netrashetty
Netra Shetty
Hot Topic (NASDAQ: HOTT) is an American retail chain specializing in music and punk/rock culture-related clothing and accessories, as well as licensed music on CD. As of April 2008, Hot Topic had 688 locations in the United States, six stores in Puerto Rico, and two in Canada. The majority of the stores are located in regional shopping malls.[3] The first Hot Topic store was opened in 1988 by Orv Madden, who retired as CEO in 2000 and was replaced by Betsy McLaughlin. The company went public and began trading on NASDAQ in 1996. In 2006 Hot Topic was placed 53rd on Fortune 500's Top Companies To Work For list.[4]
Hot Topic, Inc. (NASDAQ: HOTT) is a music-enthused apparel store that targets 15-45 year olds. The retailer also sells music and music memorabilia, as well as women's plus-sized clothing in its Torrid business. Hot Topic competes against other alternative apparel retailers such as Pacific Sunwear of California (PSUN), Buckle Inc (BKE), and Urban Outfitters (URBN).
Like other retailers, HOTT has struggled to improve profit margins and maintain their customer base during and following the 2008-2009 U.S. Recession. In addition, HOTT's dependence on the downtrodden California economy has further put the retailer behind. California still has a $20 billion deficit,[1] which will cause HOTT to continue to underperform until it can deleverage its dependence on the California economy. Since HOTT sales are highly correlated to the success of music-inspired apparel, its success is affected by changing fashion trends. Because of this, HOTT began offering Levi Strauss jeans in 2009 to broaden its product lines. In addition, HOTT has benefited from the e-commerce boom from 2007 to 2010.
Business Overview
Hot Topic, Inc. is a mall and web based specialty retailer operating the Hot Topic and Torrid concepts, as well as the e-space music discovery concept, ShockHound. Hot Topic's business strategy is built on the foundation of music and pop culture and its relevance to the target teen customer. The stores sell a selection of music/pop culture-licensed and music/pop culture-influenced apparel, accessories, music and gift items for young men and women principally between the ages of 12 and 22.
Contents
1 Business Overview
1.1 Business Financials
1.1.1 FY 2009 Performance
1.1.2 Q1 FY 2010 Performance (ended May 1st, 2010)
1.1.3 Q2 FY 2010 Performance (ended July 31, 2010)
1.1.4 Q3 Fiscal 2010 Performance (ended October 30th, 2010)
1.2 Business Segments
1.2.1 Hot Topic (78.7% of FY 2009 net sales)
1.2.2 Torrid (21.3% of FY 2009 net sales)
2 Trends and Forces
2.1 HOTT Suffers from Struggling U.S. Economy -- Particularly California
2.2 HOTT Depends on Niche Market
2.3 Retailers Increase Consumer Channels from E-Commerce Boom
2.4 Increasing Cotton Prices Pressure HOTT Operating Margin.
3 Competition
4 References
Business Financials
Hot Topic has seen net income growth in the past three fiscal years, rebounding from a 39% net income decline from FY 2005 to FY 2006 due to unsuccessful store openings and relocations of 54 stores.[2] From FY 2007 to FY 2008, HOTT had a $15.5 million sales increase from new Torrid stores opened and a $13.4 million increase in online sales. Apparel is HOTT's main source of revenue, as it accounts for 55% of the Hot Topic brand's net sales, and 78% of the Torrid brand's net sales. The holiday season (Q4 of fiscal year) is also important to HOTT, as it has accounted for over 30% of net sales in FY 2007 and FY 2008.
FY 2009 Performance
Net income growth decayed in FY 2009, as HOTT had a 40% decrease from FY 2008.[3] Hot Topic officials site the $0.07 per share expense of ShockHound, the firm's online music store, as the main cause of the net income drop.[3] Comparable sales per store were down 5.1% for the fiscal year, with Hot Topic sales per store decreasing 5.6% and Torrid sales per store decreasing 2.9%.[3]
Music: Sales down 6% in fiscal 2009 (including down 11% in Q4). Sales were down 1% in fiscal 2008.[4]
License: Sales were down 3% in fiscal 2009 (including down 12% in Q4), and grew 1% in 2008.[4]
Fashion Apparel: Sales down 14% in fiscal 2009, and down 6% in fiscal 2008 (including down 16% in Q4).[4]
Fashion Accessories: Sales down 4% in fiscal 2009 (including down 17% in Q4), and grew 10% in 2008.[4]
Q1 FY 2010 Performance (ended May 1st, 2010)
HOTT had net sales of $162.6 million -- a 7.1% decline from Q1 FY 2009.[5] Its Hot Topic business had sales of $119.7 million (11.4% decrease), while its Torrid business had $42.9 million in sales (6.6% increase).
