<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------------------
FORM 10-Q
(Mark One)
(x) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended October 28, 1995
OR
( ) Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the transition period
from to
----------- ----------
Commission File No. 1-3381
------
The Pep Boys - Manny, Moe & Jack
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania 23-0962915
------------------------------- ---------------------------
(State or other jurisdiction of (I.R.S. Employer ID number)
incorporation or organization)
3111 W. Allegheny Ave. Philadelphia, PA 19132
---------------------------------------- ----------
(Address of principal executive offices) (Zip code)
215-229-9000
----------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities and Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports); and (2) has been subject
to such filing requirements for the past 90 days. Yes ( x ) No ( )
As of October 28, 1995 there were 62,046,289 shares of the registrant's
Common Stock outstanding.
<PAGE>
<PAGE>2
- -------------------------------------------------------------------
Index Page
- -------------------------------------------------------------------
PART I - FINANCIAL INFORMATION
- ------------------------------
Item 1. Condensed Consolidated
Financial Statements (Unaudited)
Consolidated Balance Sheets -
October 28, 1995 and January 28, 1995 3
Consolidated Statements of Earnings -
Thirteen and Thirty-nine weeks ended
October 28, 1995 and October 29, 1994 4
Condensed Consolidated Statements of
Cash Flows - Thirty-nine weeks ended
October 28, 1995 and October 29, 1994 5
Notes to Condensed Consolidated
Financial Statements 6
Management's Discussion and Analysis
of Financial Condition and Results of
Operations 7-11
PART II - OTHER INFORMATION 12
- ---------------------------
SIGNATURE 13
- -------------------------------------------------------------------
<PAGE>
<PAGE>3
<TABLE>
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollar amounts in thousands, except per share amounts)
<CAPTION>
Oct. 28, 1995 Jan. 28, 1995*
------------- --------------
(Unaudited)
<S> <C> <C>
ASSETS
Current Assets:
Cash........................................................ $ 17,054 $ 11,748
Accounts receivable, net.................................... 2,956 3,804
Merchandise inventories..................................... 374,159 366,843
Deferred income taxes....................................... 12,000 12,000
Other....................................................... 12,031 16,914
------------- -------------
Total Current Assets..................................... 418,200 411,309
Property and Equipment - at cost
Land........................................................ 235,315 215,623
Building and improvements................................... 656,376 592,748
Furniture, fixtures and equipment........................... 323,077 283,317
Construction in progress.................................... 21,047 13,287
------------ -------------
1,235,815 1,104,975
Less accumulated depreciation and amortization.............. 280,185 243,065
------------- -------------
Total Property and Equipment............................. 955,630 861,910
Other......................................................... 19,483 17,800
------------- -------------
Total Assets................................................... $1,393,313 $1,291,019
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Checks outstanding.......................................... $ 25,492 $ 8,422
Accounts payable............................................ 96,891 91,742
Accrued expenses............................................ 94,307 72,318
Short-term borrowings....................................... - 97,200
Income taxes payable........................................ 8,194 -
Current maturities of long-term debt........................ 108,203 19,769
------------- -------------
Total Current Liabilities................................ 333,087 289,451
Long-Term Debt, less current maturities....................... 294,328 294,537
Deferred Income Taxes......................................... 34,528 34,528
Convertible Subordinated Notes................................ 86,250 86,250
Commitments
Stockholders' Equity:
Common Stock, par value $1 per share:
Authorized 500,000,000 shares - Issued and
outstanding 62,046,289 and 61,501,679...................... 62,046 61,502
Additional paid-in capital.................................. 134,678 130,732
Retained earnings........................................... 508,665 454,288
------------- ------------
705,389 646,522
Less:
Cost of shares in benefits trust, 2,232,500 shares, at cost. 60,269 60,269
------------- ------------
Total Stockholders' Equity............................... 645,120 586,253
------------- ------------
Total Liabilities and Stockholders' Equity..................... $1,393,313 $1,291,019
============= ============
<FN>
See notes to condensed consolidated financial statements.
