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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Whole Foods Market, Inc. | NASDAQ:WFM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 41.99 | 42.05 | 42.00 | 0 | 01:00:00 |
x
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended July 6, 2014; or
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o
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from __________ to __________.
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Texas
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74-1989366
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(State of
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(IRS employer
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incorporation)
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identification no.)
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Page
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Assets
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July 6,
2014 |
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September 29,
2013 |
||||
Current assets:
|
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|
||||
Cash and cash equivalents
|
$
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264
|
|
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$
|
290
|
|
Short-term investments - available-for-sale securities
|
532
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|
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733
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Restricted cash
|
109
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111
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Accounts receivable
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230
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188
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Merchandise inventories
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429
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414
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Prepaid expenses and other current assets
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109
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93
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Deferred income taxes
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166
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151
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Total current assets
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1,839
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1,980
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Property and equipment, net of accumulated depreciation and amortization
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2,827
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2,428
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Long-term investments - available-for-sale securities
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166
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302
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Goodwill
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708
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679
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Intangible assets, net of accumulated amortization
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82
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65
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Deferred income taxes
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87
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72
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Other assets
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25
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12
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Total assets
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$
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5,734
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$
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5,538
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Liabilities and Shareholders’ Equity
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||||
Current liabilities:
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Current installments of capital lease obligations
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$
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2
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$
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1
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Accounts payable
|
269
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|
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247
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Accrued payroll, bonus and other benefits due team members
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395
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367
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Dividends payable
|
44
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37
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Other current liabilities
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572
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436
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Total current liabilities
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1,282
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1,088
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Long-term capital lease obligations, less current installments
|
60
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26
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Deferred lease liabilities
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538
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500
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Other long-term liabilities