The firm lost $1.778 million in net income for the quarter, compared with a gain of $1.225 million in Q1 FY 2009.[5]
HOTT had a comparable sales per store decline of 8.7% from Q1 FY 2009 to Q1 FY 2010.[5]
The income loss was due to the decrease in sales, particularly in Hot Topic stores and the ShockHound business.[5]
Music: 1% sales growth in Q1 fiscal 2010.[4]
License: 19% sales decline in Q1 fiscal 2010.[4]
Fashion Apparel: 9% sales decline in Q1 fiscal 2010.[4]
Fashion Accessories: 12% sales decline in Q1 fiscal 2010.[4]
Q2 FY 2010 Performance (ended July 31, 2010)
HOTT posted net sales of $150 million -- 4.9% decrease compared to Q2 fiscal 2009.[6]
The firm's Hot Topic business posted net sales of $113.3 million (5.5% decrease) and the firm's Torrid business posted net sales of $36.7 million (3.4% decrease).[6]
Comparable store sales for the quarter declined 6.4% compared to Q2 fiscal 2009.[6]
HOTT reported a net income loss of $6.3 million for the quarter, compared to a net loss of $3.2 million in Q2 fiscal 2009, due to lack of sales to meet inventory levels.[6]
For Q3 fiscal 2010, HOTT gave an EPS guidance of $0.05 to $0.08 per share.[6]
Q3 Fiscal 2010 Performance (ended October 30th, 2010)
HOTT posted net sales of $183.2 million for the quarter, a 3.4% decrease compared to Q3 fiscal 2009.[7]
HOTT took a hit in net income, as it posted $0.4 million for the quarter, compared to $5.8 million in Q3 fiscal 2009.[7]
In addition, HOTT comparable store sales were down 8.5% in October.[8]
HOTT Financials[2] FY2006 FY2007 FY2008 FY2009
Gross Sales $Mil $751.56 $728.12 $761.07 $736.71
Net Income $Mil 13.626 16.012 19.742 11.880
Average Same Store Sales $Mil 887 827 841 801
Online Sales $Mil 38.8 40.4 53.8 65.3
Number of Stores 825 841 840 836
Business Segments
Hot Topic operates two different brands: Hot Topic, and Torrid. Each store type also has an online presence.
Hot Topic (78.7% of FY 2009 net sales)
The Hot Topic brand sells clothing, memorabilia, and electronics (such as CDs) tailored to music. It's rock-inspired products target the 13 - 25 year-old age group. In Q3 FY 2008, the Hot Topic business launched a music platform ShockHound, which includes MP3s, band merchandise and editorial content. From FY 2008 to FY 2009, Hot Topic segment sales decreased 4.5%.[9] The Hot Topic brand has continued to have comparable store sales struggles in 2010, as it had a 9.6% comp. store sales decline in May 2010 and an 11.6% comp. store sales decline year-to-date.[10]
Torrid (21.3% of FY 2009 net sales)
Torrid provides plus-sized clothing to females between the ages of 15 and 45. Unlike the Hot Topic brand, Torrid focuses on modern women's clothing styles, not music-inspired apparel. Launched in 2001, there are now 156 Torrid stores, with another planned to open in fiscal 2009. From FY 2007 to FY 2008, Torrid sales increased 1.6%.[9] The Torrid brand has had comparable store sales struggles in Q2 2010, however, a 7.4% comp. store sales decline in May 2010. The Torrid brand has had 1.9% comp. store sales growth year-to-date.[10]
Trends and Forces
HOTT Suffers from Struggling U.S. Economy -- Particularly California
The 2008-2009 U.S. Recession had an immediate impact on retailers, as consumer confidence decreased 87% from February 2007 to February 2009.[11] Because of this, retailers had to face a short-term problem of reduced net sales, as well as long-term problems of suffocating debt and losing customers. Consumer confidence has rebounded since the crash, but some retailers are still failing to meet analyst sales estimates. In April 2010, only four of 22 retail firms beat analyst sales estimates.[12] Hot Topic was one such retailer with an underperforming April, as comparable store sales were down 12.5%.[13] Hot Topic continued to underperform in May, as comparable store sales for the month were down 9%.[10]
Hot Topic has been hit particularly hard by the financial crisis due to its dependence on the California economy. HOTT has 130 stores in California -- almost double the amount in the next leading state.[14] California was hit much harder than other U.S. states, as unemployment in the state topped at 12.6% compared to the national average of 9.9%.[15] In addition, despite cutbacks in 2009, California still has a $20 billion deficit.[1] Until California's economy can improve, or HOTT can de-leverage its dependence on the state, the retailer will continue to struggle getting sales figures.