*Taken from the audited financial statements at Jan. 28, 1995.
/TABLE
<PAGE>
<PAGE>4
<TABLE>
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(dollar amounts in thousands, except per share amounts)
UNAUDITED
<CAPTION>
Thirteen weeks ended Thirty-nine weeks ended
--------------------------------- ---------------------------------
Oct. 28, 1995 Oct. 29, 1994 Oct. 28, 1995 Oct. 29, 1994
------------- --------------- ------------- -------------
<S> <C> <C> <C> <C>
Merchandise Sales.................................... $350,473 $ 314,194 $1,007,589 $ 924,795
Service Revenue...................................... 61,314 49,035 176,245 146,529
------------- ------------- ------------- -------------
Total Revenues....................................... 411,787 363,229 1,183,834 1,071,324
Costs of Merchandise Sales........................... 245,826 221,998 705,912 656,861
Costs of Service Revenue............................. 49,987 41,036 141,818 120,856
------------- ------------- ------------- -------------
Total Costs of Revenues.............................. 295,813 263,034 847,730 777,717
Gross Profit from Merchandise Sales.................. 104,647 92,196 301,677 267,934
Gross Profit from Service Revenue.................... 11,327 7,999 34,427 25,673
------------- ------------- ------------- -------------
Total Gross Profit................................... 115,974 100,195 336,104 293,607
Selling, General and Administrative Expenses......... 74,512 61,884 214,070 180,247
------------- ------------- ------------- -------------
Operating Profit..................................... 41,462 38,311 122,034 113,360
Nonoperating Income.................................. 457 839 1,605 3,024
Interest Expense..................................... 7,758 6,257 23,441 18,033
------------- ------------- ------------- ------------
Earnings Before Income Taxes and Cumulative
Effect of Change in Accounting Principle............ 34,161 32,893 100,198 98,351
Income Taxes......................................... 12,725 12,253 37,324 36,636
------------- ------------- ------------- ------------
Earnings Before Cumulative Effect of Change in
Accounting Principle................................ 21,436 20,640 62,874 61,715
Cumulative Effect of Change in Accounting Principle.. - - - (4,300)
------------ ------------- ------------ -------------
Net Earnings......................................... 21,436 20,640 62,874 57,415
Retained Earnings, beginning of period............... 489,964 420,309 454,288 388,653
Cash Dividends....................................... 2,735 2,435 8,497 7,554
------------ ------------- ------------ -------------
Retained Earnings, end of period..................... $ 508,665 $ 438,514 $ 508,665 $ 438,514
============ ============= ============ =============
Earnings per Share Before Cumulative Effect
of Change in Accounting Principle................... $ .35 $ .34 $ 1.03 $ 1.02
Cumulative Effect of Change in Accounting Principle.. - - - (.07)
------------ ------------- ------------ -------------
Net Earnings per Share............................... $ .35 $ .34 $ 1.03 $ .95
============ ============= ============ =============
Cash Dividends per Share............................. $ .0475 $ .0425 $ .1425 $ .1275
============ ============= ============ =============
<FN>
See notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
<PAGE>5
<TABLE>
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollar amounts in thousands)
UNAUDITED
<CAPTION>
Thirty-nine weeks ended
---------------------------------
Oct. 28, 1995 Oct. 29, 1994
------------- -------------
<S> <C> <C>
Net Cash Provided by Operating Activities....................... $ 152,135 $ 34,076
Cash Flows from Investing Activities:
Capital expenditures............................................ (132,933) (122,601)
Other, net...................................................... 94 303
------------ ------------
Net Cash Used in Investing Activities........................... (132,839) (122,298)
Cash Flows from Financing Activities:
Net (payments) borrowings under line of credit agreements....... (89,200) 58,300
Net proceeds from issuance of notes............................. 98,992 85,387
Reduction of long-term debt..................................... (19,775) (17,261)
Dividends paid.................................................. (8,497) (7,554)
Proceeds from exercise of stock options
and dividend reinvestment plan................................ 4,490 5,166
Common shares purchased for employee benefits trust............. - (33,476)
------------ -----------
Net Cash (Used in) Provided by Financing Activities............. (13,990) 90,562
------------ -----------
Net Increase in Cash................................................. 5,306 2,340
Cash at Beginning of Year............................................ 11,748 12,050
------------ -----------
Cash at End of Period................................................ $ 17,054 $ 14,390
============ ===========
<FN>
See notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
<PAGE>6
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. Condensed Consolidated Financial Statements
The consolidated balance sheet as of October 28, 1995, the consolidated
statements of earnings for the thirteen and thirty-nine week periods ended
October 28, 1995 and October 29, 1994 and the condensed consolidated
statements of cash flows for the thirty-nine week periods ended October 28,
1995 and October 29, 1994 have been prepared by the Company without audit.