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41
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46
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|
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Total liabilities
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1,921
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1,660
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Commitments and contingencies
|
|
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Shareholders’ equity:
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Common stock, no par value, 600.0 shares authorized;
377.1 and 375.7 shares issued; 362.7 and 372.4 shares outstanding at 2014 and 2013, respectively |
2,852
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2,765
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Common stock in treasury, at cost, 14.4 and 3.3 shares at 2014 and 2013, respectively
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(624
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)
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(153
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)
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Accumulated other comprehensive income
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2
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1
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Retained earnings
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1,583
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1,265
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Total shareholders’ equity
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3,813
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3,878
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Total liabilities and shareholders’ equity
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$
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5,734
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$
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5,538
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Twelve weeks ended
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Forty weeks ended
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||||||||||||
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July 6,
2014 |
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July 7,
2013 |
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July 6,
2014 |
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July 7,
2013 |
||||||||
Sales
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$
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3,377
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$
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3,058
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$
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10,938
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$
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9,941
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Cost of goods sold and occupancy costs
|
2,163
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1,939
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7,048
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6,373
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||||
Gross profit
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1,214
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1,119
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3,890
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3,568
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Direct store expenses
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849
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|
781
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2,766
|
|
|
2,529
|
|
||||
General and administrative expenses
|
102
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|
|
95
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|
|
341
|
|
|
302
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|
||||
Pre-opening expenses
|
18
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|
|
13
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|
|
45
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|
|
37
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|
||||
Relocation, store closure and lease termination costs
|
2
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2
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|
|
9
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|
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9
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Operating income
|
243
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|
|
228
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|
|
729
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691
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|
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Investment and other income, net of interest expense
|
4
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|
|
2
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|
|
10
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|
|
8
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|
||||
Income before income taxes
|
247
|
|
|
230
|
|
|
739
|
|
|
699
|
|
||||
Provision for income taxes
|
96
|
|
|
88
|
|
|
288
|
|
|
269
|
|
||||
Net income
|
$
|
151
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|
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$
|
142
|
|
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$
|
451
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$
|
430
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Basic earnings per share
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$
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0.41
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$
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0.38
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$
