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Previous: HEALTHCARE IMAGING SERVICES INC, 8-K, 1998-03-16 |
Next: GRAND CASINOS INC, SC 13D/A, 1998-03-16 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): March 16, 1998
SHOPKO STORES, INC.
(Exact name of registrant as specified in its charter)
Minnesota 1-10876 41-0985054
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
700 Pilgrim Way
Green Bay, Wisconsin 54304
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(920) 497-2211
<PAGE>
Item 5. Other Events.
On August 13, 1997, the Board of Directors of
ShopKo Stores, Inc. ("ShopKo") approved a change in
ShopKo's fiscal year to conform to the National Retail
Federation Retail Calendar. Fiscal 1997 ended on
January 31, 1998, and consisted of a period of 49
weeks. The fourth quarter of fiscal 1997 consisted of
nine weeks compared to 12 weeks in the fourth quarter
of the preceding fiscal year.
In order to assist ShopKo's shareholders and
others in comparing ShopKo's financial results reported
on the new fiscal calendar with ShopKo's results in
preceding periods, attached hereto is unaudited
financial information for ShopKo for each quarter of
fiscal 1996 and fiscal 1997, and for the full years of
fiscal 1996 and fiscal 1997, as if ShopKo had been
using the National Retail Federation Retail Calendar as
its fiscal year for those periods (the "Unaudited
Financial Information"). The Unaudited Financial
Information should be read in conjunction with ShopKo's
Annual Report on Form 10-K for the fiscal year ending
February 22, 1997, ShopKo's Quarterly Reports on Form
10-Q for the first three quarters of the current fiscal
year, and ShopKo's Annual Report on Form 10-K for the
49 weeks ended January 31, 1998.
This Form 8-K and the attachments hereto may
contain forward-looking statements within the meaning
of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward looking
statements are based upon management's assumptions and
beliefs in light of information currently available to
it and are subject to important factors which could
cause ShopKo's actual results to differ materially from
those anticipated in such forward-looking statements.
These factors include those referenced in ShopKo's
Annual Report on Form 10-K or as may be described from
time to time in ShopKo's subsequent SEC filings.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit Number Description
99.1 Unaudited Financial Information
<PAGE>
SIGNATURES
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 hereunto duly authorized.
Dated: March 16, 1998 SHOPKO STORES, INC.
By: /s/ Richard D. Schepp
---------------------
Richard D. Schepp
Senior Vice President,
General Counsel and Secretary
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
99.1 Unaudited Financial Information.
<TABLE>
<CAPTION>
SHOPKO STORES, INC.
Unaudited Financial Information
Total Year - F1997
(02/02/97 - 01/31/98)
(Amounts in thousands)
RETAIL PROVANTAGE CORPORATE TOTAL
F1997 F1996 F1997 F1996 F1997 F1996 F1997 F1996
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SALES 2,103,419 2,000,830 500,891 330,048 (27,388) (20,509) 2,576,922 2,310,369
COMP % 3.8% 5.9%
TOTAL % 5.1% 51.8% 11.5%
GROSS MARGIN 555,807 524,829 37,283 22,444 593,090 547,273
% 26.4% 26.3% 7.4% 6.8% 23.0% 23.7%
OTHER INCOME 11,724 12,333 539 844 12,263 13,177
% 0.6% 0.6% 0.1% 0.3% 0.5% 0.6%
SG&A 381,099 365,580 19,990 11,828 26,603 16,070 427,692 393,478
% 18.1% 18.3% 4.0% 3.6% 16.6% 17.0%
NONRECURRING CHARGE 2,800 2,800 0
DEPRECIATION 56,112 57,053 4,779 2,233 405 471 61,296 59,757
% 2.7% 2.9% 0.9% 0.7% 2.4% 2.6%
CONTRIBUTION TO 130,320 114,529 13,053 9,227 (29,808) (16,541) 113,565 107,215
CORPORATE PROFIT
% 6.2% 5.7% 2.6% 2.8% 4.4% 4.7%
INTEREST EXPENSE 32,239 32,000
NET EARNINGS BEFORE TAX 81,326 75,215
INCOME TAX 31,944 29,546
NET EARNINGS 49,382 45,669
EPS-BASIC 1.74 1.42
EPS-DILUTED 1.72 1.40
</TABLE>
<PAGE>
<TABLE>
SHOPKO STORES, INC.
