-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NtDO5G01mjQJw7f0D632H9FZImuSattOtaG3ifFbKdGcYVtx5AhKtExibRf/aNIW jh6cjOUSgTHo1RgiMzksTA== 0000077449-95-000009.txt : 19951213 0000077449-95-000009.hdr.sgml : 19951213 ACCESSION NUMBER: 0000077449-95-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19951028 FILED AS OF DATE: 19951212 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEP BOYS MANNY MOE & JACK CENTRAL INDEX KEY: 0000077449 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO & HOME SUPPLY STORES [5531] IRS NUMBER: 230962915 STATE OF INCORPORATION: PA FISCAL YEAR END: 0203 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03381 FILM NUMBER: 95601007 BUSINESS ADDRESS: STREET 1: 3111 W ALLEGHENY AVE CITY: PHILADELPHIA STATE: PA ZIP: 19132 BUSINESS PHONE: 2152299000 10-Q 1 FORM 10-Q - 3RD QTR 1995 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------------------- FORM 10-Q (Mark One) (x) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended October 28, 1995 OR ( ) Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to ----------- ---------- Commission File No. 1-3381 ------ The Pep Boys - Manny, Moe & Jack ------------------------------------------------------ (Exact name of registrant as specified in its charter) Pennsylvania 23-0962915 ------------------------------- --------------------------- (State or other jurisdiction of (I.R.S. Employer ID number) incorporation or organization) 3111 W. Allegheny Ave. Philadelphia, PA 19132 ---------------------------------------- ---------- (Address of principal executive offices) (Zip code) 215-229-9000 ---------------------------------------------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ( x ) No ( ) As of October 28, 1995 there were 62,046,289 shares of the registrant's Common Stock outstanding. 2 - ------------------------------------------------------------------- Index Page - ------------------------------------------------------------------- PART I - FINANCIAL INFORMATION - ------------------------------ Item 1. Condensed Consolidated Financial Statements (Unaudited) Consolidated Balance Sheets - October 28, 1995 and January 28, 1995 3 Consolidated Statements of Earnings - Thirteen and Thirty-nine weeks ended October 28, 1995 and October 29, 1994 4 Condensed Consolidated Statements of Cash Flows - Thirty-nine weeks ended October 28, 1995 and October 29, 1994 5 Notes to Condensed Consolidated Financial Statements 6 Management's Discussion and Analysis of Financial Condition and Results of Operations 7-11 PART II - OTHER INFORMATION 12 - --------------------------- SIGNATURE 13 - ------------------------------------------------------------------- 3 THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except per share amounts)
Oct. 28, 1995 Jan. 28, 1995* ------------- -------------- (Unaudited) ASSETS Current Assets: Cash........................................................ $ 17,054 $ 11,748 Accounts receivable, net.................................... 2,956 3,804 Merchandise inventories..................................... 374,159 366,843 Deferred income taxes....................................... 12,000 12,000 Other....................................................... 12,031 16,914 ------------- ------------- Total Current Assets..................................... 418,200 411,309 Property and Equipment - at cost Land........................................................ 235,315 215,623 Building and improvements................................... 656,376 592,748 Furniture, fixtures and equipment........................... 323,077 283,317 Construction in progress.................................... 21,047 13,287 ------------ ------------- 1,235,815 1,104,975 Less accumulated depreciation and amortization.............. 280,185 243,065 ------------- ------------- Total Property and Equipment............................. 955,630 861,910 Other......................................................... 19,483 17,800 ------------- ------------- Total Assets................................................... $1,393,313 $1,291,019 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Checks outstanding.......................................... $ 25,492 $ 8,422 Accounts payable............................................ 96,891 91,742 Accrued expenses............................................ 94,307 72,318 Short-term borrowings....................................... - 97,200 Income taxes payable........................................ 