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1.22
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$
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1.16
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Weighted average shares outstanding
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365.0
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371.4
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369.9
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370.9
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Diluted earnings per share
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$
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0.41
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$
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0.38
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$
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1.21
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$
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1.15
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Weighted average shares outstanding, diluted basis
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367.2
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374.6
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372.9
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374.2
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||||
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||||||||
Dividends declared per common share
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$
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0.12
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$
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0.10
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$
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0.36
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$
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1.30
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Twelve weeks ended
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Forty weeks ended
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||||||||||||
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July 6,
2014 |
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July 7,
2013 |
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July 6,
2014 |
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July 7,
2013 |
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Net income
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$
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151
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$
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142
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$
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451
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$
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430
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Other comprehensive income (loss), net of tax:
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||||||||
Foreign currency translation adjustments
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4
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(6
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)
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|
1
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(11
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)
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||||
Other comprehensive income (loss), net of tax
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4
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|
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(6
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)
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|
1
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|
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(11
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)
|
||||
Comprehensive income
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$
|
155
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|
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$
|
136
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|
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$
|
452
|
|
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$
|
419
|
|
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Shares
outstanding
|
Common
stock
|
Common
stock in
treasury
|
Accumulated
other
comprehensive
income (loss)
|
Retained
earnings
|
Total
shareholders’
equity
|
|||||||||||
Balances at September 30, 2012
|
370.9
|
|
$
|
2,592
|
|
$
|
(28
|
)
|
$
|
5
|
|
$
|
1,233
|
|
$
|
3,802
|
|
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
551
|
|
551
|
|
|||||
Other comprehensive loss, net of tax
|
—
|
|
—
|
|
—
|
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(4
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)
|
—
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|
(4
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)
|
|||||
Dividends ($1.40 per common share)
|
—
|
|
—
|
|
—
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—
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(519
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)
|
(519
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)
|
|||||
Issuance of common stock pursuant to team member stock plans
|
4.1
|
|
81
|
|
—
|
|
—
|
|
—
|
|
81
|
|
|||||
Purchase of treasury stock
|
(2.6
|
)
|
—
|
|
(125
|
)
|
—
|
|
—
|
|
(125
|
)
|
|||||
Tax benefit related to exercise of team member stock options
|
—
|
|
36
|
|
—
|
|
—
|
|
—
|
|
36
|
|
|||||
Share-based payment expense
|
—
|
|
56
|
|
—
|
|
—
|
|
—
|
|
56
|
|
|||||
Balances at September 29, 2013
|
372.4
|
|
2,765
|
|
(153
|
)
|
1
|
|
1,265
|
|
3,878
|
|
|||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
451
|
|
451
|
|
|||||
Other comprehensive income, net of tax
