Dollar General Case Study
Alexsandra2496
HMW2DollarTreeSpreadsheet.xlsxDT BS
| Exhibit 5b Dollar Tree, Balance Sheet Data, Fiscal 2009–2014 (in $ millions) | ||||||
| Balance Sheet as of: | Jan-31-2015 | Feb-01-2014 | Feb-02-2013 | Jan-28-2012 | Jan-29-2011 | Jan-30-2010 |
| ASSETS | ||||||
| Cash And Equivalents | 864.1 | 267.7 | 399.9 | 288.3 | 311.2 | 571.6 |
| Short Term Investments | 0 | 0 | 0 | 0 | 174.8 | 27.8 |
| Total Cash & ST Investments | 864.1 | 267.7 | 399.9 | 288.3 | 486.0 | 599.4 |
| Accounts Receivable | - | - | - | - | - | - |
| Total Receivables | - | - | - | - | - | - |
| Inventory | 1,035.7 | 1,035.3 | 971.7 | 867.4 | 803.1 | 679.8 |
| Prepaid Exp. | 66.5 | 56.6 | 79.4 | 27.5 | 27.9 | 20.2 |
| Deferred Tax Assets, Curr. | 28.3 | 18.9 | 22.5 | 26.2 | 16.3 | 6.2 |
| Other Current Assets | - | - | - | - | - | - |
| Total Current Assets | 1,994.6 | 1,378.5 | 1,473.5 | 1,209.4 | 1,333.3 | 1,305.6 |
| Gross Property, Plant & Equipment | 2,970.2 | 2,710.1 | 2,433.9 | 2,155.8 | 1,945.4 | 1,794.8 |
| Accumulated Depreciation | (1,759.7) | (1,616.1) | (1,473.2) | (1,330.5) | (1,204.3) | (1,080.5) |
| Net Property, Plant & Equipment | 1,210.5 | 1,094.0 | 960.7 | 825.3 | 741.1 | 714.3 |
| Goodwill | 164.6 | 169.3 | 173.3 | 173.1 | 173.1 | 133.3 |
| Other Intangibles | 1.5 | 2.5 | 0 | 0 | 0 | 0 |
| Deferred Tax Assets, LT | 30.6 | 24.1 | 28.3 | 16.8 | 38.0 | 35.0 |
| Deferred Charges, LT | 74.3 | 4.3 | 0 | 0 | 0 | 0 |
| Other Long-Term Assets | 90.9 | 99.2 | 116.2 | 104.0 | 95.0 | 101.5 |
| Total Assets | 3,567.0 | 2,771.9 | 2,752.0 | 2,328.6 | 2,380.5 | 2,289.7 |
| Assets excluding GW and intangibles | 3,400.9 | 2,600.1 | 2,578.7 | 2,155.5 | 2,207.4 | 2,156.4 |
| LIABILITIES | ||||||
| Accounts Payable | 433.6 | 393.9 | 346.5 | 286.7 | 261.4 | 219.9 |
| Accrued Exp. | 230.2 | 157.8 | 163.9 | 146.0 | 127.4 | 125.4 |
| Curr. Port. of LT Debt | 0 | 12.8 | 14.3 | 15.5 | 16.5 | 17.5 |
| Curr. Income Taxes Payable | 42.7 | 47.3 | 79.6 | 63.3 | 64.4 | 48.6 |
| Other Current Liabilities | 155.1 | 74.5 | 71.9 | 69.5 | 63.1 | 64.5 |
| Total Current Liabilities | 861.6 | 686.3 | 676.2 | 581.0 | 532.8 | 475.9 |
| Long-Term Debt | 757.0 | 757.0 | 257.0 | 250.0 | 250.0 | 250.0 |
| Other Non-Current Liabilities | 163.4 | 157.9 | 151.5 | 153.0 | 138.7 | 134.6 |
| Total Liabilities | 1,782.0 | 1,601.2 | 1,084.7 | 984.0 | 921.5 | 860.5 |
| Common Stock | 2.1 | 2.1 | 2.2 | 1.1 | 1.2 | 0.9 |
| Additional Paid In Capital | 43.0 | 10.7 | 0.3 | - | - | - |
| Retained Earnings | 1,774.0 | 1,174.8 | 1,666.3 | 1,344.1 | 1,458.2 | 1,430.7 |
| Treasury Stock | - | - | - | - | - | - |
| Comprehensive Inc. and Other | (34.1) | (16.9) | (1.5) | (0.6) | (0.4) | (2.4) |
