Garmin Ltd. (Nasdaq: GRMN) today announced fourth quarter
results for the period ended December 31, 20111 delivering EPS
growth and revenue growth across all reported segments.
Fourth Quarter 2011 Financial Summary:
- Total revenue of $910 million, up 9%
from $838 million in fourth quarter 2010, with each business
segment contributing to growth:
- Automotive/Mobile segment revenue
increased 4% to $579 million
- Outdoor segment revenue increased 35%
to $121 million
- Fitness segment revenue increased 17%
to $95 million
- Aviation segment revenue increased
slightly to $72 million
- Marine segment revenue increased 16% to
$43 million
- All geographies contributed at or above
the levels of the previous year:
- Americas revenue was $537 million, flat
to the prior year
- EMEA (Europe, Middle East and Africa)
revenue was $301 million compared to $235 million, up 28%
- APAC (Asia Pacific) revenue was $72
million compared to $66 million, up 9%
- Gross margin increased to 48% compared
to 45% in fourth quarter 2010
- Operating margin was flat at 22%
compared to fourth quarter 2010
- Diluted earnings per share increased
25% to $0.85 from $0.68 in fourth quarter 2010; pro forma earnings
per share increased 16% to $0.96 from $0.83 in the same quarter of
2010. (Pro forma earnings per share excludes the impact of foreign
currency transaction gains or losses.)
- Generated $213 million of free cash
flow in fourth quarter 2011 for a cash and marketable securities
balance of almost $2.5 billion.
Fiscal Year 2011 Financial Summary:
- Total revenue of $2.76 billion, up 3%
from $2.69 billion in 2010
- Automotive/Mobile segment revenue
decreased 5% to $1.59 billion
- Outdoor segment revenue increased 14%
to $363 million
- Fitness segment revenue increased 24%
to $298 million
- Aviation segment revenue increased 9%
to $285 million
- Marine segment revenue increased 12% to
$222 million
- EMEA and APAC contributed growth while
the Americas declined:
- Americas revenue was $1.53 billion
compared to $1.65 billion, down 7%
- EMEA revenue was $983 million compared
to $823 million, up 19%
- APAC revenue was $248 million compared
to $220 million, up 13%
- Gross margin declined slightly to 49%
compared to 50% in 2010
- Operating margin declined to 20% from
24% in 2010
- Effective normalized tax rate
(excluding one-time tax adjustments) decreased to 10.8% in 2011
compared to 15.8% in 2010
- Diluted earnings per share decreased 9%
to $2.67 from $2.95 in fiscal year 2010 when a one-time tax
adjustment added $0.50; pro forma EPS decreased 4% to $2.73 from
$2.83 in fiscal year 2010. (Pro forma earnings per share excludes
the impact of foreign currency transaction gains or losses and
one-time tax adjustments.)
- Generated over $784 million of free
cash flow in 2011.
Note: In accordance with GAAP, the Company is deferring
significant revenue and the related costs associated with high
margin sales of certain products bundled with content and services
over their economic lives. In the fourth quarter of 2011, the
Company deferred, net of amortization of previous deferrals, $72
million of revenue, $15 million of costs, and approximately $0.26
of diluted EPS, net of taxes, into future years. For the full year,
the Company deferred, net of amortization of previous deferrals,
$179 million of revenue, $36 million of costs, and approximately
$0.66 of diluted EPS, net of taxes, into future years. A table
outlining the impact of this net deferral in both 2011 and 2010 is
included for reference. Results have not been adjusted unless
specifically stated as such.
Business highlights:
- Achieved full year revenue growth in
outdoor, fitness, marine and aviation offsetting declines in
auto/mobile. These growth segments generated 71% of the total
operating income in 2011.
- Sold almost 16 million units in 2011
with unit growth in outdoor, fitness, marine and automotive OEM
nearly offsetting declines in personal navigation devices
(PND).
- Continued to be the world-wide PND
market share leader with market share gains globally.
- Received the J.D. Power and Associates
award for Highest Customer Satisfaction with Factory-Installed
Navigation in our first year of eligibility for the 2011 Dodge
Charger. The Garmin solution for the Chrysler 300 was ranked
third.
- Announced the Approach® G6 golf
handheld to further enhance our growing position in the golf
market. It joins the successful Approach S1, which gained market
share in the holiday selling season.
- Introduced the nüvi® 3500 series in the
Prestige line. These 5-inch devices are ultra-thin and loaded with
the most premium capabilities including: high resolution color
display with capacitive touch, digital 3D traffic and photoReal
junction view.