In the opinion of management, all adjustments (which included only normal
recurring adjustments ) necessary to present fairly the financial position,
results of operations and cash flows at October 28, 1995 and for all periods
presented have been made.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. It is suggested that these
condensed consolidated financial statements be read in conjunction with the
financial statements and notes thereto included in the Company's January 28,
1995 annual report to shareholders. The results of operations for the
thirteen and thirty-nine week periods ended October 28, 1995 are not
necessarily indicative of the operating results for the full year.
NOTE 2. Merchandise Inventories
Merchandise inventories are valued at the lower of cost (last-in, first-out)
or market. If the first-in, first-out method of valuing inventories had been
used by the Company, inventories would have been approximately $14,319,000
and $15,319,000 higher at October 28, 1995 and January 28, 1995,
respectively.
<PAGE>
<PAGE>7
<TABLE>
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THIRTEEN WEEKS ENDED OCTOBER 28, 1995
Results of Operations -
The following table presents for the periods indicated certain items in the consolidated statements of earnings as a
percentage of total revenues (except as otherwise provided) and the percentage change in dollar amounts of such items
compared to the indicated prior period.
<CAPTION>
Percentage of Total Revenues Percentage Change
- ------------------------------------------------------ ---------------------------------- -----------------
Thirteen weeks ended Oct. 28, 1995 Oct. 29, 1994 Fiscal 1995 vs.
(Fiscal 1995) (Fiscal 1994) Fiscal 1994
- ------------------------------------------------------ -------------- ------------- -----------------
<S> <C> <C> <C>
Merchandise Sales..................................... 85.1% 86.5% 11.5%
Service Revenue (1)................................... 14.9 13.5 25.0
------ ------ ------
Total Revenues........................................ 100.0 100.0 13.4
Costs of Merchandise Sales (2)........................ 70.1 (3) 70.7 (3) 10.7
Costs of Service Revenue (2).......................... 81.5 (3) 83.7 (3) 21.8
------ ------ ------
Total Costs of Revenues............................... 71.8 72.4 12.5
Gross Profit from Merchandise Sales................... 29.9 (3) 29.3 (3) 13.5
Gross Profit from Service Revenue..................... 18.5 (3) 16.3 (3) 41.6
------ ------ ------
Total Gross Profit.................................... 28.2 27.6 15.8
Selling, General and Administrative Expenses.......... 18.1 17.1 20.4
------ ------ ------
Operating Profit...................................... 10.1 10.5 8.2
Nonoperating Income................................... .1 .3 (45.5)
Interest Expense...................................... 1.9 1.7 24.0
------ ------ ------
Earnings Before Income Taxes ......................... 8.3 9.1 3.9
Income Taxes.......................................... 37.3 (4) 37.3 (4) 3.9
------ ------ ------
Net Earnings.......................................... 5.2 5.7 3.9
====== ====== ======
<FN>
(1) Service revenue consists of the labor charge for installing merchandise or maintaining or repairing vehicles, excluding the sale
of any installed parts or materials.
(2) Costs of merchandise sales include the cost of products sold, buying, warehousing and store occupancy costs. Costs of service
revenue include service center payroll and related employee benefits and service center occupancy costs. Occupancy costs include
utilities, rents, real estate and property taxes, repairs and maintenance and depreciation and amortization expenses.
