Whole_Foods04_10k_fin - Table of Contents Index to...

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Table of Contents Index to Financial Statements Whole Foods Market, Inc. Consolidated Balance Sheets (In thousands) September 26, 2004 and September 28, 2003 2004 (Restated, see Note 3) 2003 (Restated, see Note 3) Assets Current assets: Cash and cash equivalents $ 198,377 $ 165,779 Restricted cash 23,160 Trade accounts receivable 64,972 45,947 Merchandise inventories 152,912 123,904 Prepaid expenses and other current assets 16,702 12,447 Deferred income taxes 29,974 16,271 Total current assets 486,097 364,348 Property and equipment, net of accumulated depreciation and amortization 873,397 717,110 Long-term investments 2,206 Goodwill 112,186 80,548 Intangible assets, net of accumulated amortization 24,831 26,569 Deferred income taxes 4,193 17,214 Other assets 20,302 5,573 Total assets $1,521,006 $1,213,568 2004 2003 Liabilities and Shareholders’ Equity Current liabilities: Current installments of long-term debt and capital lease obligations $ 5,973 $ 5,806 Trade accounts payable 90,751 72,715 Accrued payroll, bonus and other benefits due team members 100,536 70,875 Dividends payable 9,361 Other accrued expenses 128,329 93,378 Total current liabilities 334,950 242,774 Long-term debt and capital lease obligations, less current installments 164,770 162,909 Deferred rent liabilities 70,067 60,608 Other long-term liabilities 1,581 2,301 Total liabilities 571,368 468,592 Shareholders’ equity: Common stock, no par value, 150,000 shares authorized, 62,771 and 60,299 shares issued, 62,407 and 60,070 shares outstanding in 2004 and 2003, respectively 535,107 423,297 Accumulated other comprehensive income 2,053 1,624 Retained earnings 412,478 320,055 Total shareholders’ equity 949,638 744,976 Commitments and contingencies Total liabilities and shareholders’ equity $1,521,006 $1,213,568 The accompanying notes are an integral part of these consolidated financial statements. 31
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Table of Contents Index to Financial Statements Whole Foods Market, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) Fiscal years ended September 26, 2004, September 28, 2003 and September 29, 2002 2004 (Restated, see Note 3) 2003 (Restated, see Note 3) 2002 (Restated, see Note 3) Sales $3,864,950 3,148,593 $2,690,475 Cost of goods sold and occupancy costs 2,523,816 2,070,334 1,758,281 Gross profit 1,341,134 1,078,259 932,194 Direct store expenses 986,040 794,422 677,404 General and administrative expenses 119,800 100,693 95,871 Pre-opening and relocation costs 18,648 15,765 17,934 Operating income 216,646 167,379 140,985 Other income (expense): Interest expense (7,249) (8,114) (10,384) Investment and other income 6,456 5,593 2,056 Income before income taxes 215,853 164,858 132,657 Provision for income taxes 86,341 65,943 53,063 Net income $ 129,512 $ 98,915 $ 79,594 Basic earnings per share $ 2.11 $ 1.68 $ 1.41 Weighted average shares outstanding 61,324 59,035 56,385 Diluted earnings per share $ 1.98 $ 1.58 $ 1.32 Weighted average shares outstanding, diluted basis 67,727 65,330 63,340 Dividends per share $ 0.60 $ $ The accompanying notes are an integral part of these consolidated financial statements. 32
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Table of Contents Index to Financial Statements Whole Foods Market, Inc. Consolidated Statements of Shareholders’ Equity and Comprehensive Income (In thousands) Fiscal years ended September 26, 2004, September 28, 2003 and September 29, 2002 Shares Outstanding Common Stock Common Stock in Treasury Accumulated Other Comprehensive Income (Loss) Retained Earnings (Restated, see Note 3) Total Shareholder’s Equity (Restated, see Note 3) Balances at September 30, 2001 54,770 $251,679 $ (5,369) $ (30) $141,546 $ 387,826 Net income 79,594 79,594 Foreign currency translation adjustments (112) (112)
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Whole_Foods04_10k_fin - Table of Contents Index to...

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