- Supported the successful first flight
of the Cessna Citation Ten with the Garmin G5000 cockpit.
Executive overview from Dr. Min Kao, Chairman and Chief
Executive Officer:
“Entering 2011, we forecasted $2.5 billion of revenue and $2.50
of EPS. I am pleased to say that we far exceeded those targets
through a combination of solid execution by our associates and
successful acquisitions that further diversify our company in both
products and geographies,” said Dr. Min Kao, chairman and chief
executive officer of Garmin Ltd. “The business generated free cash
flow of $784 million. We returned $311 million to shareholders
through our quarterly dividend and used an additional $54 million
to fund acquisitions. We will continue to use both of these
strategies to grow long-term shareholder value.
The automotive/mobile segment revenues increased 4% on a
year-over-year basis in the fourth quarter as PND unit declines
were offset by improved pricing related to mix and growth in mobile
applications and auto OEM. The improvement in our overall average
selling price (ASP) for the fourth quarter is due to an increase in
the popularity of our bundled product offerings, offset by
decreases in the ASP of comparable models from the prior year.
While the PND market size continued to decline in 2011, we emerge
from the year with increased market share, stabilizing ASPs and
strong profitability. In 2012, we will continue to focus on gaining
market share and improved profitability. We are extremely excited
that Garmin was recognized by J.D. Power and Associates for Highest
Customer Satisfaction with Factory-Installed Navigation on the 2011
Dodge Charger. This is validation for our ongoing investment and
serves as a selling point as we work with future OEM partners on
next-generation solutions.
The outdoor segment posted revenue growth of 35% in the fourth
quarter as supply constraints that affected results in the third
quarter were resolved and our broad portfolio of products saw
strong holiday demand. Some of our best sellers included our
Approach S1, the Montana™ series, the eTrex® series and the Astro®
series. Each of these product lines serves a diverse niche market
which has allowed us to continue to grow. We believe this will be
true again in 2012 as we fully integrate Tri-Tronics dog training
capabilities and grow share in the golf market with further
innovation.
The fitness segment posted revenue growth of 17% in the quarter
and full-year growth of 24%. Growth in the segment fell slightly
short of our expectations as we were unable to ship the Forerunner®
910XT in time for the holiday season. The good news is that we are
now filling back orders and customer feedback on the product has
been extremely positive. We expect 2012 to be another exciting year
for the segment as we launch the Vector™ power meter and other
unique offerings that we believe will continue to drive our growth
in this segment.
Aviation segment revenues were up only slightly in the fourth
quarter as sales were reduced in the 2011 quarter due to OEM
program contributions. For the full year, revenues improved by 9%
and the segment contributed $72 million of operating income. In
light of the ongoing economic conditions affecting the general
aviation industry, we are pleased with our revenue growth and plan
to build on it in 2012. Our focus will be expanding our presence in
the Part 25 business jet market, while also winning new helicopter
business with the recently introduced G5000H. The G5000H was
already named as the avionics for the upcoming Bell Relentless
helicopter.
The marine segment posted fourth quarter and full year revenue
growth of 16% and 12%, respectively, exceeding our expectations.
The marine industry, like aviation, has been slow to recover but
Garmin has continually gained market share, allowing us to post our
strongest ever revenues in 2011. We have invested heavily in our
marine segment this year with increased research and development
and the build-out of additional support infrastructure to serve our
growing base of OEM customers. This strategy is working, as we
announced the addition of Teleflex and Viking as OEM partners at
the recent Miami Boat Show. We expect growth to continue in 2012 as
we deliver further innovation and utility to the recreational
marine market.”
Financial overview from Kevin Rauckman, Chief Financial
Officer:
“Our fourth quarter and full year revenue growth illustrate the
strength of our diversified business model, while our research and
development investment highlights our commitment to investing in
markets that will provide growth opportunities for many years to
come,” said Kevin Rauckman, Chief Financial Officer of Garmin Ltd.
“Through strong execution by our associates around the globe, we
delivered revenue, operating income and EPS growth in the
quarter.
Gross margin for the overall business in the fourth quarter was
48% which represents an improvement from the fourth quarter 2010
level of 45%. The automotive/mobile segment gross margin improved
to 38%. The improvement is partially related to an increased
average selling price as consumers select premium functionality and
content. Gross margin for the aviation segment was negatively
impacted by OEM program contributions.