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
1
|
|
|||||
Dividends ($0.36 per common share)
|
—
|
|
—
|
|
—
|
|
—
|
|
(133
|
)
|
(133
|
)
|
|||||
Issuance of common stock pursuant to team member stock plans
|
1.5
|
|
28
|
|
7
|
|
—
|
|
—
|
|
35
|
|
|||||
Purchase of treasury stock
|
(11.2
|
)
|
—
|
|
(478
|
)
|
—
|
|
—
|
|
(478
|
)
|
|||||
Tax benefit related to exercise of team member stock options
|
—
|
|
8
|
|
—
|
|
—
|
|
—
|
|
8
|
|
|||||
Share-based payment expense
|
—
|
|
51
|
|
—
|
|
—
|
|
—
|
|
51
|
|
|||||
Balances at July 6, 2014
|
362.7
|
|
$
|
2,852
|
|
$
|
(624
|
)
|
$
|
2
|
|
$
|
1,583
|
|
$
|
3,813
|
|
|
Forty weeks ended
|
||||||
|
July 6,
2014 |
|
July 7,
2013 |
||||
Cash flows from operating activities
|
|
|
|
||||
Net income
|
$
|
451
|
|
|
$
|
430
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
286
|
|
|
257
|
|
||
Share-based payment expense
|
51
|
|
|
43
|
|
||
LIFO expense
|
11
|
|
|
2
|
|
||
Deferred income tax benefit
|
(30
|
)
|
|
(24
|
)
|
||
Excess tax benefit related to exercise of team member stock options
|
(8
|
)
|
|
(30
|
)
|
||
Accretion of premium/discount on marketable securities
|
22
|
|
|
23
|
|
||
Deferred lease liabilities
|
28
|
|
|
36
|
|
||
Other
|
8
|
|
|
13
|
|
||
Net change in current assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable
|
(46
|
)
|
|
15
|
|
||
Merchandise inventories
|
(24
|
)
|
|
(18
|
)
|
||
Prepaid expenses and other current assets
|
(13
|
)
|
|
(12
|
)
|
||
Accounts payable
|
22
|
|
|
(16
|
)
|
||
Accrued payroll, bonus and other benefits due team members
|
28
|
|
|
49
|
|
||
Other current liabilities
|
76
|
|
|
54
|
|
||
Net change in other long-term liabilities
|
(3
|
)
|
|
(4
|
)
|
||
Net cash provided by operating activities
|
859
|
|
|
818
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Development costs of new locations
|
(329
|
)
|
|
(226
|
)
|
||
Other property and equipment expenditures
|
(196
|
)
|
|
(151
|
)
|
||
Purchase of intangible assets
|
(19
|
)
|
|
—
|
|
||
Purchases of available-for-sale securities
|
(648
|
)
|
|
(1,104
|
)
|
||
Sales and maturities of available-for-sale securities
|
959
|
|
|
1,393
|
|
||
Decrease (increase) in restricted cash
|
2
|
|
|
(7
|
)
|
||
Payment for purchase of acquired entities, net of cash acquired
|
(73
|
)
|
|
(22
|
)
|
||
Other investing activities
|
(17
|
)
|
|
(7
|
)
|
||
Net cash used in investing activities
|
(321
|
)
|
|
(124
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Common stock dividends paid
|
(126
|
)
|
|
(471
|
)
|
||
Issuance of common stock
|
35
|
|
|
61
|
|
||
Purchase of treasury stock
|
(478
|
)
|
|
(88
|
)
|
||
Excess tax benefit related to exercise of team member stock options
|
8
|
|
|
30
|
|
||
Payments on capital lease obligations
|
(1
|
)
|
|
(1
|
)
|
||
Net cash used in financing activities
|
(562
|
)
|
|
(469
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(2
|
)
|
|
(3
|
)
|
||
Net change in cash and cash equivalents
|
(26
|
)
|
|
222
|
|
||
Cash and cash equivalents at beginning of period
|
290
|
|
|
89
|
|
||
Cash and cash equivalents at end of period
|
$
|
264
|
|
|
$
|
311
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Federal and state income taxes paid
|
$
|
329
|
|
|
$
|
296
|
|
|
Twelve weeks ended
|
|
Forty weeks ended
|
||||||||
|
July 6,
2014 |
|
July 7,
2013 |
|
July 6,
2014 |
|
July 7,
2013 |
||||
Sales:
|
|
|
|
|
|
|
|
||||
United States
|
96.6
|
%
|
|
96.6
|
%
|
|
96.7
|
%
|
|
96.6
|
%
|
Canada and United Kingdom
|
3.4
|
|
|
3.4
|
|
|
3.3
|
|
|
3.4
|
|
Total sales
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
July 6,
2014 |
|
September 29,
2013 |
||
Long-lived assets, net:
|
|
|
|
|
|
United States
|
95.9
|
%
|
|
95.7
|
%
|
Canada and United Kingdom
|
4.1
|
|
|
4.3
|
|
Total long-lived assets, net
|
100.0
|
%
|
|
100.0
|
%
|
July 6, 2014
|
Level 1 Inputs
|
|
Level 2 Inputs
|
|
Level 3 Inputs
|
|
Total
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market fund
|
$
|
28
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28
|
|
Treasury bills
|
12
|
|
|
—
|
|
|
—
|
|
|
12
|
|
||||
Commercial paper
|
—
|
|
|
40
|
|
|
—
|
|
|
40
|
|
||||
Marketable securities - available-for-sale:
|
|
|
|
|
|
|
|
||||||||
Asset-backed securities
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||
Commercial paper
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||
Corporate bonds
|
—
|
|
|
66
|
|
|
—
|
|
|
66
|
|
||||
Municipal bonds
|
—
|
|
|
608
|
|
|
—
|
|
|
608
|
|
||||
Variable rate demand notes
|
—
|
|
|
14
|
|
|
—
|
|
|
14
|
|
||||
Total
|
$
|
40
|
|
|
$
|
738
|
|
|
$
|
—
|
|
|
$
|
778
|
|
September 29, 2013
|
Level 1 Inputs
|
|
Level 2 Inputs
|
|
Level 3 Inputs
|
|
Total
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market fund
|
$
|
73
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
73
|
|
Commercial paper
|
—
|
|
|
104
|
|
|
—
|
|
|
104
|
|
||||
Municipal bonds
|
—
|
|
|
17
|
|
|
—
|
|
|
17
|
|
||||
Marketable securities - available-for-sale:
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||
Municipal bonds
|
—
|
|
|
1,010
|
|
|
—
|
|
|
1,010
|
|
||||
Variable rate demand notes
|
—
|
|
|
20
|
|
|
—
|
|
|
20
|
|
||||
Total
|
$
|
73
|
|
|
$
|
1,156
|
|
|
$
|
—
|
|
|
$
|
1,229
|
|
|
July 6,
2014 |
|
September 29,
2013 |
||||
Short-term marketable securities - available-for-sale:
|
|
|
|
||||
Asset-backed securities
|
$
|
1
|
|
|
$
|
—
|
|
Commercial paper
|
5
|
|
|
—
|
|
||
Corporate bonds
|
31
|
|
|
—
|
|
||
Municipal bonds
|
481
|
|
|
713
|
|
||
Variable rate demand notes
|
14
|
|
|
20
|
|
||
Total short-term marketable securities
|
$
|
532
|
|
|
$
|
733
|
|
Long-term marketable securities - available-for-sale:
|
|
|
|
||||
Asset-backed securities
|
$
|
4
|
|
|
$
|
—
|
|
Corporate bonds
|
35
|
|
|
5
|
|
||
Municipal bonds
|
127
|
|
|
297
|
|
||
Total long-term marketable securities
|
$
|
166
|
|
|
$
|
302
|
|
|
July 6, 2014
|
|
September 29, 2013
|
||||||||||||
|
Gross carrying
amount
|
|
Accumulated
amortization
|
|
Gross carrying
amount
|
|
Accumulated
amortization
|
