comprehensive fiscal consolidation program that some proponents had
envisaged until quite recently. Republicans and Democrats have only been able
to agree to relatively modest savings on discretionary spending while
delegating to the Select Committee decisions on more comprehensive measures. It
appears that for now, new revenues have dropped down on the menu of policy
options. In addition, the plan envisions only minor policy changes on Medicare
and little change in other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and Assumptions,"
June 30, 2011, especially Paragraphs 36-41). In our view, the difficulty in
framing a consensus on fiscal policy weakens the government's ability to manage
public finances and diverts attention from the debate over how to achieve more
balanced and dynamic economic growth in an era of fiscal stringency and
private-sector deleveraging (ibid). A new political consensus might (or might
not) emerge after the 2012 elections, but we believe that by then, the government
debt burden will likely be higher, the needed medium-term fiscal adjustment
potentially greater, and the inflection point on the U.S. population's
demographics and other age-related spending drivers closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely Cost Even
More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or otherwise
enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed our
assumption on this because the majority of Republicans in Congress continue to
resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the outlook
on the 'AA+' long-term rating being revised to stable--retains these same
macroeconomic assumptions. In addition, it incorporates $950 billion of new
revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
On
Monday, we will issue separate releases concerning affected ratings in the
funds, government-related entities, financial institutions, insurance, public
finance, and structured finance sectors.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.61 |
|
|
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.67.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.