Operating margin for the overall business was 22% in the current
quarter as improved gross margins were partially offset by higher
operating expenses. Operating margin, excluding the impact of
deferred revenues and costs, was 26%. Total operating expenses were
up $39 million on a year-over-year basis. Advertising expenses
increased by $12 million as we conducted a television advertising
campaign in 2011 that boosted market share. Selling, general and
administrative and research and development expenses increased $14
million and $13 million, respectively, due primarily to increased
headcount associated with recent acquisitions and an additional
week in our fourth quarter 2011.
We generated $213 million of free cash flow in the fourth
quarter of 2011 and $784 million for the full year. Our strong cash
generation will continue to fund acquisitions throughout 2012 and
significant returns to our shareholders through our quarterly
dividend, which we propose to increase to $0.45 per quarter
beginning in June 2012. The resulting cash and marketable
securities balance was almost $2.5 billion at the end of the
year.”
Dividend Recommendation
The Board intends to recommend to the shareholders for approval
at the annual meeting to be held on June 1, 2012 a cash dividend in
the amount of $1.80 per share (subject to possible adjustment based
on the total amount of the dividend in Swiss Francs as approved at
the annual meeting) payable in four installments as follows:
Dividend
Date
Record
Date
$'s per
share
June 29, 2012 June 15, 2012 $0.45 September 28, 2012 September 14,
2012 $0.45 December 31, 2012 December 14, 2012 $0.45 March 29, 2013
March 15, 2013 $0.45
In addition, we have one additional payment of $0.40 due on
March 30, 2012 to shareholders of record on March 15, 2012.
2012 Guidance
2012 Guidance
Revenue $2.7 - $2.8B Gross Margin
49 - 50% Operating Income
$520 - 540 Operating Margin
19 - 20% EPS (Pro Forma) $2.45 -
$2.60
We expect 2012 revenue of $2.7 - $2.8 billion as growth in the
outdoor, fitness, marine and aviation segments offset ongoing
declines in the PND market. We anticipate gross margins to be
stable to slightly improving at 49-50% and operating margins of
19-20%, resulting in a forecasted 2012 earnings per share range of
$2.45 - $2.60. This earnings per share range assumes an effective
tax rate of 13% versus 10.8% in 2011 and a full-year EUR/USD
currency exchange rate of 1.30 versus 1.39 in 2011.
Non-GAAP Measures
Pro Forma net income (earnings) per share
Management believes that net income per share before the impact
of foreign currency transaction gains or losses and other one-time
items is an important measure. The majority of the Company’s
consolidated foreign currency gain or loss results from
transactions involving the Euro, the British Pound Sterling and the
Taiwan Dollar and from the exchange rate impact of the significant
cash and marketable securities, receivables and payables held in
U.S. dollars at the end of each reporting period by the Company’s
various non U.S. subsidiaries. Such gains or losses are required
under GAAP because the functional currency of the subsidiaries
differs from the currency in which various assets and liabilities
are held. However, there is minimal cash impact from such foreign
currency gains or losses. Accordingly, earnings per share before
the impact of foreign currency transaction gains or losses allow an
assessment of the Company’s operating performance before the
non-cash impact of the position of the U.S. Dollar versus other
currencies, which permits a consistent comparison of results
between periods.
The following table contains a reconciliation of GAAP net income
per share to pro forma net income per share.
Garmin Ltd. And Subsidiaries Net income per share (Pro
Forma) (in thousands, except per share information)
14-Weeks Ended
13-Weeks Ended 53-Weeks Ended
52-Weeks Ended December 31, December
25, December 31, December 25, 2011
2010 2011
2010 Net Income (GAAP) $165,556 $132,907
$520,896 $584,603 Foreign currency (gain) / loss, net of normalized
tax effects $21,930 $28,687 $10,790 $74,383 One-time tax adjustment
- - - ($98,737 ) Net
income (Pro Forma) $187,486 $161,594 $531,686
$560,249 Net income per share
(GAAP): Basic $0.85 $0.68 $2.68 $2.97 Diluted $0.85 $0.68 $2.67
$2.95 Net income per share (Pro Forma): Basic $0.96 $0.83
$2.74 $2.84 Diluted $0.96 $0.83 $2.73 $2.83 Weighted average
common shares outstanding: Basic 194,319 194,043 194,105 196,979
Diluted 195,100 194,858 194,894 198,009
Free cash flow
Management believes that free cash flow is an important
financial measure because it represents the amount of cash provided
by operations that is available for investing and defines it as
operating cash flow less capital expenditures for property and
equipment.