8,194 - Current maturities of long-term debt........................ 108,203 19,769 ------------- ------------- Total Current Liabilities................................ 333,087 289,451 Long-Term Debt, less current maturities....................... 294,328 294,537 Deferred Income Taxes......................................... 34,528 34,528 Convertible Subordinated Notes................................ 86,250 86,250 Commitments Stockholders' Equity: Common Stock, par value $1 per share: Authorized 500,000,000 shares - Issued and outstanding 62,046,289 and 61,501,679...................... 62,046 61,502 Additional paid-in capital.................................. 134,678 130,732 Retained earnings........................................... 508,665 454,288 ------------- ------------ 705,389 646,522 Less: Cost of shares in benefits trust, 2,232,500 shares, at cost. 60,269 60,269 ------------- ------------ Total Stockholders' Equity............................... 645,120 586,253 ------------- ------------ Total Liabilities and Stockholders' Equity..................... $1,393,313 $1,291,019 ============= ============ See notes to condensed consolidated financial statements. *Taken from the audited financial statements at Jan. 28, 1995. /TABLE 4 THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (dollar amounts in thousands, except per share amounts) UNAUDITED
Thirteen weeks ended Thirty-nine weeks ended --------------------------------- --------------------------------- Oct. 28, 1995 Oct. 29, 1994 Oct. 28, 1995 Oct. 29, 1994 ------------- --------------- ------------- ------------- Merchandise Sales.................................... $350,473 $ 314,194 $1,007,589 $ 924,795 Service Revenue...................................... 61,314 49,035 176,245 146,529 ------------- ------------- ------------- ------------- Total Revenues....................................... 411,787 363,229 1,183,834 1,071,324 Costs of Merchandise Sales........................... 245,826 221,998 705,912 656,861 Costs of Service Revenue............................. 49,987 41,036 141,818 120,856 ------------- ------------- ------------- ------------- Total Costs of Revenues.............................. 295,813 263,034 847,730 777,717 Gross Profit from Merchandise Sales.................. 104,647 92,196 301,677 267,934 Gross Profit from Service Revenue.................... 11,327 7,999 34,427 25,673 ------------- ------------- ------------- ------------- Total Gross Profit................................... 115,974 100,195 336,104 293,607 Selling, General and Administrative Expenses......... 74,512 61,884 214,070 180,247 ------------- ------------- ------------- ------------- Operating Profit..................................... 41,462 38,311 122,034 113,360 Nonoperating Income.................................. 457 839 1,605 3,024 Interest Expense..................................... 7,758 6,257 23,441 18,033 ------------- ------------- ------------- ------------ Earnings Before Income Taxes and Cumulative Effect of Change in Accounting Principle............ 34,161 32,893 100,198 98,351 Income Taxes......................................... 12,725 12,253 37,324 36,636 ------------- ------------- ------------- ------------ Earnings Before Cumulative Effect of Change in Accounting Principle................................ 21,436 20,640 62,874 61,715 Cumulative Effect of Change in Accounting Principle.. - - - (4,300) ------------ ------------- ------------ ------------- Net Earnings......................................... 21,436 20,640 62,874 57,415 Retained Earnings, beginning of period............... 489,964 420,309 454,288 388,653 Cash Dividends....................................... 2,735 2,435 8,497 7,554 ------------ ------------- ------------ ------------- Retained Earnings, end of period..................... $ 508,665 $ 438,514 $ 508,665 $ 438,514 ============ ============= ============ ============= Earnings per Share Before Cumulative Effect of Change in Accounting Principle................... $ .35 $ .34 $ 1.03 $ 1.02 Cumulative Effect of Change in Accounting Principle.. - - - (.07) ------------ ------------- ------------ ------------- Net Earnings per Share............................... $ .35 $ .34 $ 1.03 $ .95 ============ ============= ============ ============= Cash Dividends per Share............................. $ .0475 $ .0425 $ .1425 $ .1275 ============ ============= ============ ============= See notes to condensed consolidated financial statements.
