- Cummins has doubled revenue over the past 5 years and achieved the highest 3-year period of net earnings as a percent of sales in over 40 years.
- The company has diversified globally and by end markets to reduce cyclicality, aggressively pursued low cost leadership, and built greater earnings stability.
- Cummins is investing in new engine platforms and technologies to capitalize on growth opportunities from evolving global emission standards.
This document summarizes a presentation given by Mark Mulhern, Senior Vice President and CFO of Progress Energy, at a Power & Gas Leaders Conference on September 24, 2008. The presentation discusses Progress Energy's strategy of securing its energy future through significant rate base growth, nuclear expansion projects, and maintaining a supportive regulatory environment. It provides an overview of Progress Energy's utilities in North Carolina and Florida, outlines major capital investment projects, and reviews the company's financial position and objectives to achieve steady earnings growth.
- Yahoo reported Q2'08 financial highlights, with revenue ex-TAC of $1.346 billion, an 8% increase year-over-year but flat quarter-over-quarter.
- Operating cash flow was $427 million in Q2'08, a 10% decrease year-over-year due to costs related to strategic initiatives and a 1% decrease quarter-over-quarter.
- For full-year 2008, Yahoo expects revenue of $7.35-7.85 billion, operating cash flow of $1.825-1.975 billion, and free cash flow of $900 million to $1.05 billion.
Yahoo's Q1 2008 financial highlights presentation notes that the document discusses forward-looking statements about Yahoo's expected financial performance and strategic plans that are subject to risks and uncertainties, actual results may differ materially from predictions, and reported results should not be considered indicators of future performance. Potential risks include the results of Yahoo's strategic initiatives, competition, reductions in customer spending, demand for premium services, acceptance of new products and services, risks related to joint ventures and acquisitions, and risks related to international operations.
This document summarizes internet advertising revenue results for the first two quarters of 2007. It finds that total revenue for the first half of 2007 was nearly $10 billion, a 26.4% increase from the same period in 2006. Revenue in Q2 2007 reached over $5 billion, marking 25.4% growth compared to Q2 2006. Consumer advertising continues to be the largest spending sector, accounting for 54% of Q2 2007 revenues. Search advertising remains the leading format at 40% of revenues, though display and lead generation are gaining.
- Yahoo reported its financial results for Q4 2007 with total revenue of $1.83 billion, up 4% from the previous quarter. Revenue excluding traffic acquisition costs was $1.40 billion, up 9% quarter-over-quarter.
- Operating cash flow for Q4 2007 was $527.1 million, a 13% increase from the previous quarter. However, operating cash flow declined 2% year-over-year.
- For fiscal year 2008, Yahoo expects total revenue between $7.2-8 billion and revenue excluding traffic acquisition costs of $5.35-5.95 billion. The company expects operating cash flow of $1.73-1.98 billion for 2008.
Henry Schein is the largest distributor of healthcare products and services to office-based healthcare practitioners in North America and Europe. In 2002, Henry Schein achieved record financial results with net sales of $2.8 billion, operating income of $196 million, and net income of $117 million. The company expects continued growth through increasing penetration of existing customers, gaining new customers, and cross-selling between its business groups that serve the dental, medical, veterinary, and technology markets.
1) The document provides financial highlights from Google's Q3 2006 earnings call, including 70% year-over-year revenue growth and plans to acquire YouTube for $1.65 billion in stock.
2) Revenue growth was driven by increased monetization and traffic, with strong growth across advertisers. Operating income and net income reached record levels.
3) Google continued focusing on innovation and user experience while also forming new partnerships with companies like Fox, eBay, and Intuit.
- Cummins has doubled revenue over the past 5 years and achieved the highest 3-year period of net earnings as a percent of sales in over 40 years.
- The company has diversified globally and by end markets to reduce cyclicality, aggressively pursued low cost leadership, and built greater earnings stability.
- Cummins is investing in new engine platforms and technologies to capitalize on growth opportunities from evolving global emission standards.