(3) As a percentage of related sales or revenue, as applicable.
(4) As a percentage of earnings before income taxes.
</TABLE>
<PAGE>
<PAGE>8
Thirteen Weeks Ended October 28, 1995 vs. Thirteen Weeks Ended October 29,
1994
- ------------------------------------------------------------------------
Total revenues for the third quarter increased 13% due to a higher store
count (472 at October 28, 1995 compared with 408 at October 29, 1994).
Comparable store revenues (revenues generated by stores in operation during
the same months of each period) were unchanged. Comparable store merchandise
sales decreased 2% while comparable service revenue increased 9%.
Gross profit from merchandise sales increased, as a percentage of merchandise
sales, due primarily to higher merchandise margins offset, in part, by an
increase in store occupancy costs.
Gross profit from service revenue increased, as a percentage of service
revenue, due primarily to decreases in service center personnel and occupancy
costs.
Selling, general and administrative expenses increased, as a percentage of
total revenues, due primarily to an increase in store expenses.
<TABLE>
Nonoperating income consisted of the following:
(in thousands)
<CAPTION>
1995 1994
------ ------
<S> <C> <C>
Rental revenue $ 358 $ 306
Investment income 79 34
Other income 20 499
------ ------
Total $ 457 $ 839
====== ======
</TABLE>
The 24% increase in interest expense was due primarily to higher debt levels
coupled with higher interest rates.
The 4% increase in net earnings in 1995 as compared with 1994, was due
primarily to increases in gross profit from merchandise sales and gross
profit from service revenue, as a percentage of related sales and revenues,
offset, in part, by an increase in selling, general and administrative
expenses, as a percentage of total revenues, and higher interest expense.
<PAGE>
<PAGE>9
<TABLE>
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THIRTY-NINE WEEKS ENDED OCTOBER 28, 1995
Results of Operations -
The following table presents for the periods indicated certain items in the consolidated statements of earnings as a
percentage of total revenues (except as otherwise provided) and the percentage change in dollar amounts of such items
compared to the indicated prior period.
<CAPTION>
Percentage of Total Revenues Percentage Change
- ------------------------------------------------------ ---------------------------------- -----------------
Thirty-nine weeks ended Oct. 28, 1995 Oct. 29, 1994 Fiscal 1995 vs.
(Fiscal 1995) (Fiscal 1994) Fiscal 1994
- ------------------------------------------------------ -------------- ------------- -----------------
<S> <C> <C> <C>
Merchandise Sales..................................... 85.1% 86.3% 9.0%
Service Revenue (1)................................... 14.9 13.7 20.3
------- ------- -------
Total Revenues........................................ 100.0 100.0 10.5
Costs of Merchandise Sales (2)........................ 70.1 (3) 71.0 (3) 7.5
Costs of Service Revenue (2).......................... 80.5 (3) 82.5 (3) 17.3
------ ------ ------
Total Costs of Revenues............................... 71.6 72.6 9.0
Gross Profit from Merchandise Sales................... 29.9 (3) 29.0 (3) 12.6
Gross Profit from Service Revenue..................... 19.5 (3) 17.5 (3) 34.1
------ ------ ------
Total Gross Profit.................................... 28.4 27.4 14.5
Selling, General and Administrative Expenses.......... 18.0 16.8 18.8
------ ------ ------
Operating Profit...................................... 10.4 10.6 7.7
Nonoperating Income................................... .1 .3 (46.9)
Interest Expense...................................... 2.0 1.7 30.0
------ ------ ------
Earnings Before Income Taxes and Cumulative Effect
of Change in Accounting Principle.................... 8.5 9.2 1.9
Income Taxes.......................................... 37.3 (4) 37.3 (4) 1.9
------ ------ ------
Earnings Before Cumulative Effect
of Change in Accounting Principle.................... 5.3 5.8 1.9
Cumulative Effect of Change in Accounting Principle... - (.4) -
------ ------ ------
Net Earnings.......................................... 5.3 5.4 9.5
====== ====== ======
<FN>
(1) Service revenue consists of the labor charge for installing merchandise or maintaining or repairing vehicles, excluding the sale
of any installed parts or materials.