5 THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollar amounts in thousands) UNAUDITED
Thirty-nine weeks ended --------------------------------- Oct. 28, 1995 Oct. 29, 1994 ------------- ------------- Net Cash Provided by Operating Activities....................... $ 152,135 $ 34,076 Cash Flows from Investing Activities: Capital expenditures............................................ (132,933) (122,601) Other, net...................................................... 94 303 ------------ ------------ Net Cash Used in Investing Activities........................... (132,839) (122,298) Cash Flows from Financing Activities: Net (payments) borrowings under line of credit agreements....... (89,200) 58,300 Net proceeds from issuance of notes............................. 98,992 85,387 Reduction of long-term debt..................................... (19,775) (17,261) Dividends paid.................................................. (8,497) (7,554) Proceeds from exercise of stock options and dividend reinvestment plan................................ 4,490 5,166 Common shares purchased for employee benefits trust............. - (33,476) ------------ ----------- Net Cash (Used in) Provided by Financing Activities............. (13,990) 90,562 ------------ ----------- Net Increase in Cash................................................. 5,306 2,340 Cash at Beginning of Year............................................ 11,748 12,050 ------------ ----------- Cash at End of Period................................................ $ 17,054 $ 14,390 ============ =========== See notes to condensed consolidated financial statements.
6 THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. Condensed Consolidated Financial Statements The consolidated balance sheet as of October 28, 1995, the consolidated statements of earnings for the thirteen and thirty-nine week periods ended October 28, 1995 and October 29, 1994 and the condensed consolidated statements of cash flows for the thirty-nine week periods ended October 28, 1995 and October 29, 1994 have been prepared by the Company without audit. In the opinion of management, all adjustments (which included only normal recurring adjustments ) necessary to present fairly the financial position, results of operations and cash flows at October 28, 1995 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's January 28, 1995 annual report to shareholders. The results of operations for the thirteen and thirty-nine week periods ended October 28, 1995 are not necessarily indicative of the operating results for the full year. NOTE 2. Merchandise Inventories Merchandise inventories are valued at the lower of cost (last-in, first-out) or market. If the first-in, first-out method of valuing inventories had been used by the Company, inventories would have been approximately $14,319,000 and $15,319,000 higher at October 28, 1995 and January 28, 1995, respectively. 7 THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THIRTEEN WEEKS ENDED OCTOBER 28, 1995 Results of Operations - The following table presents for the periods indicated certain items in the consolidated statements of earnings as a percentage of total revenues (except as otherwise provided) and the percentage change in dollar amounts of such items compared to the indicated prior period.
Percentage of Total Revenues Percentage Change - ------------------------------------------------------ ---------------------------------- ----------------- Thirteen weeks ended Oct. 28, 1995 Oct. 29, 1994 Fiscal 1995 vs. (Fiscal 1995) (Fiscal 1994) Fiscal 1994 - ------------------------------------------------------ -------------- ------------- ----------------- Merchandise Sales..................................... 85.1% 86.5% 11.5% Service Revenue (1)................................... 14.9 13.5 25.0 ------ ------ ------ Total Revenues........................................ 100.0 100.0 13.4 Costs of Merchandise Sales (2)........................ 70.1 (3) 70.7 (3) 10.7 Costs of Service Revenue (2).......................... 81.5 (3) 83.7 (3) 21.8 ------ ------ ------ Total Costs of Revenues............................... 71.8 72.4 12.5 Gross Profit from Merchandise Sales................... 29.9 (3) 29.3 (3) 13.5 Gross Profit from Service Revenue..................... 18.5 (3) 16.3 (3) 41.6 ------ ------ ------ Total Gross Profit.................................... 28.2 27.6 15.8 Selling, General and Administrative Expenses.......... 18.1 17.1 20.4 ------ ------ ------ Operating Profit...................................... 10.1 10.5 8.2 Nonoperating Income................................... .1 .3 (45.5) Interest Expense...................................... 1.9 1.7 24.0 ------ ------ ------ Earnings Before Income Taxes ......................... 8.3 9.1 3.9 Income Taxes.......................................... 37.3 (4) 37.3 (4) 3.9 ------ ------ ------ Net Earnings.......................................... 5.2 5.7 3.9 ====== ====== ====== (1) Service revenue consists of the labor charge for installing merchandise or maintaining or repairing vehicles, excluding the sale of any installed parts or materials. (2) Costs of merchandise sales include the cost of products sold, buying, warehousing and store occupancy costs. Costs of service revenue include service center payroll and related employee benefits and service center occupancy costs. Occupancy costs include utilities, rents, real estate and property taxes, repairs and maintenance and depreciation and amortization expenses. (3) As a percentage of related sales or revenue, as applicable. (4) As a percentage of earnings before income taxes.
