For stores in the identical store base, gross profit improved 31 basis points to 35.0% of sales, direct store expenses improved 65 basis points to 25.0% of sales, and store contribution improved 96 basis points to 10.0% of sales .
During the quarter, the Company produced $303 million in cash flow from operations and invested $155 million in capital expenditures, of which $96 million related to new stores. This resulted in free cash flow of $148 million. In addition, the Company paid $397 million in quarterly and special dividends to shareholders, and repurchased $26 million of its common stock.
Additional information on the quarter for comparable stores and all stores is provided in the following table.
|Comparable Stores||Comps||ROIC||# of Stores||Average Size||Total Square Feet|
|Over 15 years old (19 years old, s.f. weighted)||5.7%||143%||76||27,800||2,115,500|
|Between 11 and 15 years old||7.3%||79%||70||32,200||2,250,700|
|Between eight and 11 years old||5.3%||89%||45||37,300||1,680,000|
|Between five and eight years old||6.8%||43%||55||52,400||2,879,800|
|Between two and five years old||9.2%||23%||48||48,500||2,326,500|
|Less than two years old (including one relocation)||13.4%||14%||23||37,300||858,600|
|All comparable stores (9.4 years old, s.f. weighted)||7.2%||54%||317||38,200||12,111,100|
|All stores (8.8 years old, s.f. weighted)||46%||344||38,000||13,078,300|
The following table shows the Company's results for the fiscal year for certain line items compared to its historical five-year ranges and averages. Results for fiscal years 2008 and 2012 are presented on a 52-to-52 week basis.
|Comparable store sales growth||-3.1%||8.7%||5.2%||7.2%|
|Identical store sales growth||-4.3%||8.4%||4.5%||7.1%|
|Ending square footage growth||5.3%||7.6%||6.5%||8.5%|
|Percent of sales from new & relocated stores||4.2%||8.8%||6.2%||5.4%|
|Direct store expenses||25.5%||26.7%||26.2%||25.4%|
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