Hot Topic's dependence on the California economy has hurt the retailer's sales totals.
HOTT Depends on Niche Market
Hot Topic's music-inspired products target a select crowd: 13-25 year-olds. Furthermore, the popularity of HOTT's products is contingent upon the popularity of the bands represented. In the past two years, HOTT has expanded its product line to include television show (such as Family Guy) and video game (such as Super Mario Bros.) merchandise. To further broaden its clothing line, HOTT began selling Levi Strauss jeans and shirts.
Similarly, HOTT's Torrid brand targets a select crowd: 15-45 year-old plus-sized women. Torrid benefits from two fashion trends: the average woman's dress size is getting larger and mainstream designers are refusing to create plus-sized lines. As the Hot Topic brand seems to be going out of style, the retailer may continue to grow the Torrid brand. Torrid stores represent 19% of total HOTT stores, but Torrid sales account for 26% of HOTT net sales.[16] In addition, while the Hot Topic brand has posted negative comparable store sales growth year-to-date, Torrid comparable store sales have grown 2%.[10]
Retailers Increase Consumer Channels from E-Commerce Boom
With increasing gas prices and increasing efficiency from web-technology, consumers have increased their online purchases compared to mall-based purchases. Hot Topic internet sales increased 32% from $22.8 million in fiscal 2007 to $30.1 million in fiscal 2008. Similarly, Torrid internet sales increased 34.7% from $17.6 million in fiscal 2007 to $23.7 million in fiscal 2008. Growing e-commerce sales has been a developing trend across the entire retail industry, as Holiday Season e-commerce sales increased 15.5% from 2008 to 2009.
Increasing Cotton Prices Pressure HOTT Operating Margin.
Cotton prices have soared in the past two months due to USDA estimates that cotton demand will dwarf cotton production for the rest of 2010, and into 2011.[17] 7.3 million bales of cotton have been exported from the U.S. since August 1st -- almost half the annual cotton export (15.5 million bales) estimated by the USDA for the market year (ending August 2011).[17] The USDA further estimates that global cotton production (116.95 million bales) will outpace cotton consumption (120.50 million bales), causing a global cotton shortage and cotton prices to soar.
Cotton is an important commodity for all apparel retailers, as t-shirts, sweatshirts and socks are all made from cotton. Apparel sales contributed 53% and 78% to Hot Topic net sales and Torrid net sales in fiscal 2009, respectively.[18] Since apparel contributes a large proportion of HOTT net sales, the firm must design a leaner clothing manufacturing strategy in order to stop operating margin from tightening.
Competition
Competition for Hot Topic stores is very diverse. Local competitors include street alternative and vintage clothing stores, particularly in metropolitan areas. Mall-based, national retailers and chains in competition with Hot Topic include privately-owned Forever 21, H&M, Old Navy (a division of Gap (GPS), Buckle (BKE) , Wet Seal (WTSLA), Urban Outfitters (URBN), and Zumiez (ZUMZ). Because of their music paraphernalia offerings, additionally, smaller competition comes from chains selling music products such as Best Buy (BBY) and Borders Group (BGP).
Torrid has fewer competitors, as it caters to an even smaller niche market. Although there are retailers targeting the plus-size female demographic, including Lane Bryant, none specifically target the younger female age group in this demographic; most cater to more mature women and/or focus on career clothing. Department stores and discount stores such as Target also provide competition, as well as plus-size catalogs and web-based stores which carry plus-size junior's clothing.