The following table contains a reconciliation of GAAP net cash
provided by operating activities to free cash flow.
Garmin Ltd. And Subsidiaries Free Cash Flow (in
thousands)
14-Weeks Ended
13-Weeks Ended 53-Weeks Ended
52-Weeks Ended December 31,
December 25, December 31, December 25,
2011 2010 2011
2010 Net cash provided by operating
activities $224,858 $184,422 $822,334 $770,637 Less: purchases of
property and equipment ($11,843 ) ($9,249 )
($38,366 ) ($32,232 ) Free Cash Flow $213,015
$175,173 $783,968
$738,405
Net deferred revenues and costs
The following table illustrates the net effect of deferred
revenues and costs associated with certain products bundled with
content and services. These revenues and costs are being amortized
over the estimated economic lives of the products. Additional
details will be available in the Annual Report on Form 10-K for the
year ended December 31, 2011 that will be filed by Garmin with the
Securities and Exchange Commission (Commission file number 0-31983)
next week.
Garmin Ltd. And Subsidiaries
Net Deferred Revenue and Cost Impact
(Unaudited)
(In thousands, except per share information)
14-Weeks Ended
13-Weeks Ended 53-Weeks Ended
52-Weeks Ended December
31, December 25, December 31, December 25,
Effect of revenue and cost deferrals on:
2011
2010 2011 2010 Net sales $
(71,976) $ (64,670) $ (179,333) $ (131,303) Cost of goods sold
(14,793) (21,545) (36,117) (31,428)
Gross profit (57,183) (43,125) (143,216) (99,875) Operating
income (57,183) (43,125) (143,216) (99,875) Income tax
provision based on normalized tax effects (6,045)
(6,483) (15,510) (15,814)
Net income $ (51,138)
$ (36,642) $ (127,705)
$ (84,061) Net income per share: Basic
-$0.26 -$0.19 -$0.66 -$0.43 Diluted -$0.26 -$0.19 -$0.66 -$0.42
Return on invested capital (ROIC)
Management defines return on invested capital (ROIC) as net
operating profit after taxes divided by operating invested capital.
Management believes that ROIC provides greater visibility into how
effectively Garmin deploys capital. ROIC is not a measure of
financial performance under accounting principles generally
accepted in the United States (GAAP), and may not be defined and
calculated by other companies in the same manner as Garmin does.
ROIC should not be considered in isolation or as an alternative to
net income as an indicator of company performance.
The following table contains a GAAP reconciliation of return on
invested capital.
Garmin Ltd. And Subsidiaries Return on Invested Capital
(ROIC) (in thousands)
53-Weeks Ended 52-Weeks
Ended December 31, December 25, 2011
2010 Net Operating Profit After Taxes
(NOPAT): Operating Income (EBIT) $553,767 $636,676 Less: Taxes on
Operating Income ($59,973 ) ($100,812 ) Net
Operating Profit after Taxes (NOPAT) $493,794
$535,864 Invested Capital (IC): Total Assets
$4,471,338 $3,988,688 Less: Cash & Marketable Securities
($2,495,316 ) ($2,062,755 ) Less: Deferred Income Taxes ($150,147 )
($107,241 ) Less: Non-Interest Bearing Current Liabilities
($858,279 ) ($669,037 ) Operating Invested
Capital (IC) $967,596 $1,149,655
Return on Invested Capital 51 %
47 % Note: Tax effects are based on
respective periods' normalized effective tax rate.
Earnings Call Information
The information for Garmin Ltd.’s earnings call is as
follows:
When: Wednesday, February 22, 2012 at 10:30
a.m. Eastern Where:
http://www.garmin.com/aboutGarmin/invRelations/irCalendar.html
How: Simply log on to the web at the address above or call to
listen in at (888) 452-3998 (due to the limited number of lines
available, we encourage you to participate via the webcast).
Contact:
investor.relations@garmin.com
An archive of the live webcast will be available until March 28,
2012 on the Garmin website at http://www.garmin.com. To access the
replay, click on the Investor Relations link and click over to the
Events Calendar page.
This release includes projections and other forward-looking
statements regarding Garmin Ltd. and its business. Any statements
regarding the company’s estimated earnings and revenue for fiscal
2012, the company’s expected segment revenue growth rate, margins,
new products to be introduced and the company’s plans and
objectives are forward-looking statements. The forward-looking
events and circumstances discussed in this release may not occur
and actual results could differ materially as a result of risk
factors affecting Garmin, including, but not limited to, the risk
factors that are described in the Annual Report on Form 10-K for
the year ended December 25, 2010 filed by Garmin with the
Securities and Exchange Commission (Commission file number
0-31983). A copy of such Form 10-K can be downloaded from
http://www.garmin.com/aboutGarmin/invRelations/finReports.html.