||||||||
Definite-lived contract-based
|
$
|
120
|
|
|
$
|
(44
|
)
|
|
$
|
102
|
|
|
$
|
(40
|
)
|
Definite-lived marketing-related and other
|
1
|
|
|
(1
|
)
|
|
1
|
|
|
(1
|
)
|
||||
Indefinite-lived contract-based
|
6
|
|
|
|
|
3
|
|
|
|
||||||
Total
|
$
|
127
|
|
|
$
|
(45
|
)
|
|
$
|
106
|
|
|
$
|
(41
|
)
|
Remainder of fiscal year 2014
|
$
|
1
|
|
Fiscal year 2015
|
5
|
|
|
Fiscal year 2016
|
5
|
|
|
Fiscal year 2017
|
5
|
|
|
Fiscal year 2018
|
5
|
|
|
Future fiscal years
|
55
|
|
|
Total
|
$
|
76
|
|
|
July 6,
2014 |
|
September 29,
2013 |
||||
Beginning balance
|
$
|
36
|
|
|
$
|
41
|
|
Additions
|
3
|
|
|
5
|
|
||
Usage
|
(9
|
)
|
|
(11
|
)
|
||
Adjustments
|
3
|
|
|
1
|
|
||
Ending balance
|
$
|
33
|
|
|
$
|
36
|
|
Date of declaration
|
Dividend per
common share
|
|
Date of record
|
|
Date of payment
|
|
Total amount
|
||||
Fiscal year 2014:
|
|
|
|
|
|
|
|
||||
November 1, 2013
|
$
|
0.12
|
|
|
January 17, 2014
|
|
January 28, 2014
|
|
$
|
45
|
|
February 24, 2014
|
0.12
|
|
|
April 11, 2014
|
|
April 22, 2014
|
|
44
|
|
||
June 12, 2014
(1)
|
0.12
|
|
|
July 3, 2014
|
|
July 15, 2014
|
|
44
|
|
||
Fiscal year 2013:
|
|
|
|
|
|
|
|
||||
November 29, 2012
|
$
|
1.00
|
|
|
December 10, 2012
|
|
December 21, 2012
|
|
$
|
371
|
|
November 7, 2012
|
0.10
|
|
|
January 18, 2013
|
|
January 29, 2013
|
|
37
|
|
||
March 15, 2013
|
0.10
|
|
|
April 12, 2013
|
|
April 23, 2013
|
|
37
|
|
||
June 12, 2013
|
0.10
|
|
|
July 5, 2013
|
|
July 16, 2013
|
|
37
|
|
||
September 10, 2013
|
0.10
|
|
|
September 27, 2013
|
|
October 8, 2013
|
|
37
|
|
Authorization date
|
Expiration date
|
|
Amount authorized
|
|
Cost of repurchases
|
|
Authorization available
|
||||||
November 15, 2012
|
December 31, 2014
|
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
—
|
|
November 1, 2013
|
December 31, 2015
|
|
500
|
|
|
178
|
|
|
322
|
|
|||
|
|
|
$
|
800
|
|
|
$
|
478
|
|
|
$
|
322
|
|
|
Twelve weeks ended
|
|
Forty weeks ended
|
||||||||||||
|
July 6,
2014 |
|
July 7,
2013 |
|
July 6,
2014 |
|
July 7,
2013 |
||||||||
Number of common shares acquired
|
9.1
|
|
|
0.5
|
|
|
11.2
|
|
|
1.9
|
|
||||
Average price per common share acquired
|
$
|
39.45
|
|
|
$
|
51.83
|
|
|
$
|
42.31
|
|
|
$
|
46.35
|
|
Total cost of common shares acquired
|
$
|
361
|
|
|
$
|
25
|
|
|
$
|
478
|
|
|
$
|
88
|
|
|
Twelve weeks ended
|
|
Forty weeks ended
|
||||||||||||
|
July 6,
2014 |
|
July 7,
2013 |
|
July 6,
2014 |
|
July 7,
2013 |
||||||||
Net income
(numerator for basic and diluted earnings per share)
|
$
|
151
|
|
|
$
|
142
|
|
|
$
|
451
|
|
|
$
|
430
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding
(denominator for basic earnings per share)
|
365.0
|
|
|
371.4
|
|
|
369.9
|
|
|
370.9
|
|
||||
Incremental common shares attributable to dilutive effect of share-based awards
|
2.2
|
|
|
3.2
|
|
|
3.0
|
|
|
3.3
|
|
||||
Weighted average common shares outstanding and
potential additional common shares outstanding
(denominator for diluted earnings per share)
|
367.2
|
|
|
374.6
|
|
|
372.9
|
|
|
374.2
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share
|
$
|
0.41
|
|
|
$
|
0.38
|
|
|
$
|
1.22
|
|
|
$
|
1.16
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share
|
$
|
0.41
|
|
|
$
|
0.38
|
|
|
$
|
1.21
|
|
|
$
|
1.15
|
|
|
Twelve weeks ended
|
|
Forty weeks ended
|
||||||||||||
|
July 6,
2014 |
|
July 7,
2013 |
|
July 6,
2014 |
|
July 7,
2013 |
||||||||
Cost of goods sold and occupancy costs
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
1
|
|
Direct store expenses
|
8
|
|
|
7
|
|
|
26
|
|
|
24
|
|
||||
General and administrative expenses
|
6
|
|
|
6
|
|
|
23
|
|
|
18
|
|
||||
Share-based payment expense before income taxes
|
15
|
|
|
13
|
|
|
51
|
|
|
43
|
|
||||
Income tax benefit
|
(6
|
)
|
|
(5
|
)
|
|
(20
|
)
|
|
(16
|
)
|
||||
Net share-based payment expense
|
$
|
9
|
|
|
$
|
8
|
|
|
$
|
31
|
|
|
$
|
27
|
|
|
Number
of options outstanding |
|
Weighted
average exercise price |
|
Weighted
average remaining contractual life |
|
Aggregate
intrinsic value |
|||||
Outstanding options at September 29, 2013
|
19.2
|
|
|
$
|
36.90
|
|
|
|
|
|
||
Options granted
|
5.2
|
|
|
40.26
|
|
|
|
|
|
|||
Options exercised
|
(1.1
|
)
|
|
24.73
|
|
|
|
|
|
|||
Options expired
|
—
|
|
|
—
|
|
|
|
|
|
|||
Options forfeited
|
(0.5
|
)
|
|
42.33
|
|
|
|
|
|
|||
Outstanding options at July 6, 2014
|
22.8
|
|
|
$
|
38.19
|
|
|
5.02
|
|
$
|
114
|
|
Vested/expected to vest at July 6, 2014
|
21.6
|
|
|
$
|
37.92
|
|
|
4.70
|
|
$
|
113
|
|
Exercisable options at July 6, 2014
|
9.6
|
|
|
$
|
32.40
|
|
|
3.96
|
|
$
|
92
|
|
Range of Exercise Prices
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||||||||||
From
|
|
To
|
|
Number
of options
outstanding
|
|
Weighted
average
exercise price
|
|
Weighted average
remaining
life (in years)
|
|
Number
of options
exercisable
|
|
Weighted
average
exercise price
|
||||||||||
$
|
9.45
|
|
|
$
|
18.49
|
|
|
1.0
|
|
|
$
|
9.60
|
|
|
1.88
|
|
1.0
|
|
|
$
|
9.52
|
|
20.42
|
|
|
28.50
|
|
|
2.6
|
|
|
20.43
|
|
|
3.50
|
|
2.3
|
|
|
20.42
|
|
||||
31.25
|
|
|
37.91
|
|
|
8.2
|
|
|
34.77
|
|
|
5.43
|
|
2.5
|
|
|
31.25
|
|
||||
40.81
|
|
|
46.28
|
|
|
6.3
|
|
|
44.29
|
|
|
4.85
|
|
2.8
|
|
|
44.26
|
|
||||
51.25
|
|
|
59.15
|
|
|
4.7
|
|
|
51.93
|
|
|
6.02
|
|
1.0
|
|
|
51.86
|
|
||||
Total
|
|
|
|
22.8
|
|
|
$
|
38.19
|
|
|
5.02
|
|
9.6
|
|
|
$
|
32.40
|
|
|
2014
|
|
|
2013
|
|
Expected dividend yield
|
0.960
|
%
|
|
0.880
|
%
|
Risk-free interest rate
|
1.16
|
%
|
|
0.77
|
%
|
Expected volatility
|
30.61
|
%
|
|
31.25
|
%
|
Expected life, in years
|
3.94
|
|
|
3.96
|
|
•
|
Comparable store sales increased
3.9%
, including a positive impact of approximately 60 basis points from Easter shifting from the second quarter last year to the third quarter this year;
|
•
|
Average weekly sales per store totaled
$736,000
, translating to sales per square foot of over
$1,000
;
|
•
|
Operating income as a percentage of sales totaled
7.2%
;
|
•
|
EBITDA margin totaled
9.8%
; and
|
•
|
Return on invested capital (“ROIC”) was
16.4%
.