Competition Hot Topic (HOTT)[2] Buckle Inc (BKE)[19] Wet Seal (WTSLA)[20] Urban Outfitters (URBN)[21] Zumiez (ZUMZ)[22]
Revenue $Mil 761.1 792.0 593.0 1,834.6 408.7
Net Income $Mil 19.7 104.4 30.2 199.4 17.2
Operating Margin % 4.05% 21.22% 3.53% 15.48% 2.60%
Sales Per Store 841 1.67M 1.12M 6.24M 1.24M
Number of Stores 840 387 496 294 343
Hot Topic, Inc. (NASDAQ: HOTT) is a music-enthused apparel store that targets 15-45 year olds. The retailer also sells music and music memorabilia, as well as women's plus-sized clothing in its Torrid business. Hot Topic competes against other alternative apparel retailers such as Pacific Sunwear of California (PSUN), Buckle Inc (BKE), and Urban Outfitters (URBN).
Like other retailers, HOTT has struggled to improve profit margins and maintain their customer base during and following the 2008-2009 U.S. Recession. In addition, HOTT's dependence on the downtrodden California economy has further put the retailer behind. California still has a $20 billion deficit,[1] which will cause HOTT to continue to underperform until it can deleverage its dependence on the California economy. Since HOTT sales are highly correlated to the success of music-inspired apparel, its success is affected by changing fashion trends. Because of this, HOTT began offering Levi Strauss jeans in 2009 to broaden its product lines. In addition, HOTT has benefited from the e-commerce boom from 2007 to 2010.
Business Overview
Hot Topic, Inc. is a mall and web based specialty retailer operating the Hot Topic and Torrid concepts, as well as the e-space music discovery concept, ShockHound. Hot Topic's business strategy is built on the foundation of music and pop culture and its relevance to the target teen customer. The stores sell a selection of music/pop culture-licensed and music/pop culture-influenced apparel, accessories, music and gift items for young men and women principally between the ages of 12 and 22.
Contents
1 Business Overview
1.1 Business Financials
1.1.1 FY 2009 Performance
1.1.2 Q1 FY 2010 Performance (ended May 1st, 2010)
1.1.3 Q2 FY 2010 Performance (ended July 31, 2010)
1.1.4 Q3 Fiscal 2010 Performance (ended October 30th, 2010)
1.2 Business Segments
1.2.1 Hot Topic (78.7% of FY 2009 net sales)
1.2.2 Torrid (21.3% of FY 2009 net sales)
2 Trends and Forces
2.1 HOTT Suffers from Struggling U.S. Economy -- Particularly California
2.2 HOTT Depends on Niche Market
2.3 Retailers Increase Consumer Channels from E-Commerce Boom
2.4 Increasing Cotton Prices Pressure HOTT Operating Margin.
3 Competition
4 References
Business Financials
Hot Topic has seen net income growth in the past three fiscal years, rebounding from a 39% net income decline from FY 2005 to FY 2006 due to unsuccessful store openings and relocations of 54 stores.[2] From FY 2007 to FY 2008, HOTT had a $15.5 million sales increase from new Torrid stores opened and a $13.4 million increase in online sales. Apparel is HOTT's main source of revenue, as it accounts for 55% of the Hot Topic brand's net sales, and 78% of the Torrid brand's net sales. The holiday season (Q4 of fiscal year) is also important to HOTT, as it has accounted for over 30% of net sales in FY 2007 and FY 2008.
FY 2009 Performance
Net income growth decayed in FY 2009, as HOTT had a 40% decrease from FY 2008.[3] Hot Topic officials site the $0.07 per share expense of ShockHound, the firm's online music store, as the main cause of the net income drop.[3] Comparable sales per store were down 5.1% for the fiscal year, with Hot Topic sales per store decreasing 5.6% and Torrid sales per store decreasing 2.9%.[3]
Music: Sales down 6% in fiscal 2009 (including down 11% in Q4). Sales were down 1% in fiscal 2008.[4]
License: Sales were down 3% in fiscal 2009 (including down 12% in Q4), and grew 1% in 2008.[4]
Fashion Apparel: Sales down 14% in fiscal 2009, and down 6% in fiscal 2008 (including down 16% in Q4).[4]
Fashion Accessories: Sales down 4% in fiscal 2009 (including down 17% in Q4), and grew 10% in 2008.[4]
Q1 FY 2010 Performance (ended May 1st, 2010)
HOTT had net sales of $162.6 million -- a 7.1% decline from Q1 FY 2009.[5] Its Hot Topic business had sales of $119.7 million (11.4% decrease), while its Torrid business had $42.9 million in sales (6.6% increase).