| Total Common Equity | 1,785.0 | 1,170.7 | 1,667.3 | 1,344.6 | 1,459.0 | 1,429.2 |
| Total Equity | 1,785.0 | 1,170.7 | 1,667.3 | 1,344.6 | 1,459.0 | 1,429.2 |
| Total Liabilities And Equity | 3,567.0 | 2,771.9 | 2,752.0 | 2,328.6 | 2,380.5 | 2,289.7 |
| GW and Intangibles | 166.10 | 171.80 | 173.30 | 173.10 | 173.10 | 133.30 |
| Equity - Unadjusted | 1,785.0 | 1,170.7 | 1,667.3 | 1,344.6 | 1,459.0 | 1,429.2 |
| Equity + Liabilities | 3,567.0 | 2,771.9 | 2,752.0 | 2,328.6 | 2,380.5 | 2,289.7 |
| % Equity | 50.0% | 42.2% | 60.6% | 57.7% | 61.3% | 62.4% |
| GW adj to equity | 83.1 | 72.6 | 105.0 | 100.0 | 106.1 | 83.2 |
| Equity excluding GW and intangibles | 1,701.9 | 1,098.1 | 1,562.3 | 1,244.6 | 1,352.9 | 1,346.0 |
| Capital Structure: | ||||||
| Liabilities | 1,782.0 | 1,601.2 | 1,084.7 | 984.0 | 921.5 | 860.5 |
| Equity | 1,785.0 | 1,170.7 | 1,667.3 | 1,344.6 | 1,459.0 | 1,429.2 |
| Total | 3,567.00 | 2,771.90 | 2,752.00 | 2,328.60 | 2,380.50 | 2,289.70 |
| Capital Structure: | ||||||
| Liabilities | 50.0% | 57.8% | 39.4% | 42.3% | 38.7% | 37.6% |
| Equity | 50.0% | 42.2% | 60.6% | 57.7% | 61.3% | 62.4% |
| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Goodwill & Intangibles Funding: | ||||||
| Liabilities | 83.0 | 99.2 | 68.3 | 73.1 | 67.0 | 50.1 |
| Equity | 83.1 | 72.6 | 105.0 | 100.0 | 106.1 | 83.2 |
| Total Goodwill & Intangibles | 166.1 | 171.8 | 173.3 | 173.1 | 173.1 | 133.3 |
DT IS
| Exhibit 5a Dollar Tree, Income Statement Data, Fiscal 2009-2014 (in $ millions) | ||||||
| Fiscal Period Ending | Jan-31-2015 | Feb-01-2014 | Feb-02-2013 | Jan-28-2012 | Jan-29-2011 | Jan-30-2010 |
| Revenue | 8,602.2 | 7,840.3 | 7,394.5 | 6,630.5 | 5,882.4 | 5,231.2 |
| Cost Of Goods Sold | 5,029.9 | 4,552.3 | 4,284.3 | 3,828.6 | 3,385.6 | 3,374.4 |
| Gross Profit | 3,572.3 | 3,288.0 | 3,110.2 | 2,801.9 | 2,496.8 | 1,856.8 |
| Selling General & Admin Exp. | 2,502.1 | 2,317.2 | 2,189.6 | 2,018.9 | 1,839.4 | 1,342.7 |
| Operating Income | 1,070.2 | 970.8 | 920.6 | 783.0 | 657.4 | 514.1 |
| Interest Expense | (33.4) | (15.4) | (2.8) | (2.9) | (5.6) | (5.2) |
| Interest and Invest. Income | - | - | - | - | - | - |
| Net Interest Exp. | (33.4) | (15.4) | (2.8) | (2.9) | (5.6) | (5.2) |
| Other Non-Operating Inc. (Exp.) | (52.6) | (0.6) | 0.8 | 0.3 | 5.5 | - |
| EBT Excl. Unusual Items | 984.2 | 954.8 | 918.6 | 780.4 | 657.3 | 508.9 |
| Merger & Related Restruct. Charges | (28.5) | - | - | - | - | - |
| Gain (Loss) On Sale Of Invest. | - | - | 60.8 | - | - | - |
| Asset Writedown | (1.5) | (0.5) | (0.5) | (0.9) | (27.4) | (1.3) |
| Other Unusual Items | - | - | - | - | - | - |
| EBT Incl. Unusual Items | 954.2 | 954.3 | 978.9 | 779.5 | 629.9 | 507.6 |