|
|
Forty weeks ended
July 6, 2014
|
|
Implied fourth quarter of
fiscal year 2014
|
|
Estimated
fiscal year 2014
|
Sales growth
|
10.0%
|
|
8.5% - 9.5%
|
|
9.6% - 9.9%
|
Comparable store sales growth
|
4.6%
|
|
2.5% - 3.5%
|
|
4.1% - 4.4%
|
LIFO charge
|
$11 million
|
|
$9 - $11 million
|
|
$20 - $22 million
|
General and administrative expenses as a percentage of sales
|
3.1%
|
|
3.2%
|
|
3.1%
|
Pre-opening and relocation expenses
|
$54 million
|
|
$21 - $23 million
|
|
$75 - $77 million
|
Diluted earnings per share
|
$1.21
|
|
$0.31 - $0.33
|
|
$1.52 - $1.54
|
Diluted earnings per share growth
|
5%
|
|
(4%) - 2%
|
|
3% - 4%
|
|
Twelve weeks ended
|
|
Forty weeks ended
|
||||||||
|
July 6,
2014 |
|
July 7,
2013 |
|
July 6,
2014 |
|
July 7,
2013 |
||||
Sales
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold and occupancy costs
|
64.0
|
|
|
63.4
|
|
|
64.4
|
|
|
64.1
|
|
Gross profit
|
36.0
|
|
|
36.6
|
|
|
35.6
|
|
|
35.9
|
|
Direct store expenses
|
25.1
|
|
|
25.6
|
|
|
25.3
|
|
|
25.4
|
|
General and administrative expenses
|
3.0
|
|
|
3.1
|
|
|
3.1
|
|
|
3.0
|
|
Pre-opening expenses
|
0.5
|
|
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
Relocation, store closure and lease termination costs
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
Operating income
|
7.2
|
|
|
7.5
|
|
|
6.7
|
|
|
7.0
|
|
Investment and other income, net of interest expense
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Income before income taxes
|
7.3
|
|
|
7.5
|
|
|
6.8
|
|
|
7.0
|
|
Provision for income taxes
|
2.8
|
|
|
2.9
|
|
|
2.6
|
|
|
2.7
|
|
Net income
|
4.4
|
%
|
|
4.6
|
%
|
|
4.1
|
%
|
|
4.3
|
%
|
|
Twelve weeks ended
|
|
Forty weeks ended
|
||||||||||||
|
July 6,
2014 |
|
July 7,
2013 |
|
July 6,
2014 |
|
July 7,
2013 |
||||||||
Cost of goods sold and occupancy costs
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
1
|
|
Direct store expenses
|
8
|
|
|
7
|
|
|
26
|
|
|
24
|
|
||||
General and administrative expenses
|
6
|
|
|
6
|
|
|
23
|
|
|
18
|
|
||||
Share-based payment expense before income taxes
|
15
|
|
|
13
|
|
|
51
|
|
|
43
|
|
||||
Income tax benefit
|
(6
|
)
|
|
(5
|
)
|
|
(20
|
)
|
|
(16
|
)
|
||||
Net share-based payment expense
|
$
|
9
|
|
|
$
|
8
|
|
|
$
|
31
|
|
|
$
|
27
|
|
|
Twelve weeks ended
|
|
Forty weeks ended
|
||||||||
|
July 6,
2014 |
|
July 7,
2013 |
|
July 6,
2014 |
|
July 7,
2013 |
||||
New and acquired stores
|
12
|
|
|
4
|
|
|
24
|
|
|
17
|
|
Relocated stores
|
—
|
|
|
—
|
|
|
1
|
|
|
3
|
|
|
Twelve weeks ended
|
|
Forty weeks ended
|
||||||||||||
|
July 6,
2014 |
|
July 7,
2013 |
|
July 6,
2014 |
|
July 7,
2013 |
||||||||
Net income
|
$
|
151
|
|
|
$
|
142
|
|
|
$
|
451
|
|
|
$
|
430
|
|
Provision for income taxes
|
96
|
|
|
88
|
|
|
288
|
|
|
269
|
|
||||
Investment and other income, net of interest expense
|
(4
|
)
|
|
(2
|
)
|
|
(10
|
)
|
|
(8
|
)
|
||||
Operating income
|
243
|
|
|
228
|
|
|
729
|
|
|
691
|
|
||||
Depreciation and amortization
|
88
|
|
|
78
|
|
|
286
|
|
|
257
|
|
||||
EBITDA
|
$
|
331
|
|
|
$
|
306
|
|
|
$
|
1,015
|
|
|
$
|
948
|
|
|
|
|
|
|
|
|
|
||||||||
Sales
|
$
|
3,377
|
|
|
$
|
3,058
|
|
|
$
|
10,938
|
|
|
$
|
9,941
|
|
EBITDA margin
|
9.8%
|
|
|
10.0%
|
|
|
9.3%
|
|
|
9.5%
|
|
|
Twelve weeks ended
|
|
Forty weeks ended
|
||||||||||||
|
July 6,
2014 |
|
July 7,
2013 |
|
July 6,
2014 |
|
July 7,
2013 |
||||||||
Net income
|
$
|
151
|
|
|
$
|
142
|
|
|
$
|
451
|
|
|
$
|
430
|
|
|
|
|
|
|
|
|
|
||||||||
Total rent expense, net of tax
(1)
|
57
|
|
|
52
|
|
|
182
|
|
|
169
|
|
||||
Estimated depreciation on capitalized operating leases, net of tax
(2)
|
(39
|
)
|
|
(35
|
)
|
|
(122
|
)
|
|
(113
|
)
|
||||
Adjusted earnings, including interest related to operating leases
|
169
|
|
|
159
|