(2) Costs of merchandise sales include the cost of products sold, buying, warehousing and store occupancy costs. Costs of service
revenue include service center payroll and related employee benefits and service center occupancy costs. Occupancy costs include
utilities, rents, real estate and property taxes, repairs and maintenance and depreciation and amortization expenses.
(3) As a percentage of related sales or revenue, as applicable.
(4) As a percentage of earnings before income taxes and cumulative effect of a change in accounting principle.
</TABLE>
<PAGE>
<PAGE>10
Thirty-nine Weeks Ended October 28, 1995 vs. Thirty-nine Weeks Ended October
29, 1994
- -----------------------------------------------------------------------------
Total revenues increased 11% due to a higher store count (472 at October 28,
1995 compared with 408 at October 29, 1994) while comparable store revenues
decreased 1%. Comparable store merchandise sales decreased 2% while
comparable service revenue increased 7%.
Gross profit from merchandise sales increased, as a percentage of merchandise
sales, due primarily to higher merchandise margins offset, in part, by an
increase in store occupancy costs.
Gross profit from service revenue increased, as a percentage of service
revenue, due primarily to a decrease in service employee benefits costs.
Selling, general and administrative expenses increased, as a percentage of
total revenues, due primarily to an increase in store expenses and slightly
higher general office expenses.
<TABLE>
Nonoperating income consisted of the following:
(in thousands)
<CAPTION>
1995 1994
------ ------
<S> <C> <C>
Rental revenue $1,368 $ 953
Investment income 156 734
Other income 81 1,337
------ ------
Total $1,605 $3,024
====== ======
</TABLE>
The 30% increase in interest expense was due primarily to higher debt levels
coupled with higher interest rates.
The 2% increase in earnings before the cumulative effect of a change in
accounting principle in 1995 as compared with 1994, was due primarily to
increases in gross profit from merchandise sales and gross profit from
service revenue, as a percentage of related sales and revenues, offset, in
part, by increases in selling, general and administrative expenses and
interest expense.
On January 30, 1994, the Company adopted SFAS No. 112, "Employers' Accounting
for Postemployment Benefits." This statement establishes accrual accounting
standards for employer-provided benefits which cover former or inactive
employees after employment, but before retirement. Adoption of this
accounting standard on January 30, 1994 resulted in a one-time charge to
earnings of $4,300,000 (net of income tax benefit of $2,552,000) or $.07 per
share recognized as a cumulative effect of a change in accounting principle.<PAGE>
<PAGE>11
LIQUIDITY AND CAPITAL RESOURCES - October 28, 1995
- ----------------------------------------------
The Company's cash requirements arise principally from the need to finance
the acquisition, construction and equipping of new stores and to purchase
inventory. During the first thirty-nine weeks of 1995, the Company invested
$132,933,000 in property and equipment while net inventory (the increase in
inventory less the net change in checks outstanding and accounts payable)
decreased $14,903,000. Working capital decreased from $121,858,000 at January
28, 1995 to $85,113,0000 at October 28, 1995. At October 28, 1995 the
Company had stockholders' equity of $645,120,000 and long-term debt of
$380,578,000. The Company's long-term debt was 37% of its total
capitalization at October 28, 1995 and 39% at January 28, 1995.
The Company plans to open approximately 35 new stores during the balance of
the current fiscal year. Management estimates that the cost of this
expansion, coupled with expenditures in existing stores, warehouses and
offices will be approximately $67,000,000. Funds required to finance the
store expansion including related inventory requirements are expected to come
primarily from operating activities with the remainder provided by unused
lines of credit which totalled $236,000,000 at October 28, 1995, or from
accessing traditional lending sources such as the public capital markets.
On June 12, 1995 the Company sold $100,000,000 of 7% notes due June 1, 2005.