| Income Tax Expense | 355.0 | 357.6 | 359.6 | 291.2 | 232.6 | 187.1 |
| Net Income | 599.2 | 596.7 | 619.3 | 488.3 | 397.3 | 320.5 |
| Supplemental items: | ||||||
| Full-time equivalent employees | 18,100 | 17,600 | 15,380 | 14,170 | 13,060 | 12,480 |
| Number of stores | 5,367 | 4,992 | 4,671 | 4,351 | 4,101 | 3,806 |
| Sales per square foot ($) | 192 | 187 | 190 | 182 | 174 | 167 |
| Same stores sales growth (%) | 4.30% | 2.40% | 3.40% | 6.00% | 6.30% | 7.20% |
| Shares outstanding (millions) | 205.8 | 206.2 | 224.6 | 238.1 | 244.1 | 262.3 |
| Depreciation & amort. ($ millions) | 205.9 | 190.5 | 175.3 | 163.9 | 159.7 | 157.8 |
| Tax rate | 37% | 37% | 37% | 37% | 37% | 37% |
| After tax earnings excl. unusual items | 618.0 | 597.0 | 581.2 | 488.9 | 414.6 | 321.3 |
| Reduction in liabilities | 83.0 | 99.2 | 68.3 | 73.1 | 67.0 | 50.1 |
| Interest Bearing Liabilities | 757.0 | 769.8 | 271.3 | 265.5 | 266.5 | 267.5 |
| Net interest expense after tax | (21.0) | (9.6) | (1.8) | (1.8) | (3.5) | (3.3) |
| Reduction in interest expense | (2.3) | (1.2) | (0.4) | (0.5) | (0.9) | (0.6) |
| After tax earnings excl. interest and unusual items | 620.3 | 598.3 | 581.6 | 489.4 | 415.5 | 321.9 |
FD BS
| Exhibit 4b Family Dollar, Balance Sheet Data, Fiscal 2009-2014 (in $ millions) | ||||||
| Balance Sheet as of: | 12 Mos. Ending May 2015 | Aug-30-2014 | Aug-31-2013 | Aug-25-2012 | Aug-27-2011 | Aug-28-2010 |
| ASSETS | ||||||
| Cash And Equivalents | 216.0 | 139.8 | 141.0 | 92.3 | 141.4 | 382.8 |
| Short Term Investments | 4.0 | 8.8 | 4.0 | 6.3 | 96.0 | 120.3 |
| Total Cash & ST Investments | 220.0 | 148.6 | 145.0 | 98.6 | 237.4 | 503.1 |
| Accounts Receivable | - | - | - | - | - | - |
| Other Receivables | 72.6 | 116.7 | 84.1 | 14.9 | 13.3 | 3.2 |
| Total Receivables | 72.6 | 116.7 | 84.1 | 14.9 | 13.3 | 3.2 |
| Inventory | 1,631.9 | 1,609.9 | 1,467.0 | 1,426.2 | 1,154.7 | 1,028.0 |
| Prepaid Exp. | 176.0 | 50.6 | 45.7 | 0 | 68.4 | 59.8 |
| Deferred Tax Assets, Curr. | 38.5 | 65.9 | 34.5 | 69.5 | 60.0 | 52.2 |
| Other Current Assets | 32.1 | 110.3 | 80.7 | 159.0 | 0 | - |
| Total Current Assets | 2,171.2 | 2,102.0 | 1,857.0 | 1,768.2 | 1,533.8 | 1,646.3 |
| Gross Property, Plant & Equipment | - | 3,548.2 | 3,398.0 | 3,011.6 | 2,672.4 | 2,362.8 |
| Accumulated Depreciation | - | (1,860.0) | (1,665.5) | (1,515.3) | (1,391.8) | (1,250.9) |
| Net Property, Plant & Equipment | 1,691.7 | 1,688.2 | 1,732.5 | 1,496.4 | 1,280.6 | 1,112.0 |
| Long-term Investments | 0 | 0 | 23.0 | 23.7 | 107.5 | 147.1 |
| Other Long-Term Assets | 70.1 | 67.0 | 97.3 | 84.8 | 74.3 | 62.8 |
| Total Assets | 3,933.1 | 3,857.3 | 3,709.9 | 3,373.1 | 2,996.2 | 2,968.1 |
| LIABILITIES | ||||||