This document summarizes a presentation given by Mark Mulhern, Senior Vice President and CFO of Progress Energy, at a Power & Gas Leaders Conference on September 24, 2008. The presentation discusses Progress Energy's strategy of securing its energy future through significant rate base growth, nuclear expansion projects, and maintaining a supportive regulatory environment. It provides an overview of Progress Energy's utilities in North Carolina and Florida, outlines major capital investment projects, and reviews the company's financial position and objectives to achieve steady earnings growth.
- Yahoo reported Q2'08 financial highlights, with revenue ex-TAC of $1.346 billion, an 8% increase year-over-year but flat quarter-over-quarter.
- Operating cash flow was $427 million in Q2'08, a 10% decrease year-over-year due to costs related to strategic initiatives and a 1% decrease quarter-over-quarter.
- For full-year 2008, Yahoo expects revenue of $7.35-7.85 billion, operating cash flow of $1.825-1.975 billion, and free cash flow of $900 million to $1.05 billion.
Yahoo's Q1 2008 financial highlights presentation notes that the document discusses forward-looking statements about Yahoo's expected financial performance and strategic plans that are subject to risks and uncertainties, actual results may differ materially from predictions, and reported results should not be considered indicators of future performance. Potential risks include the results of Yahoo's strategic initiatives, competition, reductions in customer spending, demand for premium services, acceptance of new products and services, risks related to joint ventures and acquisitions, and risks related to international operations.
This document summarizes internet advertising revenue results for the first two quarters of 2007. It finds that total revenue for the first half of 2007 was nearly $10 billion, a 26.4% increase from the same period in 2006. Revenue in Q2 2007 reached over $5 billion, marking 25.4% growth compared to Q2 2006. Consumer advertising continues to be the largest spending sector, accounting for 54% of Q2 2007 revenues. Search advertising remains the leading format at 40% of revenues, though display and lead generation are gaining.
- Yahoo reported its financial results for Q4 2007 with total revenue of $1.83 billion, up 4% from the previous quarter. Revenue excluding traffic acquisition costs was $1.40 billion, up 9% quarter-over-quarter.
- Operating cash flow for Q4 2007 was $527.1 million, a 13% increase from the previous quarter. However, operating cash flow declined 2% year-over-year.
- For fiscal year 2008, Yahoo expects total revenue between $7.2-8 billion and revenue excluding traffic acquisition costs of $5.35-5.95 billion. The company expects operating cash flow of $1.73-1.98 billion for 2008.
Henry Schein is the largest distributor of healthcare products and services to office-based healthcare practitioners in North America and Europe. In 2002, Henry Schein achieved record financial results with net sales of $2.8 billion, operating income of $196 million, and net income of $117 million. The company expects continued growth through increasing penetration of existing customers, gaining new customers, and cross-selling between its business groups that serve the dental, medical, veterinary, and technology markets.
1) The document provides financial highlights from Google's Q3 2006 earnings call, including 70% year-over-year revenue growth and plans to acquire YouTube for $1.65 billion in stock.
2) Revenue growth was driven by increased monetization and traffic, with strong growth across advertisers. Operating income and net income reached record levels.
3) Google continued focusing on innovation and user experience while also forming new partnerships with companies like Fox, eBay, and Intuit.
Today the Interactive Advertising Bureau (IAB) and PricewaterhouseCoopers LLP (PwC) released the IAB Internet Advertising Revenue Report for the first half of 2009. U.S. Internet advertising revenues were at $10.9 billion in that period, a 5.3% decline from the same period in 2008.
1) Kellogg reported strong financial results in 2003, with net sales increasing 6% to $8.8 billion and earnings per share growing 10% despite rising costs.
2) The company invested substantially in brand building, innovation, and cost savings projects to strengthen the business for future growth.
3) Kellogg also strengthened its organizational capabilities with leadership changes and initiatives to develop talent, improve culture, and promote diversity and safety.
