Overall retail revenues top $108 billion
By Janice Chamberlain -- Kids Today, 2/1/2006 12:00:00 AM
High Point —
The number of companies on the Kids Today quarterly retail scorecard is dwindling: Toys "R" Us and ShopKo Stores have both completed merger agreements that have taken them private. And Linens 'n Things and Burlington plan to join the ranks of the privately-held later this year.
Last year, Sears, Roebuck and Kmart united under the name Sears Holding and now reports as that company, although same-store sales data for the two companies is still available at this time.
In order to present a comprehensive picture of Sears Holding operations, Kids Today is reporting pro forma results for the giant retailer. Pro forma results reflect the union of Kmart and Sears as if it took place at the beginning of 2004, rather than the start of 2005. By utilizing pro forma data, results from the year-earlier and latest quarters become comparable.
Overall, the eight companies on this edition of the Kids Today retail scorecard reported aggregate revenues of $108.2 billion, up 7.9% over year-ago results of $100.3 billion. Combined net profits were virtually flat with year-earlier profits of $3.3 billion.
Growth champ in turns of percentage revenue growth was Internet retailer Baby Universe, whose reported revenues increased 47.9% to $5.7 million. Also achieving double-digit growth was Target Corp., up 11.9% to $12.2 billion; Bed Bath & Beyond, increasing 11% to $1.4 billion; and Wal-Mart, up 10.1% to $76.3 billion.
The perennial leader in adding revenue dollars — Wal-Mart — continued its winning ways, adding $7 billion in revenues from its year-ago results. Next in line was Target, which saw revenues grow by $1.3 billion, compared with third-quarter 2004 numbers.
J.C. Penney nearly edged out Wal-Mart when it came to increasing profit dollars. J.C. Penney posted net income of $234 million for the third quarter of 2005, up $85 million over year-ago net income. Wal-Mart inched ahead, though, with an $88 million gain to finish the latest quarter with net earnings of $2.4 billion.
That $85 million in additional net income turned into a 57% jump in profits for J.C. Penney, giving it run-away honors in net income percentage growth. Bed Bath & Beyond came in a distant second, with earnings growth of 10.4%.
Also achieving profit growth was Wal-Mart, up 3.8% to $2.4 billion and Burlington Coat Factory, up 8.8% to $45.4 million.
For the first time in four quarters, Burlington Coat Factory didn't win the same-store sale growth prize with its 5.3% increase. Burlington was edged out by Target's 5.9% jump, but still finished ahead of Wal-Mart's 3.8%. As an Internet retailer, Baby Universe doesn't have same-store sales figures, which generally measure sales growth in stores open for more than one year.
The return-on-revenues champ was once again Bed Bath & Beyond, which posted a score of 9.3%, down slightly from its 9.9% result in the second quarter of this year. Second place went to J.C. Penney, which recorded ROR of 5.2% in the latest quarter.
Kids Today's third-quarter retailer scorecard is based on the financial results of eight publicly traded companies with fiscal quarters ending from Sept. 30 to Nov. 26, 2005.
Same-store sales
| 1. For U.S. stores. Includes same-store sales of 2.9% at Wal-Mart Stores and 8.1% at Sam's Club. 2. For department stores. Source: Company reports |
|
| Target | 5.9% |
| Burlington Coat Factory | 5.3 |
| Wal-Mart1 | 3.8 |
| Bed Bath & Beyond | 3.1 |
| J.C. Penney2 | 2.5 |
| Kmart | -2.8 |
| Linens 'n Things | -10.2 |
| Sears | -10.8 |
Kids retail scorecard
| revenue in millions | net income in millions | return on revenues | |||||||
| Retailer | Qtr. ended | 2005 | 2004 | change | 2005 | 2004 | Change | 2005 | 2004 |
| Note: Figures in parentheses are losses or declines. 1. Includes non-sales income of $817 million in the 2005 quarter and $762 million in the 2004 quarter. 2. Includes net credit revenues of $343 million in the 2005 quarter and $290 million in the 2004 quarter. 3. Includes $4 million in net earnings from discontinued operations and a $203 million net gain on the disposal of discontinued operations. 4. Represents the combined results of Kmart and Sears as though the companies had been combined as of the beginning of 2004. 5. Includes pretax gains on the sales of assets of $15 million in the 2005 quarter and $208 million in the 2004 quarter and $1 million in pretax bankruptcy recoveries in both periods. The 2005 quarter also includes a $59 million pretax restructuring charge. 6. Includes $1 million in net income from discontinued operations. 7. Includes non-sales revenue of $8.5 million in the 2005 quarter and $7.9 million in the 2004 quarter. 8. Includes $222,000 in net income from discontinued operations. Source: Company reports and Kids Today market research |
|||||||||
| Wal-Mart | 10/31 | $76,253.01 | $69,282.01 | 10.1 | $2,374.0 | $2,286.0 | 3.8% | 3.1% | 3.3% |
| Target | 10/29 | 12,206.02 | 10,909.02 | 11.9 | 435.0 | 531.03 | -18.1 | 3.6 | 4.9 |
| Sears Holding4 | 10/29 | 12,202.0 | 12,838.0 | -5.0 | 58.05 | 150.05 | -61.3 | 0.5 | 1.2 |
| J.C. Penney | 10/29 | 4,479.0 | 4,391.0 | 2.0 | 234.0 | 149.06 | 57.0 | 5.2 | 3.4 |
| Bed Bath & Beyond | 11/26 | 1,448.7 | 1,305.2 | 11.0 | 134.6 | 121.9 | 10.4 | 9.3 | 9.3 |
| Burlington Coat Factory | 11/26 | 953.97 | 880.07 | 8.4 | 45.4 | 41.78 | 8.8 | 4.8 | 4.7 |
| Linens 'n Things | 10/1 | 629.3 | 654.2 | -3.8 | 1.0 | 17.2 | -94.0 | 0.2 | 2.6 |
| Baby Universe | 9/30 | 5.7 | 3.9 | 47.9 | (0.1) | 0.0 | — | -2.2 | 1.2 |
| TOTAL | $108,177.6 | $100,263.2 | 7.9% | $3,281.9 | $3,296.8 | -0.5% | 3.0% | 3.3% | |
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