| Accounts Payable | 643.1 | 773.0 | 723.2 | 674.2 | 685.1 | 677.0 |
| Accrued Exp. | 324.3 | 312.6 | 335.9 | 328.4 | 310.8 | 309.3 |
| Short-term Borrowings | 0 | 0 | 0 | 15.0 | 0 | - |
| Curr. Port. of LT Debt | 185.2 | 16.2 | 16.2 | 16.2 | 16.2 | - |
| Curr. Income Taxes Payable | 4.8 | 4.8 | 5.0 | 31.9 | 5.0 | 18.4 |
| Other Current Liabilities | 6.5 | 22.4 | 0 | 0 | 0 | - |
| Total Current Liabilities | 1,163.8 | 1,129.0 | 1,080.2 | 1,065.7 | 1,017.1 | 1,004.8 |
| Long-Term Debt | 299.1 | 484.2 | 500.3 | 516.3 | 532.4 | 250.0 |
| Unearned Revenue, Non-Current | 213.8 | 227.1 | 218.1 | 156.9 | 0 | - |
| Def. Tax Liability, Non-Curr. | 96.3 | 34.9 | 23.0 | 68.3 | 89.2 | 38.2 |
| Other Non-Current Liabilities | 305.9 | 316.4 | 289.2 | 268.3 | 270.5 | 253.6 |
| Total Liabilities | 2,079.0 | 2,191.6 | 2,110.8 | 2,075.4 | 1,909.1 | 1,546.6 |
| Common Stock | 12.1 | 12.1 | 12.0 | 11.9 | 14.7 | 14.7 |
| Additional Paid In Capital | 357.6 | 333.6 | 299.9 | 259.2 | 274.4 | 243.8 |
| Retained Earnings | 1,886.7 | 1,724.0 | 1,569.6 | 1,234.4 | 1,969.7 | 1,665.6 |
| Treasury Stock | (402.0) | (403.5) | (280.2) | (206.0) | (1,165.4) | (495.5) |
| Comprehensive Inc. and Other | (0.3) | (0.5) | (2.2) | (1.8) | (6.4) | (7.0) |
| Total Common Equity | 1,854.1 | 1,665.7 | 1,599.1 | 1,297.6 | 1,087.1 | 1,421.6 |
| Total Equity | 1,854.1 | 1,665.7 | 1,599.1 | 1,297.6 | 1,087.1 | 1,421.6 |
| Total Liabilities And Equity | 3,933.1 | 3,857.3 | 3,709.9 | 3,373.1 | 2,996.2 | 2,968.1 |
| NO ADJUSTMENTS NECESSARY | ||||||
FD IS
| Exhibit 4a Family Dollar, Income Statement Data, Fiscal 2009-2014 (in $ millions) | ||||||
| Fiscal Period Ending | 12 Mos. Ending May 2015 | Aug-30-2014 | Aug-31-2013 | Aug-25-2012 | Aug-27-2011 | Aug-28-2010 |
| Revenue | 10,696.9 | 10,489.3 | 10,391.5 | 9,331.0 | 8,547.8 | 7,867.0 |
| Cost Of Goods Sold | 7,098.0 | 6,946.1 | 6,841.7 | 6,071.1 | 5,515.5 | 5,059.0 |
| Gross Profit | 3,598.9 | 3,543.2 | 3,549.7 | 3,259.9 | 3,032.3 | 2,808.0 |
| Selling General & Admin Exp. | 3,147.5 | 3,022.2 | 2,866.8 | 2,584.2 | 2,409.5 | 2,232.4 |
| Operating Income | 451.4 | 521.0 | 683.0 | 675.7 | 622.8 | 575.6 |
| Interest Expense | (29.6) | (30.0) | (25.9) | (25.1) | (22.4) | (13.3) |
| Interest and Invest. Income | 0.2 | 0.2 | 0.4 | 0.9 | 1.5 | 1.6 |
| Net Interest Exp. | (29.4) | (29.8) | (25.5) | (24.2) | (20.9) | (11.7) |
| Other Non-Operating Inc. (Exp.) | 32.2 | 31.2 | 28.2 | 23.9 | 15.3 | - |
| EBT Excl. Unusual Items | 454.2 | 522.3 | 685.7 | 675.4 | 617.2 | 563.9 |
| Restructuring Charges | (65.6) | (90.1) | - | - | - | - |
| Merger & Related Restruct. Charges | (31.2) | (9.4) | - | - | - | - |
| Legal Settlements | - | - | - | (11.5) | - | - |