|
|
511
|
|
|
486
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Annualized adjusted earnings
|
$
|
651
|
|
|
$
|
614
|
|
|
$
|
586
|
|
|
$
|
559
|
|
Annualized adjusted earnings, including interest related to operating leases
|
$
|
734
|
|
|
$
|
689
|
|
|
$
|
665
|
|
|
$
|
632
|
|
|
|
|
|
|
|
|
|
||||||||
Average working capital, excluding current portion of long-term debt
|
$
|
805
|
|
|
$
|
945
|
|
|
$
|
805
|
|
|
$
|
945
|
|
Average property and equipment, net
|
2,607
|
|
|
2,249
|
|
|
2,607
|
|
|
2,249
|
|
||||
Average other assets
|
1,119
|
|
|
1,033
|
|
|
1,119
|
|
|
1,033
|
|
||||
Average other liabilities
|
(563
|
)
|
|
(511
|
)
|
|
(563
|
)
|
|
(511
|
)
|
||||
Average invested capital
|
$
|
3,968
|
|
|
$
|
3,716
|
|
|
$
|
3,968
|
|
|
$
|
3,716
|
|
Average estimated asset base of capitalized operating leases
(3)
|
3,081
|
|
|
2,895
|
|
|
3,081
|
|
|
2,895
|
|
||||
Average invested capital, adjusted for capitalization of operating leases
|
$
|
7,049
|
|
|
$
|
6,611
|
|
|
$
|
7,049
|
|
|
$
|
6,611
|
|
|
|
|
|
|
|
|
|
||||||||
ROIC
|
16.4%
|
|
|
16.5%
|
|
|
14.8%
|
|
|
15.0%
|
|
||||
ROIC, adjusted for capitalization of operating leases
|
10.4%
|
|
|
10.4%
|
|
|
9.4%
|
|
|
9.6%
|
|
|
July 6,
2014 |
|
September 29,
2013 |
||||
Cash and cash equivalents
|
$
|
264
|
|
|
$
|
290
|
|
Short-term investments - available-for-sale securities
|
532
|
|
|
733
|
|
||
Total
|
$
|
796
|
|
|
$
|
1,023
|
|
|
New and acquired
stores during
fiscal year 2013
|
|
New and acquired
stores during
fiscal year 2014
as of July 30, 2014
|
|
Properties
tendered as of
July 30, 2014
|
|
Total leases
signed as of
July 30, 2014
(1)
|
||||
Number of stores (including relocations)
|
32
|
|
|
27
|
|
|
31
|
|
|
116
|
|
Number of relocations
|
5
|
|
|
1
|
|
|
5
|
|
|
14
|
|
Percentage in new markets
|
31%
|
|
|
56%
|
|
|
23%
|
|
|
19%
|
|
Average store size (gross square feet)
|
36,000
|
|
|
36,000
|
|
|
41,000
|
|
|
41,000
|
|
Total square footage
|
1,137,000
|
|
|
968,000
|
|
|
1,286,000
|
|
|
4,707,000
|
|
Average tender period in months
|
8.7
|
|
|
|
|
|
|
|
|
|
|
Average pre-opening expense per store
|
$2 million
|
|
|
|
|
|
|
|
|
|
|
Average pre-opening rent per store
|
$1 million
|
|
|
|
|
|
|
|
|
|
|
Date of declaration
|
Dividend per
common share
|
|
Date of record
|
|
Date of payment
|
|
Total amount
|
||||
Fiscal year 2014:
|
|
|
|
|
|
|
|
||||
November 1, 2013
|
$
|
0.12
|
|
|
January 17, 2014
|
|
January 28, 2014
|
|
$
|
45
|
|
February 24, 2014
|
0.12
|
|
|
April 11, 2014
|
|
April 22, 2014
|
|
44
|
|
||
June 12, 2014
(1)
|
0.12
|
|
|
July 3, 2014
|
|
July 15, 2014
|
|
44
|
|
||
Fiscal year 2013:
|
|
|
|
|
|
|
|
||||
November 29, 2012
|
$
|
1.00
|
|
|
December 10, 2012
|
|
December 21, 2012
|
|
$
|
371
|
|
November 7, 2012
|
0.10
|
|
|
January 18, 2013
|
|
January 29, 2013
|
|
37
|
|
||
March 15, 2013
|
0.10
|
|
|
April 12, 2013
|
|
April 23, 2013
|
|
37
|
|
||
June 12, 2013
|
0.10
|
|
|
July 5, 2013
|
|
July 16, 2013
|
|
37
|
|
||
September 10, 2013
|
0.10
|
|
|
September 27, 2013
|
|
October 8, 2013
|
|
37
|
|
|
Number of common shares acquired
|
|
Average price per common share acquired
|
|
Total cost of common shares acquired
|
|||||
Fiscal year 2014:
|
|
|
|
|
|
|||||
First Quarter
|
1.1
|
|
|
$
|
56.06
|
|
|
$
|
62
|
|
Second Quarter
|
1.0
|
|
|
52.86
|
|
|
55
|
|
||
Third Quarter
|
9.1
|
|
|
39.45
|
|
|
361
|
|
||
Total fiscal year 2014
|
11.2
|
|
|
$
|
42.31
|
|
|
$
|
478
|
|
Fiscal year 2013:
|
|
|
|
|
|
|||||
First Quarter
|
0.5
|
|
|
$
|
46.04
|
|
|
$
|
26
|
|
Second Quarter
|
0.9
|
|
|
43.46
|
|
|
37
|
|
||
Third Quarter
|
0.5
|
|
|
51.83
|
|
|
25
|
|
||
Fourth Quarter
|
0.7
|
|
|
55.36
|
|
|
37
|
|
||
Total fiscal year 2013
|
2.6
|
|
|
$
|
48.70
|
|
|
$
|
125