Holly Corporation's 2007 annual report summarizes the company's financial and operating highlights for the year. Key highlights include record sales and other revenues of $4.79 billion, net income of $334.1 million, and net cash provided by operating activities of $422.7 million. The report also provides an overview of Holly Corporation's business as an independent petroleum refiner and marketer, including details on its two refineries in New Mexico and Utah.
Group 1 Automotive is a leading automotive retailer that has experienced significant growth since its IPO in 1997. In 2002, Group 1 achieved record financial results for the fifth consecutive year, with revenues increasing 5.5% to $4.2 billion and net income growing 21% to $67.1 million. The company attributes its success to its diverse business model across brands, geographies, and revenue streams. Group 1 aims to continue its acquisition strategy in 2003 to further augment its portfolio and leverage its operating platform.
1. Group 1 Automotive had another record year in 2000, with revenues growing 43% to over $3.5 billion and net income increasing 21% to $40.8 million. Their business model of decentralized dealership operations and consolidated corporate functions has driven strong financial performance.
2. Their acquisition strategy focuses on building regional platform operations through large, multi-franchise dealerships, and supplementing these with smaller "tuck-in" acquisitions. Acquisitions create synergies through cost reductions from consolidated functions and revenue enhancements from products like finance and insurance.
3. While new vehicle sales are expected to slow in 2001, Group
Kellogg Company delivered strong performance in 2005, meeting or exceeding its long-term targets for revenue, operating profit, earnings per share, and total shareholder return. Net sales increased 6% to over $10 billion due to brand building campaigns and new product innovations. Operating profit grew 5% despite higher input costs across the industry. Earnings per share increased 10% for the fourth consecutive year of double-digit growth. Cash flow was $769 million including $400 million in benefit plan contributions. For the fifth year, Kellogg outperformed the S&P Packaged Foods Index in total shareholder return.
Yahoo reported its financial results for Q2 2007, with the following highlights:
1) Total revenue ex-TAC (excluding traffic acquisition costs) increased 11% year-over-year to $1.244 billion.
2) Revenue ex-TAC from owned and operated sites increased 18% year-over-year to $877 million, while revenue ex-TAC from affiliate sites declined 17% to $155 million.
3) Operating cash flow increased 4% year-over-year to $474 million, representing 38% of total revenue ex-TAC.
The document is PETsMART's 2002 annual report. It summarizes that in 2002:
- PETsMART grew its total sales to $2.7 billion and net income increased to $88.9 million.
- Margins increased to 29.2% and pet services sales grew 29%.
- The company completed transforming its stores into the new format and building out its distribution system.
- Going forward, PETsMART plans to focus on growing pet services, testing new concepts like pet boarding, and continuing to improve customer experience.
Google reported strong financial results for Q4 2006 with revenue growth of 67% year-over-year and 19% quarter-over-quarter. International revenues grew 20% sequentially driven by growth in Germany and France. Google continued to invest heavily in employees, infrastructure, and strategic partnerships while maintaining operating margins over 30%. Looking ahead, Google will continue focusing on international expansion, innovation, and strengthening its ecosystem to drive further growth.
Kohl's annual report for 2005 highlights strong financial performance with net sales increasing 14.5% to $13.4 billion and net income increasing 19.7% to $842 million. The company expanded to 732 stores across 41 states and plans to continue growing, with the goal of over 1,200 stores by 2010. Key initiatives included introducing new brands, improving inventory management, and enhancing the in-store shopping experience.
Google reported strong revenue growth in the first quarter of 2007, with revenue up 63% year-over-year and 14% quarter-over-quarter. Revenue on Google properties grew 76% year-over-year due to increased traffic, while network revenues increased 45% year-over-year from existing and new AdSense relationships and international traffic growth. International markets demonstrated seasonal growth and significant contributions from the UK, Germany, and France. Google also continued investments in employees, infrastructure, and offline initiatives through new partnerships.
- Cummins has doubled revenue over the past 5 years and achieved the highest 3-year period of net earnings as a percent of sales in over 40 years.
- The company has diversified globally and by end markets to reduce cyclicality, aggressively pursued low cost leadership, and built greater earnings stability.