| Other Unusual Items | - | - | 5.0 | - | - | - |
| EBT Incl. Unusual Items | 357.4 | 422.8 | 690.7 | 663.9 | 617.2 | 563.9 |
| Income Tax Expense | 124.9 | 138.3 | 247.1 | 241.7 | 228.7 | 205.7 |
| Net Income | 232.5 | 284.5 | 443.6 | 422.2 | 388.4 | 358.1 |
| Supplemental items: | ||||||
| Full-time equivalent employees | NA | 35,000 | 34,000 | 33,000 | 31,000 | 30,000 |
| Number of stores | NA | 8,042 | 7,916 | 7,442 | 7,023 | 6,785 |
| Sales per square foot ($) | NA | 180 | 189 | 181 | 174 | 165 |
| Same stores sales growth (%) | NA | -2.1% | 3.0% | 4.7% | 5.5% | 4.8% |
| Shares Outstanding (millions) | 114.5 | 114.0 | 115.0 | 115.4 | 117.4 | 130.5 |
| Depreciation & amort. ($ millions) | 284.0 | 265.5 | 239.5 | 213.8 | 182.5 | 172.0 |
| Tax rate | 35% | 33% | 36% | 36% | 37% | 36% |
| After tax earnings excl. unusual items | 295.5 | 351.5 | 440.4 | 429.6 | 388.4 | 358.2 |
| Net interest expense after tax | (19.1) | (20.1) | (16.4) | (15.4) | (13.1) | (7.4) |
DG BS
| Exhibit 3b Dollar General, Balance Sheet Data, Fiscal 2009–2014 (in $ millions) | ||||||
| Balance Sheet as of: | Jan-30-2015 | Jan-31-2014 | Feb-01-2013 | Feb-03-2012 | Jan-28-2011 | Jan-29-2010 |
| ASSETS | ||||||
| Cash And Equivalents | 579.8 | 505.6 | 140.8 | 126.1 | 497.4 | 222.1 |
| Trading Asset Securities | - | - | - | - | - | 1.6 |
| Total Cash & ST Investments | 579.8 | 505.6 | 140.8 | 126.1 | 497.4 | 223.7 |
| Accounts Receivable | - | - | - | - | - | - |
| Other Receivables | - | - | - | - | - | 7.5 |
| Total Receivables | - | - | - | - | - | 7.5 |
| Inventory | 2,782.5 | 2,553.0 | 2,397.2 | 2,009.2 | 1,765.4 | 1,519.6 |
| Prepaid Exp. | 170.3 | 147.0 | 139.1 | 139.7 | 104.9 | 94.7 |
| Other Current Assets | - | - | - | - | - | - |
| Total Current Assets | 3,532.6 | 3,205.6 | 2,677.1 | 2,275.1 | 2,367.8 | 1,845.4 |
| Gross Property, Plant & Equipment | 3,753.6 | 3,452.9 | 3,226.9 | 2,681.0 | 2,177.3 | 1,792.4 |
| Accumulated Depreciation | (1,637.5) | (1,372.6) | (1,138.2) | (886.0) | (652.7) | (464.0) |
| Net Property, Plant & Equipment | 2,116.1 | 2,080.3 | 2,088.7 | 1,795.0 | 1,524.6 | 1,328.4 |
| Goodwill | 4,338.6 | 4,338.6 | 4,338.6 | 4,338.6 | 4,338.6 | 4,338.6 |
| Other Intangibles | 1,201.9 | 1,207.6 | 1,219.5 | 1,236.0 | 1,256.9 | 1,284.3 |
| Other Long-Term Assets | 35.0 | 35.4 | 43.8 | 43.9 | 58.3 | 66.8 |
| Total Assets | 11,224.1 | 10,867.5 | 10,367.7 | 9,688.5 | 9,546.2 | 8,863.5 |
| Assets excl. gw & intangibles. | 5,683.65 | 5,321.29 | 4,809.55 | 4,113.98 | 3,950.71 | 3,240.60 |
| LIABILITIES | ||||||
| Accounts Payable | 1,388.2 | 1,286.5 | 1,261.6 | 1,064.1 | 953.6 | 831.0 |
| Accrued Exp. | 285.5 | 237.6 | 252.5 | 263.2 | 233.1 | 239.2 |