8 Thirteen Weeks Ended October 28, 1995 vs. Thirteen Weeks Ended October 29, 1994 - ------------------------------------------------------------------------ Total revenues for the third quarter increased 13% due to a higher store count (472 at October 28, 1995 compared with 408 at October 29, 1994). Comparable store revenues (revenues generated by stores in operation during the same months of each period) were unchanged. Comparable store merchandise sales decreased 2% while comparable service revenue increased 9%. Gross profit from merchandise sales increased, as a percentage of merchandise sales, due primarily to higher merchandise margins offset, in part, by an increase in store occupancy costs. Gross profit from service revenue increased, as a percentage of service revenue, due primarily to decreases in service center personnel and occupancy costs. Selling, general and administrative expenses increased, as a percentage of total revenues, due primarily to an increase in store expenses. Nonoperating income consisted of the following: (in thousands)
1995 1994 ------ ------ Rental revenue $ 358 $ 306 Investment income 79 34 Other income 20 499 ------ ------ Total $ 457 $ 839 ====== ======
The 24% increase in interest expense was due primarily to higher debt levels coupled with higher interest rates. The 4% increase in net earnings in 1995 as compared with 1994, was due primarily to increases in gross profit from merchandise sales and gross profit from service revenue, as a percentage of related sales and revenues, offset, in part, by an increase in selling, general and administrative expenses, as a percentage of total revenues, and higher interest expense. 9 THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THIRTY-NINE WEEKS ENDED OCTOBER 28, 1995 Results of Operations - The following table presents for the periods indicated certain items in the consolidated statements of earnings as a percentage of total revenues (except as otherwise provided) and the percentage change in dollar amounts of such items compared to the indicated prior period.
Percentage of Total Revenues Percentage Change - ------------------------------------------------------ ---------------------------------- ----------------- Thirty-nine weeks ended Oct. 28, 1995 Oct. 29, 1994 Fiscal 1995 vs. (Fiscal 1995) (Fiscal 1994) Fiscal 1994 - ------------------------------------------------------ -------------- ------------- ----------------- Merchandise Sales..................................... 85.1% 86.3% 9.0% Service Revenue (1)................................... 14.9 13.7 20.3 ------- ------- ------- Total Revenues........................................ 100.0 100.0 10.5 Costs of Merchandise Sales (2)........................ 70.1 (3) 71.0 (3) 7.5 Costs of Service Revenue (2).......................... 80.5 (3) 82.5 (3) 17.3 ------ ------ ------ Total Costs of Revenues............................... 71.6 72.6 9.0 Gross Profit from Merchandise Sales................... 29.9 (3) 29.0 (3) 12.6 Gross Profit from Service Revenue..................... 19.5 (3) 17.5 (3) 34.1 ------ ------ ------ Total Gross Profit.................................... 28.4 27.4 14.5 Selling, General and Administrative Expenses.......... 18.0 16.8 18.8 ------ ------ ------ Operating Profit...................................... 10.4 10.6 7.7 Nonoperating Income................................... .1 .3 (46.9) Interest Expense...................................... 2.0 1.7 30.0 ------ ------ ------ Earnings Before Income Taxes and Cumulative Effect of Change in Accounting Principle.................... 8.5 9.2 1.9 Income Taxes.......................................... 37.3 (4) 37.3 (4) 1.9 ------ ------ ------ Earnings Before Cumulative Effect of Change in Accounting Principle.................... 5.3 5.8 1.9 Cumulative Effect of Change in Accounting Principle... - (.4) - ------ ------ ------ Net Earnings.......................................... 5.3 5.4 9.5 ====== ====== ====== (1) Service revenue consists of the labor charge for installing merchandise or maintaining or repairing vehicles, excluding the sale of any installed parts or materials. (2) Costs of merchandise sales include the cost of products sold, buying, warehousing and store occupancy costs. Costs of service revenue include service center payroll and related employee benefits and service center occupancy costs. Occupancy costs include utilities, rents, real estate and property taxes, repairs and maintenance and depreciation and amortization expenses. (3) As a percentage of related sales or revenue, as applicable. (4) As a percentage of earnings before income taxes and cumulative effect of a change in accounting principle.