- Cummins is investing in new engine platforms and technologies to capitalize on growth opportunities from evolving global emission standards.
- The document discusses Google's Q3 2006 earnings conference call, reporting 70% year-over-year revenue growth and 10% quarter-over-quarter growth driven by increased monetization and traffic.
- Operating income and net income reached record levels, and the company continued investing in products and infrastructure while forming new partnerships.
- Google agreed to acquire YouTube for $1.65 billion in stock, hoping to enable anyone to upload, watch and share videos worldwide.
- Google reported strong Q3 2006 financial results, with 70% year-over-year revenue growth and 10% quarter-over-quarter growth driven by increased monetization and traffic gains.
- Revenue was $2.69 billion for Q3 2006, with international revenue accounting for 56% of the total.
- Costs of revenue were 39% of total revenue, with research and development accounting for 11.6% and sales and marketing at 7.7% of revenue.
- The acquisition of YouTube for $1.65 billion in stock was announced and expected to close in October.
1) Google reported 70% year-over-year revenue growth and 10% quarter-over-quarter revenue growth for Q3 2006. Revenue growth was driven primarily by increased monetization and traffic gains.
2) Operating income and net income reached record levels for the company. Google also continued its focus on innovation and partnerships.
3) Google agreed to acquire YouTube for $1.65 billion in stock, with the goal of enabling anyone to upload, watch and share videos worldwide. The acquisition was expected to close in Q4 2006.
The document provides an overview of Goldman Sachs, including:
1) It operates in investment banking, sales and trading, principal investing, asset management, and securities services.
2) It has a long-term goal of over 20% return on tangible common equity and focuses on its core businesses and people.
3) It maintains a significant, well-capitalized equity base and conservative funding and liquidity risk management framework.
4) Its revenues come from diverse areas like fixed income, equities, principal investments, asset management and securities services.
The document provides an overview of Goldman Sachs, including:
1) It operates diverse businesses across investment banking, sales and trading, principal investing, asset management, and securities services.
2) It maintains a conservative funding and liquidity risk management framework including pre-funded excess liquidity and stress testing.
3) Over the long term, Goldman Sachs has achieved 12% annual revenue growth compared to 6% global GDP growth, focusing on returning over 20% tangible common equity.
Holly Corporation is an independent petroleum refiner that produces gasoline, diesel fuel, and jet fuel. It owns two refineries - the Navajo Refinery in New Mexico with a capacity of 60,000 barrels per day, and the Montana Refinery near Great Falls, Montana with a capacity of 7,000 barrels per day. These refineries process high sulfur crude oils and serve markets in the southwestern U.S., northern Mexico, and Montana. In fiscal year 2001, Holly Corporation achieved record levels of revenue, earnings, and cash flow due to high industry margins and initiatives to improve efficiency and expand marketing efforts.
Holly Corporation is an oil refining and marketing company operating refineries in Montana and New Mexico. In its 2002 annual report, Holly Corporation reported a net income of $32 million on sales of $889 million, down from $73 million in net income the previous year. Holly Corporation also discussed ongoing litigation, expansion projects at its Navajo Refinery in New Mexico, and continued implementation of cost reduction initiatives.
Google reported strong financial results for Q4 2006 with 67% year-over-year revenue growth. Revenue increased 19% sequentially led by growth in international markets like Germany and France. Costs and expenses grew at a slower rate than revenue. As a result, net income increased 40% year-over-year while operating margins expanded. Going forward, Google will continue investing in growth areas like international expansion and mobile partnerships to maintain market leadership in search and advertising.
Google reported strong financial results for Q4 2006 with 67% year-over-year revenue growth. Revenue increased 19% sequentially led by growth in international markets like Germany and France. Costs and expenses grew at a slower rate than revenue. As a result, net income increased 40% year-over-year while operating margins expanded. Going forward, Google will continue investing in growth areas like international expansion and mobile partnerships.