The global leader in satellite navigation, Garmin Ltd. and its
subsidiaries have designed, manufactured, marketed and sold
navigation, communication and information devices and applications
since 1989 – most of which are enabled by GPS technology. Garmin’s
products serve automotive, mobile, wireless, outdoor recreation,
fitness, marine, aviation, and OEM applications. Garmin Ltd. is
incorporated in Schaffhausen, Switzerland, and its principal
subsidiaries are located in the United States, Taiwan and the
United Kingdom. For more information, visit Garmin's virtual
pressroom at www.garmin.com/pressroom or contact the Media
Relations department at 913-397-8200.
Garmin, nüvi, Approach, eTrex, Astro and Forerunner are
registered trademarks, and Montana and Vector are trademarks of
Garmin Ltd. or its subsidiaries. All other brands, product names,
company names, trademarks and service marks are the properties of
their respective owners. All rights reserved.
Garmin Ltd. And Subsidiaries Condensed Consolidated
Balance Sheets (In thousands, except share information)
December
31, December 25, 2011
2010 Assets Current assets: Cash and cash equivalents
$1,287,160 $1,260,936 Marketable securities 124,639 24,418 Accounts
receivable, net 607,450 747,249 Inventories, net 397,741 387,577
Deferred income taxes 42,957 33,628 Deferred costs 40,033 20,053
Prepaid expenses and other current assets 69,790 24,894
Total current assets 2,569,770 2,498,755 Property and
equipment, net 417,105 427,805 Marketable securities
1,083,516 777,401 Restricted cash 771 1,277 Licensing agreements,
net 5,517 1,800 Noncurrent deferred income tax 107,190 73,613
Noncurrent deferred costs 40,823 24,685 Other intangible assets,
net 246,646 183,352 Total assets $4,471,338
$3,988,688
Liabilities and Stockholders'
Equity Current liabilities: Accounts payable $164,010 $132,348
Salaries and benefits payable 45,964 49,288 Accrued warranty costs
46,773 49,885 Accrued sales program costs 52,262 107,261 Deferred
revenue 188,987 89,711 Accrued royalty costs 99,025 95,086 Accrued
advertising expense 31,915 21,587 Other accrued expenses 67,912
63,043 Deferred income taxes 5,782 4,800 Income taxes payable
77,784 56,028 Dividend payable 77,865 - Total current
liabilities 858,279 669,037 Deferred income taxes 4,951
6,986 Non-current income taxes 161,904 153,621 Non-current deferred
revenue 188,132 108,076 Other liabilities 1,491 1,406
Stockholders' equity: Shares, CHF 10 par value, 208,077,418 shares
authorized and issued; 194,622,617 shares outstanding at December
31, 2011 and 194,358,038 shares issued and outstanding at December
25, 2010 1,797,435 1,797,435 Additional paid-in capital 61,869
38,268 Treasury stock (103,498 ) (106,758 ) Retained earnings
1,413,582 1,264,613 Accumulated other comprehensive income 87,193
56,004 Total stockholders' equity 3,256,581
3,049,562 Total liabilities and stockholders' equity
$4,471,338 $3,988,688
Garmin Ltd. And
Subsidiaries Condensed Consolidated Statements of Income
(Unaudited) (In thousands, except per share information)
14-Weeks Ended
13-Weeks Ended 53-Weeks
Ended 52-Weeks Ended December
31, December 25, December 31, December 25,
2011 2010 2011 2010 Net sales $ 909,644
$ 837,714 $ 2,758,569 $2,689,911 Cost of goods sold 475,857
457,921 1,419,977 1,343,537
Gross profit 433,787 379,793 1,338,592 1,346,374 Advertising
expense 55,660 43,770 145,024 144,613 Selling, general and
administrative expense 93,383 79,446 341,217 287,824 Research and
development expense 84,655 71,929 298,584
277,261 Total operating expense 233,698 195,145
784,825 709,698 Operating income
200,089 184,648 553,767 636,676 Other income (expense):
Interest income 9,494 6,652 32,812 24,979 Foreign currency (24,523
) (33,763 ) (12,100 ) (88,377 ) Other 67 (1,113 ) 9,682
3,994 Total other income (expense) (14,962 ) (28,224