| Curr. Port. of LT Debt | 100.1 | 76.0 | 0.9 | 10.8 | 0 | 3.7 |
| Curr. Port. of Cap. Leases | 1.1 | 0 | 0 | 0.6 | 1.2 | -0 |
| Curr. Income Taxes Payable | 59.4 | 59.1 | 95.4 | 44.4 | 26.0 | 4.5 |
| Def. Tax Liability, Curr. | 25.3 | 21.8 | 23.2 | 3.7 | 36.9 | 25.1 |
| Other Current Liabilities | 128.3 | 131.0 | 104.9 | 123.1 | 114.7 | 103.1 |
| Total Current Liabilities | 1,987.7 | 1,812.0 | 1,738.5 | 1,509.9 | 1,365.4 | 1,206.5 |
| Long-Term Debt | 2,634.6 | 2,742.8 | 2,776.2 | 2,613.4 | 3,316.8 | 3,456.8 |
| Capital Leases | 4.8 | 0 | 0 | 4.5 | 5.2 | -0 |
| Unearned Revenue, Non-Current | 58.2 | 62.7 | 0 | 0 | 0 | -0 |
| Def. Tax Liability, Non-Curr. | 601.6 | 614.0 | 647.1 | 657.0 | 598.6 | 546.2 |
| Other Non-Current Liabilities | 227.1 | 233.9 | 220.6 | 229.1 | 205.8 | 263.8 |
| Total Liabilities | 5,514.1 | 5,465.3 | 5,382.4 | 5,013.9 | 5,491.7 | 5,473.2 |
| Common Stock | 265.5 | 277.4 | 286.2 | 295.8 | 298.8 | 298.0 |
| Additional Paid In Capital | 3,048.8 | 3,009.2 | 2,991.4 | 2,967.0 | 2,945.0 | 2,923.4 |
| Retained Earnings | 2,403.0 | 2,125.5 | 1,710.7 | 1,416.9 | 830.9 | 203.1 |
| Treasury Stock | - | - | - | - | - | - |
| Comprehensive Inc. and Other | (7.3) | (9.9) | (2.9) | (5.2) | (20.3) | (34.2) |
| Total Common Equity | 5,710.0 | 5,402.2 | 4,985.3 | 4,674.6 | 4,054.5 | 3,390.3 |
| Total Equity | 5,710.0 | 5,402.2 | 4,985.3 | 4,674.6 | 4,054.5 | 3,390.3 |
| Total Liabilities And Equity | 11,224.1 | 10,867.5 | 10,367.7 | 9,688.5 | 9,546.2 | 8,863.5 |
| GW and Intangibles | 5,540.46 | 5,546.23 | 5,558.13 | 5,574.54 | 5,595.51 | 5,622.90 |
| Equity - Unadjusted | 5,710.0 | 5,402.2 | 4,985.3 | 4,674.6 | 4,054.5 | 3,390.3 |
| Equity + Liabilities | 11,224.1 | 10,867.5 | 10,367.7 | 9,688.5 | 9,546.2 | 8,863.5 |
| % Equity | 50.9% | 49.7% | 48.1% | 48.2% | 42.5% | 38.3% |
| GW adj to equity | 2,818.6 | 2,757.0 | 2,672.6 | 2,689.6 | 2,376.5 | 2,150.8 |
| Equity excluding gw & intangibles | 2,891.4 | 2,645.2 | 2,312.7 | 1,984.9 | 1,677.9 | 1,239.5 |
| Capital Structure: | ||||||
| Liabilities | 5,514.1 | 5,465.3 | 5,382.4 | 5,013.9 | 5,491.7 | 5,473.2 |
| Equity | 5,710.0 | 5,402.2 | 4,985.3 | 4,674.6 | 4,054.5 | 3,390.3 |
| Total | 11,224.10 | 10,867.52 | 10,367.68 | 9,688.52 | 9,546.22 | 8,863.50 |
| Capital Structure: | ||||||
| Liabilities | 49.1% | 50.3% | 51.9% | 51.8% | 57.5% | 61.7% |
| Equity | 50.9% | 49.7% | 48.1% | 48.2% | 42.5% | 38.3% |
| Total | 100% | 100% | 100% | 100% | 100% | 100% |
| Goodwill & Intangibles Funding: | ||||||
| Liabilities | 2,721.9 | 2,789.2 | 2,885.5 | 2,884.9 | 3,219.0 | 3,472.1 |
| Equity | 2,818.6 | 2,757.0 | 2,672.6 | 2,689.6 | 2,376.5 | 2,150.8 |