10 Thirty-nine Weeks Ended October 28, 1995 vs. Thirty-nine Weeks Ended October 29, 1994 - ----------------------------------------------------------------------------- Total revenues increased 11% due to a higher store count (472 at October 28, 1995 compared with 408 at October 29, 1994) while comparable store revenues decreased 1%. Comparable store merchandise sales decreased 2% while comparable service revenue increased 7%. Gross profit from merchandise sales increased, as a percentage of merchandise sales, due primarily to higher merchandise margins offset, in part, by an increase in store occupancy costs. Gross profit from service revenue increased, as a percentage of service revenue, due primarily to a decrease in service employee benefits costs. Selling, general and administrative expenses increased, as a percentage of total revenues, due primarily to an increase in store expenses and slightly higher general office expenses. Nonoperating income consisted of the following: (in thousands)
1995 1994 ------ ------ Rental revenue $1,368 $ 953 Investment income 156 734 Other income 81 1,337 ------ ------ Total $1,605 $3,024 ====== ======
The 30% increase in interest expense was due primarily to higher debt levels coupled with higher interest rates. The 2% increase in earnings before the cumulative effect of a change in accounting principle in 1995 as compared with 1994, was due primarily to increases in gross profit from merchandise sales and gross profit from service revenue, as a percentage of related sales and revenues, offset, in part, by increases in selling, general and administrative expenses and interest expense. On January 30, 1994, the Company adopted SFAS No. 112, "Employers' Accounting for Postemployment Benefits." This statement establishes accrual accounting standards for employer-provided benefits which cover former or inactive employees after employment, but before retirement. Adoption of this accounting standard on January 30, 1994 resulted in a one-time charge to earnings of $4,300,000 (net of income tax benefit of $2,552,000) or $.07 per share recognized as a cumulative effect of a change in accounting principle. 11 LIQUIDITY AND CAPITAL RESOURCES - October 28, 1995 - ---------------------------------------------- The Company's cash requirements arise principally from the need to finance the acquisition, construction and equipping of new stores and to purchase inventory. During the first thirty-nine weeks of 1995, the Company invested $132,933,000 in property and equipment while net inventory (the increase in inventory less the net change in checks outstanding and accounts payable) decreased $14,903,000. Working capital decreased from $121,858,000 at January 28, 1995 to $85,113,0000 at October 28, 1995. At October 28, 1995 the Company had stockholders' equity of $645,120,000 and long-term debt of $380,578,000. The Company's long-term debt was 37% of its total capitalization at October 28, 1995 and 39% at January 28, 1995. The Company plans to open approximately 35 new stores during the balance of the current fiscal year. Management estimates that the cost of this expansion, coupled with expenditures in existing stores, warehouses and offices will be approximately $67,000,000. Funds required to finance the store expansion including related inventory requirements are expected to come primarily from operating activities with the remainder provided by unused lines of credit which totalled $236,000,000 at October 28, 1995, or from accessing traditional lending sources such as the public capital markets. On June 12, 1995 the Company sold $100,000,000 of 7% notes due June 1, 2005. Proceeds were used to repay portions of the Company's long-term variable-rate bank debt, and for general corporate purposes. 