) 30,394 (59,404 ) Income before income taxes 185,127
156,424 584,161 577,272 Income tax provision 19,571
23,517 63,265 (7,331 ) Net income $165,556
$132,907 $520,896 $584,603 Net
income per share: Basic $0.85 $0.68 $2.68 $2.97 Diluted $0.85 $0.68
$2.67 $2.95 Weighted average common shares outstanding:
Basic 194,319 194,043 194,105 196,979
Diluted
195,100 194,858 194,894 198,009
Garmin Ltd. And
Subsidiaries Condensed Consolidated Statements of Cash Flows
(Unaudited) (In thousands)
53-Weeks Ended 52-Weeks
Ended December 31,
December 25, 2011 2010 Operating
Activities: Net income $520,896 $584,603 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation 54,610 53,487 Amortization 39,925 41,164 Gain on sale
of property and equipment (2,192 ) (306 ) Provision for doubtful
accounts 2,317 (4,476 ) Deferred income taxes (42,475 ) (471 )
Unrealized foreign currency losses 18,583 62,770 Provision for
obsolete and slow moving inventories 16,047 5,753 Stock
compensation expense 40,212 40,332 Realized losses/(gains) on
marketable securities (4,322 ) 2,382 Changes in operating assets
and liabilities, net of acquisitions: Accounts receivable 169,543
129,698 Inventories (6,385 ) (77,122 ) Other current assets (51,423
) 9,886 Accounts payable (26,329 ) (81,354 ) Other current and
non-current liabilities (61,103 ) (144,476 ) Deferred revenue
179,439 131,303 Deferred cost (36,120 ) (31,445 ) Income taxes
payable 20,684 52,238 License fees (9,573 ) (3,329 ) Net cash
provided by operating activities 822,334 770,637
Investing activities: Purchases of property and equipment
(38,366 ) (32,232 ) Proceeds from sale of property and equipment
4,127 139 Purchase of intangible assets (6,933 ) (3,883 ) Purchase
of marketable securities (1,172,555 ) (694,038 ) Redemption of
marketable securities 779,213 668,495 Change in restricted cash 506
770 Acquisitions, net of cash acquired (54,190 ) (12,120 ) Net cash
used in investing activities (488,198 ) (72,869 )
Financing activities: Issuance of treasury/common stock
related to equity awards 22,337 9,465 Stock repurchase (22,300 )
(225,928 ) Dividends (310,763 ) (298,853 ) Tax benefit from
issuance of equity awards 3,313 4,495 Net cash used
in financing activities (307,413 ) (510,821 ) Effect of
exchange rate changes on cash and cash equivalents (499 ) (17,592 )
Net increase in cash and cash equivalents 26,224
169,355 Cash and cash equivalents at beginning of period 1,260,936
1,091,581 Cash and cash equivalents at end of period
$1,287,160 $1,260,936
Garmin Ltd. And
Subsidiaries Revenue, Gross Profit, and Operating Income by
Segment (Unaudited)
Reporting Segments
Auto/ Outdoor
Fitness Marine
Mobile Aviation
Total
14-Weeks Ended December 31,
2011
Net sales $121,045 $94,752 $43,250 $579,193 $71,404 $909,644
Gross profit $82,161 $60,989 $25,868 $218,738 $46,031 $433,787
Operating income $59,707 $40,808 $9,285 $77,750 $12,539 $200,089
13-Weeks Ended December 25, 2010 Net sales
$89,557 $80,998 $37,149 $558,899 $71,111 $837,714 Gross profit
$60,609 $52,005 $23,545 $193,572 $50,062 $379,793 Operating income
$47,043 $34,497 $10,769 $73,797 $18,542 $184,648
53-Weeks
Ended December 31, 2011 Net sales $363,223 $298,163
$221,730 $1,590,598 $284,855 $2,758,569 Gross profit $238,850
$181,759 $129,653 $597,017 $191,313 $1,338,592 Operating income
$161,511 $102,101 $57,645 $160,837 $71,673 $553,767
52-Weeks Ended December 25, 2010 Net sales $319,119
$240,473 $198,860 $1,668,939 $262,520 $2,689,911 Gross profit
$214,723 $149,733 $124,648 $672,953 $184,317 $1,346,374 Operating
income $157,677 $93,348 $67,463 $245,914 $72,274 $636,676
1 Fourth quarter 2011 and fiscal year 2011 include 14-weeks and
53-weeks, respectively, compared to 13-weeks and 52-weeks in fourth
quarter 2010 and fiscal year 2010, respectively.
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