|
|
Authorization date
|
Expiration date
|
|
Amount authorized
|
|
Cost of repurchases
|
|
Authorization available
|
||||||
November 15, 2012
|
December 31, 2014
|
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
—
|
|
November 1, 2013
|
December 31, 2015
|
|
500
|
|
|
178
|
|
|
322
|
|
|||
|
|
|
$
|
800
|
|
|
$
|
478
|
|
|
$
|
322
|
|
Authorization date
|
Expiration date
|
|
Amount authorized
|
|
Cost of repurchases
|
|
Authorization available
|
||||||
August 1, 2014
|
August 1, 2016
|
|
$
|
1,000
|
|
|
$
|
100
|
|
|
$
|
900
|
|
|
Total
|
|
Less than 1
year
|
|
1-3
years
|
|
3-5
years
|
|
More than 5
years
|
||||||||||
Capital lease obligations (including interest)
|
$
|
94
|
|
|
$
|
5
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
69
|
|
Operating lease obligations
(1)
|
8,054
|
|
|
375
|
|
|
912
|
|
|
960
|
|
|
5,807
|
|
|||||
Total
|
$
|
8,148
|
|
|
$
|
380
|
|
|
$
|
922
|
|
|
$
|
970
|
|
|
$
|
5,876
|
|
Period
(1)
|
Total number of shares purchased
|
|
Average price paid per share
|
|
Total number of shares purchased as part of publicly announced plans or programs
(2)
|
|
Approximate dollar value of shares that may yet be purchased under the plans or programs
(2)
|
||||||
April 14, 2014 - May 11, 2014
|
3,851,280
|
|
|
$
|
39.79
|
|
|
3,851,280
|
|
|
$
|
529,516,917
|
|
May 12, 2014 - June 8, 2014
|
5,288,050
|
|
|
39.20
|
|
|
5,288,050
|
|
|
322,240,442
|
|
||
June 9, 2014 - July 6, 2014
|
—
|
|
|
—
|
|
|
—
|
|
|
322,240,442
|
|
||
Total
|
9,139,330
|
|
|
$
|
39.45
|
|
|
9,139,330
|
|
|
|
(1)
|
Periodic information is presented by reference to our fiscal periods during the
third
quarter of fiscal year
2014
.
|
(2)
|
On
November 2, 2011
, the Company announced that the Company’s Board of Directors authorized a share repurchase program in the amount of
$200 million
, of which approximately $47 million in remaining authorization expired on
November 1, 2013
. On November 15, 2012, the Company’s Board of Directors authorized a share repurchase program whereby the Company may repurchase an amount of outstanding shares of common stock of the Company up to an aggregate amount of
$300 million
through
December 31, 2014
. The authorization of this program was announced by the Company on November 20, 2012. On November 6, 2013 the Company announced a share repurchase program authorized by the Company’s Board of Directors on November 1, 2013, whereby the Company may repurchase an amount of outstanding shares of common stock of the Company up to an aggregate amount of
$500 million
through
December 31, 2015
. This repurchase program is in addition to, and does not supersede or modify, the Company’s previously authorized program. Under the repurchase programs, purchases can be made from time to time using a variety of methods, including open market purchases. The specific timing, price and size of purchases will depend on prevailing stock prices, general economic conditions and market conditions, and other considerations. Purchases may be made through a Rule 10b5-1 plan pursuant to pre-determined metrics set forth in such plan. The Board’s authorization of the repurchase programs does not obligate the Company to acquire any particular amount of common stock and they may be suspended or discontinued at any time at the Company’s discretion.
|
(1)
|
Filed herewith.
|
(2)
|
Furnished herewith.
|
|
|
|
WHOLE FOODS MARKET, INC.
|
|
|
|
|
|
|
Date:
|
August 8, 2014
|
|
By:
|
/s/ Glenda Flanagan
|
|
|
|
|
Glenda Flanagan
|
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
|
(Duly authorized officer and principal financial officer)
|
1 Year Whole Foods Market, Inc. Chart |
1 Month Whole Foods Market, Inc. Chart |
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