Google reported strong financial results for Q4 2006 with 67% year-over-year revenue growth and 19% quarter-over-quarter growth. Revenues increased due to a healthy holiday season with strong traffic growth as well as international revenue growth, particularly in Germany and France. Costs and expenses grew but Google continued investing aggressively in employees and infrastructure for long term success. Non-GAAP net income was $997.3 million, up 23% from the previous quarter.
Today the Interactive Advertising Bureau (IAB) and PricewaterhouseCoopers LLP (PwC) released the IAB Internet Advertising Revenue Report for the first half of 2009. U.S. Internet advertising revenues were at $10.9 billion in that period, a 5.3% decline from the same period in 2008.
1) Kellogg reported strong financial results in 2003, with net sales increasing 6% to $8.8 billion and earnings per share growing 10% despite rising costs.
2) The company invested substantially in brand building, innovation, and cost savings projects to strengthen the business for future growth.
3) Kellogg also strengthened its organizational capabilities with leadership changes and initiatives to develop talent, improve culture, and promote diversity and safety.
Holly Corporation's 2007 annual report summarizes the company's financial and operating highlights for the year. Key highlights include record sales and other revenues of $4.79 billion, net income of $334.1 million, and net cash provided by operating activities of $422.7 million. The report also provides an overview of Holly Corporation's business as an independent petroleum refiner and marketer, including details on its two refineries in New Mexico and Utah.
Group 1 Automotive is a leading automotive retailer that has experienced significant growth since its IPO in 1997. In 2002, Group 1 achieved record financial results for the fifth consecutive year, with revenues increasing 5.5% to $4.2 billion and net income growing 21% to $67.1 million. The company attributes its success to its diverse business model across brands, geographies, and revenue streams. Group 1 aims to continue its acquisition strategy in 2003 to further augment its portfolio and leverage its operating platform.
1. Group 1 Automotive had another record year in 2000, with revenues growing 43% to over $3.5 billion and net income increasing 21% to $40.8 million. Their business model of decentralized dealership operations and consolidated corporate functions has driven strong financial performance.
2. Their acquisition strategy focuses on building regional platform operations through large, multi-franchise dealerships, and supplementing these with smaller "tuck-in" acquisitions. Acquisitions create synergies through cost reductions from consolidated functions and revenue enhancements from products like finance and insurance.
3. While new vehicle sales are expected to slow in 2001, Group
Kellogg Company delivered strong performance in 2005, meeting or exceeding its long-term targets for revenue, operating profit, earnings per share, and total shareholder return. Net sales increased 6% to over $10 billion due to brand building campaigns and new product innovations. Operating profit grew 5% despite higher input costs across the industry. Earnings per share increased 10% for the fourth consecutive year of double-digit growth. Cash flow was $769 million including $400 million in benefit plan contributions. For the fifth year, Kellogg outperformed the S&P Packaged Foods Index in total shareholder return.
Yahoo reported its financial results for Q2 2007, with the following highlights:
1) Total revenue ex-TAC (excluding traffic acquisition costs) increased 11% year-over-year to $1.244 billion.
2) Revenue ex-TAC from owned and operated sites increased 18% year-over-year to $877 million, while revenue ex-TAC from affiliate sites declined 17% to $155 million.
3) Operating cash flow increased 4% year-over-year to $474 million, representing 38% of total revenue ex-TAC.
The document is PETsMART's 2002 annual report. It summarizes that in 2002:
- PETsMART grew its total sales to $2.7 billion and net income increased to $88.9 million.
- Margins increased to 29.2% and pet services sales grew 29%.
- The company completed transforming its stores into the new format and building out its distribution system.
- Going forward, PETsMART plans to focus on growing pet services, testing new concepts like pet boarding, and continuing to improve customer experience.
Google reported strong financial results for Q4 2006 with revenue growth of 67% year-over-year and 19% quarter-over-quarter. International revenues grew 20% sequentially driven by growth in Germany and France. Google continued to invest heavily in employees, infrastructure, and strategic partnerships while maintaining operating margins over 30%. Looking ahead, Google will continue focusing on international expansion, innovation, and strengthening its ecosystem to drive further growth.