12 PART II - OTHER INFORMATION - --------------------------- Item 1. Legal Proceedings None. Item 2. Changes in Securities None. Item 3. Defaults upon Senior Securities None. Item 4. Submission of Matters to a Vote of Security Holders None. Item 5. Other Information None. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits (11) Statement Re: Computation of Earnings Per Share (27) Financial Data Schedules (b) Reports on Form 8-K. No reports on Form 8-K have been filed during the quarter for which this report is filed. 13 SIGNATURE - ---------- 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 thereunto duly authorized. THE PEP BOYS - MANNY, MOE & JACK -------------------------------- (Registrant) Date: December 12, 1995 By: /s/ Michael J. Holden ----------------------- ------------------------- Michael J. Holden Senior Vice President & Chief Financial Officer and Treasurer 14 INDEX TO EXHIBITS - ----------------- (11) Computations of Earnings Per Share (27) Financial Data Schedule EX-11 2 THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES Exhibit 11 COMPUTATION OF EARNINGS PER SHARE (in thousands, except per share data)
Thirteen weeks ended Thirty-nine weeks ended ---------------------------------- --------------------------------- Oct. 28, 1995 Oct. 29, 1994 Oct. 28, 1995 Oct. 29, 1994 -------------- --------------- ------------- ------------- Earnings before cumulative effect of change in accounting principle.............. $21,436 $20,640 $62,874 $61,715 Adjustment for interest on $86,250, 4% convertible subordinated notes, net of income tax effect..................................... - - 1,619 - ------------- -------------- ------------- ------------ (a) Adjusted earnings before cumulative effect of change in accounting principle................. 21,436 20,640 64,493 61,715 (b) Cumulative effect of change in accounting principle........................... - - - (4,300) ------------- -------------- ------------- ------------ (c) Adjusted net earnings............................ $21,436 $20,640 $64,493 $57,415 ============= ============== ============= ============ Average number of common shares outstanding during the period.............................. 59,794 59,236 59,503 59,249 Common shares assumed issued upon conversion of 4% convertible subordinated notes - - 2,104 - Common shares assumed issued upon exercise of dilutive stock options, net of assumed repurchase, at the average market price, using the treasury stock method (1)............ 764 1,378 970 1,325 ------------- ------------- ------------ ------------ (d) Average number of common shares assumed outstanding during the period.................. 60,558 60,614 62,577 60,574 ============= ============= ============ ============ Earnings per share before cumulative effect of change in accounting principle (a/d)........ $ .35 $ .34 $ 1.03 $ 1.02 Cumulative effect of change in accounting principle (b/d)................................ - - - (.07) ------------ ------------- ----------- ----------- Net earnings per share (c/d)..................... $ .35 $ .34 $ 1.03 $ .95 ============ ============= =========== ============ (1) The number of Common Shares assumed issued upon exercise of dilutive stock options is essentially the same for fully diluted earnings per share.
EX-27 3 ART 5. FDS FOR 3RD QUARTER 10-Q
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AS OF OCTOBER 28, 1995 AND THE CONSOLIDATED STATEMENT OF EARNINGS FOR THE THIRTY-NINE WEEK PERIOD ENDED OCTOBER 28, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS FEB-3-1996 OCT-28-1995 17,054 0 3,072 116 374,159 418,200 1,235,815 280,185 1,393,313 333,087 380,578 0 0 62,046 583,074 1,393,313 1,007,589 1,183,834 705,912 847,730 0 0 23,441 100,198 37,324 62,874 0 0 0 62,874 1.03 1.03 -----END PRIVACY-ENHANCED MESSAGE-----