Unaudited Financial Information
QUARTER 1 - F1997
(02/02/97 - 05/03/97)
(Amounts in thousands)
RETAIL PROVANTAGE CORPORATE TOTAL
F1997 F1996 F1997 F1996 F1997 F1996 F1997 F1996
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SALES 445,838 421,981 121,946 52,141 (5,916) (3,971) 561,868 470,151
COMP % 5.1% 0.6%
TOTAL % 5.7% 133.9% 19.5%
GROSS MARGIN 117,911 109,049 8,061 3,501 125,972 112,550
% 26.4% 25.8% 6.6% 6.7% 22.4% 23.9%
OTHER INCOME 2,676 2,749 59 122 2,735 2,871
% 0.6% 0.7% 0.0% 0.2% 0.5% 0.6%
SG&A 91,455 85,485 4,898 1,617 5,552 3,917 101,905 91,019
% 20.5% 20.3% 4.0% 3.1% 18.1% 19.4%
NONRECURRING CHARGE 2,800 2,800 0
DEPRECIATION 14,194 13,704 902 258 120 108 15,216 14,070
% 3.2% 3.2% 0.7% 0.5% 2.7% 3.0%
CONTRIBUTION TO 14,938 12,609 2,320 1,748 (8,472) (4,025) 8,786 10,332
CORPORATE PROFIT % 3.4% 3.0% 1.9% 3.4% 1.6% 2.2%
INTEREST EXPENSE 7,122 7,839
NET EARNINGS BEFORE TAX 1,664 2,493
INCOME TAX 653 979
NET EARNINGS 1,011 1,514
EPS-BASIC 0.03 0.05
EPS-DILUTED 0.03 0.05
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SHOPKO STORES, INC.
Unaudited Financial Information
QUARTER 2 - F1997
(05/04/97 - 08/02/97)
(Amounts in thousands)
RETAIL PROVANTAGE CORPORATE TOTAL
F1997 F1996 F1997 F1996 F1997 F1996 F1997 F1996
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SALES 476,840 454,010 120,756 65,212 (6,655) (4,566) 590,941 514,656
COMP % 4.7% 3.0%
TOTAL % 5.0% 85.2% 14.8%
GROSS MARGIN 124,998 118,856 8,644 4,712 133,642 123,568
% 26.2% 26.2% 7.2% 7.2% 22.6% 24.0%
OTHER INCOME 2,979 3,026 171 109 3,150 3,135
% 0.6% 0.7% 0.1% 0.2% 0.5% 0.6%
SG&A 91,950 88,236 4,854 1,888 5,013 4,147 101,817 94,271
% 19.3% 19.4% 4.0% 2.9% 17.2% 18.3%
DEPRECIATION 14,241 14,415 993 274 63 110 15,297 14,799
% 3.0% 3.2% 0.8% 0.4% 2.6% 2.9%
CONTRIBUTION TO 21,786 19,231 2,968 2,659 (5,076) (4,257) 19,678 17,633
CORPORATE PROFIT% 4.6% 4.2% 2.5% 4.1% 3.3% 3.4%
INTEREST EXPENSE 8,050 7,778
NET EARNINGS BEFORE TAX 11,628 9,855
INCOME TAX 4,568 3,873
NET EARNINGS 7,060 5,982
EPS-BASIC 0.24 0.19
EPS-DILUTED 0.23 0.18
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SHOPKO STORES, INC.