Kohl's annual report for 2005 highlights strong financial performance with net sales increasing 14.5% to $13.4 billion and net income increasing 19.7% to $842 million. The company expanded to 732 stores across 41 states and plans to continue growing, with the goal of over 1,200 stores by 2010. Key initiatives included introducing new brands, improving inventory management, and enhancing the in-store shopping experience.
Google reported strong revenue growth in the first quarter of 2007, with revenue up 63% year-over-year and 14% quarter-over-quarter. Revenue on Google properties grew 76% year-over-year due to increased traffic, while network revenues increased 45% year-over-year from existing and new AdSense relationships and international traffic growth. International markets demonstrated seasonal growth and significant contributions from the UK, Germany, and France. Google also continued investments in employees, infrastructure, and offline initiatives through new partnerships.
- Cummins has doubled revenue over the past 5 years and achieved the highest 3-year period of net earnings as a percent of sales in over 40 years.
- The company has diversified globally and by end markets to reduce cyclicality, aggressively pursued low cost leadership, and built greater earnings stability.
- Cummins is investing in new engine platforms and technologies to capitalize on growth opportunities from evolving global emission standards.
- The document discusses Google's Q3 2006 earnings conference call, reporting 70% year-over-year revenue growth and 10% quarter-over-quarter growth driven by increased monetization and traffic.
- Operating income and net income reached record levels, and the company continued investing in products and infrastructure while forming new partnerships.
- Google agreed to acquire YouTube for $1.65 billion in stock, hoping to enable anyone to upload, watch and share videos worldwide.
- Google reported strong Q3 2006 financial results, with 70% year-over-year revenue growth and 10% quarter-over-quarter growth driven by increased monetization and traffic gains.
- Revenue was $2.69 billion for Q3 2006, with international revenue accounting for 56% of the total.
- Costs of revenue were 39% of total revenue, with research and development accounting for 11.6% and sales and marketing at 7.7% of revenue.
- The acquisition of YouTube for $1.65 billion in stock was announced and expected to close in October.
1) Google reported 70% year-over-year revenue growth and 10% quarter-over-quarter revenue growth for Q3 2006. Revenue growth was driven primarily by increased monetization and traffic gains.
2) Operating income and net income reached record levels for the company. Google also continued its focus on innovation and partnerships.
3) Google agreed to acquire YouTube for $1.65 billion in stock, with the goal of enabling anyone to upload, watch and share videos worldwide. The acquisition was expected to close in Q4 2006.
The document provides an overview of Goldman Sachs, including:
1) It operates in investment banking, sales and trading, principal investing, asset management, and securities services.
2) It has a long-term goal of over 20% return on tangible common equity and focuses on its core businesses and people.
3) It maintains a significant, well-capitalized equity base and conservative funding and liquidity risk management framework.
4) Its revenues come from diverse areas like fixed income, equities, principal investments, asset management and securities services.
The document provides an overview of Goldman Sachs, including:
1) It operates diverse businesses across investment banking, sales and trading, principal investing, asset management, and securities services.
2) It maintains a conservative funding and liquidity risk management framework including pre-funded excess liquidity and stress testing.
3) Over the long term, Goldman Sachs has achieved 12% annual revenue growth compared to 6% global GDP growth, focusing on returning over 20% tangible common equity.
Holly Corporation is an independent petroleum refiner that produces gasoline, diesel fuel, and jet fuel. It owns two refineries - the Navajo Refinery in New Mexico with a capacity of 60,000 barrels per day, and the Montana Refinery near Great Falls, Montana with a capacity of 7,000 barrels per day. These refineries process high sulfur crude oils and serve markets in the southwestern U.S., northern Mexico, and Montana. In fiscal year 2001, Holly Corporation achieved record levels of revenue, earnings, and cash flow due to high industry margins and initiatives to improve efficiency and expand marketing efforts.