Proceeds were used to repay portions of the Company's long-term variable-rate
bank debt, and for general corporate purposes.<PAGE>
<PAGE>12
PART II - OTHER INFORMATION
- ---------------------------
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
(11) Statement Re: Computation of Earnings Per Share
(27) Financial Data Schedules
(b) Reports on Form 8-K. No reports on Form 8-K have been filed
during the quarter for which this report is filed.<PAGE>
<PAGE>13
SIGNATURE
- ----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE PEP BOYS - MANNY, MOE & JACK
--------------------------------
(Registrant)
Date: December 12, 1995 By: /s/ Michael J. Holden
----------------------- -------------------------
Michael J. Holden
Senior Vice President &
Chief Financial Officer and Treasurer
<PAGE>
<PAGE>14
INDEX TO EXHIBITS
- -----------------
(11) Computations of Earnings Per Share
(27) Financial Data Schedule
<TABLE>
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES Exhibit 11
COMPUTATION OF EARNINGS PER SHARE
(in thousands, except per share data)
<CAPTION>
Thirteen weeks ended Thirty-nine weeks ended
---------------------------------- ---------------------------------
Oct. 28, 1995 Oct. 29, 1994 Oct. 28, 1995 Oct. 29, 1994
-------------- --------------- ------------- -------------
<S> <C> <C> <C> <C>
Earnings before cumulative effect
of change in accounting principle.............. $21,436 $20,640 $62,874 $61,715
Adjustment for interest on $86,250, 4%
convertible subordinated notes, net of income
tax effect..................................... - - 1,619 -
------------- -------------- ------------- ------------
(a) Adjusted earnings before cumulative effect of
change in accounting principle................. 21,436 20,640 64,493 61,715
(b) Cumulative effect of change in
accounting principle........................... - - - (4,300)
------------- -------------- ------------- ------------
(c) Adjusted net earnings............................ $21,436 $20,640 $64,493 $57,415
============= ============== ============= ============
Average number of common shares outstanding
during the period.............................. 59,794 59,236 59,503 59,249
Common shares assumed issued upon conversion of
4% convertible subordinated notes - - 2,104 -
Common shares assumed issued upon exercise
of dilutive stock options, net of assumed
repurchase, at the average market price,
using the treasury stock method (1)............ 764 1,378 970 1,325
------------- ------------- ------------ ------------
(d) Average number of common shares assumed
outstanding during the period.................. 60,558 60,614 62,577 60,574
============= ============= ============ ============
Earnings per share before cumulative effect
of change in accounting principle (a/d)........ $ .35 $ .34 $ 1.03 $ 1.02
Cumulative effect of change in accounting
principle (b/d)................................ - - - (.07)
------------ ------------- ----------- -----------
Net earnings per share (c/d)..................... $ .35 $ .34 $ 1.03 $ .95
============ ============= =========== ============
<FN>
(1) The number of Common Shares assumed issued upon exercise of dilutive stock options is essentially the same for fully diluted
earnings per share.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE
SHEET AS OF OCTOBER 28, 1995 AND THE CONSOLIDATED STATEMENT OF EARNINGS FOR THE THIRTY-NINE WEEK PERIOD
ENDED OCTOBER 28, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> FEB-3-1996
<PERIOD-END> OCT-28-1995
<CASH> 17,054
<SECURITIES> 0
<RECEIVABLES> 3,072
<ALLOWANCES> 116
<INVENTORY> 374,159
<CURRENT-ASSETS> 418,200
<PP&E> 1,235,815
<DEPRECIATION> 280,185
<TOTAL-ASSETS> 1,393,313
<CURRENT-LIABILITIES> 333,087
<BONDS> 380,578
0
0
<COMMON> 62,046
<OTHER-SE> 583,074
<TOTAL-LIABILITY-AND-EQUITY> 1,393,313
<SALES> 1,007,589
<TOTAL-REVENUES> 1,183,834
<CGS> 705,912
<TOTAL-COSTS> 847,730
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 23,441
<INCOME-PRETAX> 100,198
<INCOME-TAX> 37,324
<INCOME-CONTINUING> 62,874
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 62,874
<EPS-PRIMARY> 1.03
<EPS-DILUTED> 1.03