The firm lost $1.778 million in net income for the quarter, compared with a gain of $1.225 million in Q1 FY 2009.[5]
HOTT had a comparable sales per store decline of 8.7% from Q1 FY 2009 to Q1 FY 2010.[5]
The income loss was due to the decrease in sales, particularly in Hot Topic stores and the ShockHound business.[5]
Music: 1% sales growth in Q1 fiscal 2010.[4]
License: 19% sales decline in Q1 fiscal 2010.[4]
Fashion Apparel: 9% sales decline in Q1 fiscal 2010.[4]
Fashion Accessories: 12% sales decline in Q1 fiscal 2010.[4]
Q2 FY 2010 Performance (ended July 31, 2010)
HOTT posted net sales of $150 million -- 4.9% decrease compared to Q2 fiscal 2009.[6]
The firm's Hot Topic business posted net sales of $113.3 million (5.5% decrease) and the firm's Torrid business posted net sales of $36.7 million (3.4% decrease).[6]
Comparable store sales for the quarter declined 6.4% compared to Q2 fiscal 2009.[6]
HOTT reported a net income loss of $6.3 million for the quarter, compared to a net loss of $3.2 million in Q2 fiscal 2009, due to lack of sales to meet inventory levels.[6]
For Q3 fiscal 2010, HOTT gave an EPS guidance of $0.05 to $0.08 per share.[6]
Q3 Fiscal 2010 Performance (ended October 30th, 2010)
HOTT posted net sales of $183.2 million for the quarter, a 3.4% decrease compared to Q3 fiscal 2009.[7]
HOTT took a hit in net income, as it posted $0.4 million for the quarter, compared to $5.8 million in Q3 fiscal 2009.[7]
In addition, HOTT comparable store sales were down 8.5% in October.[8]
HOTT Financials[2] FY2006 FY2007 FY2008 FY2009
Gross Sales $Mil $751.56 $728.12 $761.07 $736.71
Net Income $Mil 13.626 16.012 19.742 11.880
Average Same Store Sales $Mil 887 827 841 801
Online Sales $Mil 38.8 40.4 53.8 65.3
Number of Stores 825 841 840 836
Business Segments
Hot Topic operates two different brands: Hot Topic, and Torrid. Each store type also has an online presence.
Hot Topic (78.7% of FY 2009 net sales)
The Hot Topic brand sells clothing, memorabilia, and electronics (such as CDs) tailored to music. It's rock-inspired products target the 13 - 25 year-old age group. In Q3 FY 2008, the Hot Topic business launched a music platform ShockHound, which includes MP3s, band merchandise and editorial content. From FY 2008 to FY 2009, Hot Topic segment sales decreased 4.5%.[9] The Hot Topic brand has continued to have comparable store sales struggles in 2010, as it had a 9.6% comp. store sales decline in May 2010 and an 11.6% comp. store sales decline year-to-date.[10]
Torrid (21.3% of FY 2009 net sales)
Torrid provides plus-sized clothing to females between the ages of 15 and 45. Unlike the Hot Topic brand, Torrid focuses on modern women's clothing styles, not music-inspired apparel. Launched in 2001, there are now 156 Torrid stores, with another planned to open in fiscal 2009. From FY 2007 to FY 2008, Torrid sales increased 1.6%.[9] The Torrid brand has had comparable store sales struggles in Q2 2010, however, a 7.4% comp. store sales decline in May 2010. The Torrid brand has had 1.9% comp. store sales growth year-to-date.[10]
Trends and Forces
HOTT Suffers from Struggling U.S. Economy -- Particularly California
The 2008-2009 U.S. Recession had an immediate impact on retailers, as consumer confidence decreased 87% from February 2007 to February 2009.[11] Because of this, retailers had to face a short-term problem of reduced net sales, as well as long-term problems of suffocating debt and losing customers. Consumer confidence has rebounded since the crash, but some retailers are still failing to meet analyst sales estimates. In April 2010, only four of 22 retail firms beat analyst sales estimates.[12] Hot Topic was one such retailer with an underperforming April, as comparable store sales were down 12.5%.[13] Hot Topic continued to underperform in May, as comparable store sales for the month were down 9%.[10]
Hot Topic has been hit particularly hard by the financial crisis due to its dependence on the California economy. HOTT has 130 stores in California -- almost double the amount in the next leading state.[14] California was hit much harder than other U.S. states, as unemployment in the state topped at 12.6% compared to the national average of 9.9%.[15] In addition, despite cutbacks in 2009, California still has a $20 billion deficit.[1] Until California's economy can improve, or HOTT can de-leverage its dependence on the state, the retailer will continue to struggle getting sales figures.