| Total goodwill & intangibles | 5,540.5 | 5,546.2 | 5,558.1 | 5,574.5 | 5,595.5 | 5,622.9 |
DG IS
| Exhibit 3a Dollar General, Income Statement Data, Fiscal 2009–2014 (in $ millions) | ||||||
| Fiscal Period Ending | Jan-30-2015 | Jan-31-2014 | Feb-01-2013 | Feb-03-2012 | Jan-28-2011 | Jan-29-2010 |
| Revenue | 18,909.6 | 17,504.2 | 16,022.1 | 14,807.2 | 13,035.0 | 11,796.4 |
| Cost Of Goods Sold | 13,107.1 | 12,068.4 | 10,936.7 | 10,109.3 | 8,858.4 | 8,106.5 |
| Gross Profit | 5,802.5 | 5,435.7 | 5,085.4 | 4,697.9 | 4,176.6 | 3,689.9 |
| Selling General & Admin Exp. | 4,017.2 | 3,690.6 | 3,427.4 | 3,193.0 | 2,900.8 | 2,731.6 |
| Operating Income | 1,785.3 | 1,745.2 | 1,658.0 | 1,504.9 | 1,275.8 | 958.3 |
| Interest Expense | (88.2) | (89.0) | (127.9) | (204.9) | (274.0) | (345.7) |
| Interest and Invest. Income | 0 | 0 | 0 | 0 | 0 | 0.1 |
| Net Interest Exp. | (88.2) | (89.0) | (127.9) | (204.9) | (274.0) | (345.6) |
| Other Non-Operating Inc. (Exp.) | - | - | (1.0) | (0.3) | (0.4) | (0.3) |
| EBT Excl. Unusual Items | 1,697.1 | 1,656.2 | 1,529.1 | 1,299.7 | 1,001.4 | 612.4 |
| Merger & Related Restruct. Charges | (14.3) | - | - | - | - | - |
| Asset Writedown | (1.9) | (0.5) | (2.7) | (1.0) | (1.7) | (5.0) |
| Legal Settlements | - | (8.5) | - | (13.1) | - | - |
| Other Unusual Items | - | (18.9) | (29.0) | (60.3) | (14.7) | (55.3) |
| EBT Incl. Unusual Items | 1,680.9 | 1,628.3 | 1,497.4 | 1,225.3 | 985.0 | 552.1 |
| Income Tax Expense | 615.5 | 603.2 | 544.7 | 458.6 | 357.1 | 212.7 |
| Net Income | 1,065.3 | 1,025.1 | 952.7 | 766.7 | 627.9 | 339.4 |
| Supplemental items: | ||||||
| Full-time equivalent employees | 105,500 | 100,600 | 90,500 | 90,000 | 85,900 | 79,800 |
| Number of stores | 11,789 | 11,132 | 10,506 | 9,937 | 9,372 | 8,828 |
| Sales per square foot ($) | 223 | 220 | 216 | 213 | 201 | 195 |
| Same stores sales growth (%) | 2.80% | 3.30% | 4.70% | 6.00% | 4.90% | 9.50% |
| Shares outstanding (millions) | 303.4 | 313.6 | 327.1 | 338.1 | 341.5 | 340.8 |
| Depreciation & amort. ($ millions) | 342.4 | 332.8 | 302.9 | 275.4 | 253.2 | 256.8 |
| Tax rate | 37% | 37% | 36% | 37% | 36% | 39% |
| Earnings excl. unusual items | 1,075.61 | 1,042.66 | 972.83 | 813.24 | 638.31 | 376.49 |
| Reduction in liabilities | 2,721.86 | 2,789.23 | 2,885.49 | 2,884.90 | 3,218.98 | 3,472.13 |
| Interest Bearing Liabilities | 2,740.58 | 2,818.75 | 2,777.05 | 2,629.30 | 3,323.15 | 3,460.50 |
| Net interest expense after tax | (55.9) | (56.0) | (81.4) | (128.2) | (174.7) | (212.6) |
| Reduction in interest expense | (55.5) | (55.4) | (81.4) | (128.2) | (169.2) | (212.6) |
| After tax earnings excl. interest and unusual items | 1,131.13 | 1,098.11 | 1,054.20 | 941.45 | 807.49 | 589.12 |