Unaudited Financial Information
QUARTER 3 - F1997
(08/03/97 - 11/01/97)
(Amounts in thousands)
RETAIL PROVANTAGE CORPORATE TOTAL
F1997 F1996 F1997 F1996 F1997 F1996 F1997 F1996
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SALES 496,438 495,938 124,793 101,307 (7,277) (5,208) 613,954 592,037
COMP % 0.0% 8.8%
TOTAL % 0.1% 23.2% 3.7%
GROSS MARGIN 126,697 124,288 8,853 7,446 135,550 131,734
% 25.5% 25.1% 7.1% 7.3% 22.1% 22.3%
OTHER INCOME 2,896 3,158 121 170 3,017 3,328
% 0.6% 0.6% 0.1% 0.2% 0.5% 0.6%
SG&A 93,319 92,613 4,463 3,570 4,377 3,461 102,159 99,644
% 18.8% 18.7% 3.6% 3.5% 16.6% 16.8%
DEPRECIATION 14,773 14,672 1,320 807 87 104 16,180 15,583
% 3.0% 3.0% 1.1% 0.8% 2.6% 2.6%
CONTRIBUTION TO 21,501 20,161 3,191 3,239 (4,464) (3,565) 20,228 19,835
CORPORATE PROFIT% 4.3% 4.1% 2.6% 3.2% 3.3% 3.4%
INTEREST EXPENSE 8,853 8,549
NET EARNINGS BEFORE TAX 11,375 11,286
INCOME TAX 4,467 4,432
NET EARNINGS 6,908 6,854
EPS-BASIC 0.27 0.21
EPS-DILUTED 0.26 0.21
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SHOPKO STORES, INC.
Unaudited Financial Information
QUARTER 4 - F1997
(11/02/97 - 01/31/98)
(Amounts in thousands)
RETAIL PROVANTAGE CORPORATE TOTAL
F1997 F1996 F1997 F1996 F1997 F1996 F1997 F1996
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SALES 684,303 628,901 133,396 111,388 (7,540) (6,764) 810,159 733,525
COMP % 5.1% 9.6%
TOTAL % 8.8% 19.8% 10.4%
GROSS MARGIN 186,201 172,636 11,725 6,785 197,926 179,421
% 27.2% 27.5% 8.8% 6.1% 24.4% 24.5%
OTHER INCOME 3,173 3,400 188 443 3,361 3,843
% 0.5% 0.5% 0.1% 0.4% 0.4% 0.5%
SG&A 104,375 99,246 5,775 4,753 11,661 4,545 121,811 108,544
% 15.3% 15.8% 4.3% 4.3% 15.0% 14.8%
DEPRECIATION 12,904 14,262 1,564 894 135 149 14,603 15,305
% 1.9% 2.3% 1.2% 0.8% 1.8% 2.1%
CONTRIBUTION TO 72,095 62,528 4,574 1,581 (11,796) (4,694) 64,873 59,415
CORPORATE PROFIT% 10.5% 9.9% 3.4% 1.4% 8.0% 8.1%
INTEREST EXPENSE 8,214 7,834
NET EARNINGS BEFORE TAX 56,659 51,581
INCOME TAX 22,256 20,262
NET EARNINGS 34,403 31,319
EPS-BASIC 1.34 0.97
EPS-DILUTED 1.32 0.96
</TABLE>
SHOPKO MONTHLY RETAIL SALES COMP & TOTAL
CONSOLIDATED SALES INCREASE/(DECREASE)
PROFORMA 1996 AND 1997 - ACTUAL 1998
1996 1997 F'1998
COMP TOTAL COMP TOTAL COMP TOTAL
Retail Consol. Retail Consol. Retail Consol.
Stores Sales Stores Sales Stores Sales
February (4 wks) 0.9 6.9 5.5 20.7 3.9 15.9
March (5 wks) 6.1 11.2 3.5 18.5
April (4 wks) (5.1) 3.0 6.8 19.9
1st Qtr. 0.6 9.2 5.1 19.5
May (4 wks) 2.9 10.0 4.6 17.4
June (5 wks) 5.0 14.3 2.4 14.7
July (4 wks) 0.4 12.0 7.8 15.2
2nd Qtr. 3.0 12.2 4.7 14.8
2nd Qtr/YTD 1.8 10.7 4.9 17.1
August (4 wks) 11.6 20.1 0.5 4.3
September (5 wks) 10.3 28.0 (2.1) 0.7
October (4 wks) 4.5 21.5 1.9 4.9
3rd Qtr. 8.8 25.7 0.0 3.7
3rd Qtr/YTD 4.2 15.9 3.1 12.0
November (4 wks) 0.0 12.8 1.8 3.1
December (5 wks) 14.8 27.1 7.7 13.1
January (4 wks) 14.5 32.0 4.0 14.5
4th Qtr. 9.6 23.2 5.1 10.4
Total Yr. 5.9 17.7 3.8 11.5
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