Hot Topic's dependence on the California economy has hurt the retailer's sales totals.
HOTT Depends on Niche Market
Hot Topic's music-inspired products target a select crowd: 13-25 year-olds. Furthermore, the popularity of HOTT's products is contingent upon the popularity of the bands represented. In the past two years, HOTT has expanded its product line to include television show (such as Family Guy) and video game (such as Super Mario Bros.) merchandise. To further broaden its clothing line, HOTT began selling Levi Strauss jeans and shirts.
Similarly, HOTT's Torrid brand targets a select crowd: 15-45 year-old plus-sized women. Torrid benefits from two fashion trends: the average woman's dress size is getting larger and mainstream designers are refusing to create plus-sized lines. As the Hot Topic brand seems to be going out of style, the retailer may continue to grow the Torrid brand. Torrid stores represent 19% of total HOTT stores, but Torrid sales account for 26% of HOTT net sales.[16] In addition, while the Hot Topic brand has posted negative comparable store sales growth year-to-date, Torrid comparable store sales have grown 2%.[10]
Retailers Increase Consumer Channels from E-Commerce Boom
With increasing gas prices and increasing efficiency from web-technology, consumers have increased their online purchases compared to mall-based purchases. Hot Topic internet sales increased 32% from $22.8 million in fiscal 2007 to $30.1 million in fiscal 2008. Similarly, Torrid internet sales increased 34.7% from $17.6 million in fiscal 2007 to $23.7 million in fiscal 2008. Growing e-commerce sales has been a developing trend across the entire retail industry, as Holiday Season e-commerce sales increased 15.5% from 2008 to 2009.
Increasing Cotton Prices Pressure HOTT Operating Margin.
Cotton prices have soared in the past two months due to USDA estimates that cotton demand will dwarf cotton production for the rest of 2010, and into 2011.[17] 7.3 million bales of cotton have been exported from the U.S. since August 1st -- almost half the annual cotton export (15.5 million bales) estimated by the USDA for the market year (ending August 2011).[17] The USDA further estimates that global cotton production (116.95 million bales) will outpace cotton consumption (120.50 million bales), causing a global cotton shortage and cotton prices to soar.
Cotton is an important commodity for all apparel retailers, as t-shirts, sweatshirts and socks are all made from cotton. Apparel sales contributed 53% and 78% to Hot Topic net sales and Torrid net sales in fiscal 2009, respectively.[18] Since apparel contributes a large proportion of HOTT net sales, the firm must design a leaner clothing manufacturing strategy in order to stop operating margin from tightening.
Competition
Competition for Hot Topic stores is very diverse. Local competitors include street alternative and vintage clothing stores, particularly in metropolitan areas. Mall-based, national retailers and chains in competition with Hot Topic include privately-owned Forever 21, H&M, Old Navy (a division of Gap (GPS), Buckle (BKE) , Wet Seal (WTSLA), Urban Outfitters (URBN), and Zumiez (ZUMZ). Because of their music paraphernalia offerings, additionally, smaller competition comes from chains selling music products such as Best Buy (BBY) and Borders Group (BGP).
Torrid has fewer competitors, as it caters to an even smaller niche market. Although there are retailers targeting the plus-size female demographic, including Lane Bryant, none specifically target the younger female age group in this demographic; most cater to more mature women and/or focus on career clothing. Department stores and discount stores such as Target also provide competition, as well as plus-size catalogs and web-based stores which carry plus-size junior's clothing.
Competition Hot Topic (HOTT)[2] Buckle Inc (BKE)[19] Wet Seal (WTSLA)[20] Urban Outfitters (URBN)[21] Zumiez (ZUMZ)[22]
Revenue $Mil 761.1 792.0 593.0 1,834.6 408.7
Net Income $Mil 19.7 104.4 30.2 199.4 17.2
Operating Margin % 4.05% 21.22% 3.53% 15.48% 2.60%
Sales Per Store 841 1.67M 1.12M 6.24M 1.24M
Number of Stores 840 387 496 294 343