Holly Corporation is an oil refining and marketing company operating refineries in Montana and New Mexico. In its 2002 annual report, Holly Corporation reported a net income of $32 million on sales of $889 million, down from $73 million in net income the previous year. Holly Corporation also discussed ongoing litigation, expansion projects at its Navajo Refinery in New Mexico, and continued implementation of cost reduction initiatives.
Google reported strong financial results for Q4 2006 with 67% year-over-year revenue growth. Revenue increased 19% sequentially led by growth in international markets like Germany and France. Costs and expenses grew at a slower rate than revenue. As a result, net income increased 40% year-over-year while operating margins expanded. Going forward, Google will continue investing in growth areas like international expansion and mobile partnerships to maintain market leadership in search and advertising.
Google reported strong financial results for Q4 2006 with 67% year-over-year revenue growth. Revenue increased 19% sequentially led by growth in international markets like Germany and France. Costs and expenses grew at a slower rate than revenue. As a result, net income increased 40% year-over-year while operating margins expanded. Going forward, Google will continue investing in growth areas like international expansion and mobile partnerships.
Google reported strong financial results for Q4 2006 with 67% year-over-year revenue growth and 19% quarter-over-quarter growth. Revenues increased due to a healthy holiday season with strong traffic growth as well as international revenue growth, particularly in Germany and France. Costs and expenses grew but Google continued investing aggressively in employees and infrastructure for long term success. Non-GAAP net income was $997.3 million, up 23% from the previous quarter.
The document is Timken's 2006 annual report which discusses the company's vision for profitable growth through transforming the company. Some key points:
- In 2006, Timken embarked on significant changes including investing in growth markets, improving its portfolio through divesting non-strategic businesses, and restructuring.
- Financially, net sales reached $5 billion and net income per share was $2.36, among the highest in Timken's history.
- The company increased manufacturing capacity in aerospace and heavy industry and expanded its presence in Asia. It also acquired businesses and developed new capabilities to better serve customers.
- Timken improved its portfolio through selling businesses and pursuing restructuring activities to improve
Patrick D. Campbell Senior Vice President and Chief Financial Officerfinance10
3M aims to accelerate growth to enhance shareholder value. The presentation outlines plans to achieve 5-8% organic local currency growth in traditional businesses through leveraging existing assets, pursue international expansion, and continue productivity initiatives. It also discusses growing new market adjacencies at a faster pace through acquisitions and new brands. Maintaining strong margins and returns on invested capital as growth increases is a key focus.
This document is an investor presentation by Cummins that provides an overview of the company's business segments and financial performance. It summarizes that Cummins has diversified its business across engine, power generation, components and distribution segments. It has grown faster than peers since 2003, with net income growing 134% compared to 21% revenue growth. Cummins has also increased its international sales and reduced reliance on the North American heavy duty truck market.
This document is an investor presentation by Cummins that provides an overview of the company's business segments and financial performance. It summarizes that Cummins has diversified its business across engine, power generation, components and distribution segments. It has grown faster than its peer group since 2003 with higher net income and cash flow. Cummins is also more global now with over 50% of revenue from outside the US. The presentation provides details on each business segment and their growth strategies.
Arrow Electronics had a record year in 2006 with $13.6 billion in sales, a nearly 22% increase over 2005. Some key highlights included operating income increasing nearly 27% to $622 million and net income per share of $2.92 compared to $2.18 in 2005. The company continued to expand its global electronic components and enterprise computing solutions businesses.
- Goodrich Corporation reported second quarter 2006 results, with sales growing 10% year-over-year and income from continuing operations increasing 30% to $81 million compared to second quarter 2005.
- The company raised its 2006 sales outlook to $5.75-5.85 billion and adjusted net income per diluted share outlook to $3.40-3.55 due to improved operational performance.
- All business segments saw sales and operating income increases compared to second quarter 2005, driven by higher commercial airplane original equipment and aftermarket sales as well as cost improvements.
- Goodrich Corporation reported second quarter 2006 results, with sales growing 10% year-over-year and income from continuing operations increasing 30% to $81 million.
- The company raised its 2006 sales outlook to $5.75-5.85 billion and adjusted net income per diluted share outlook to $3.40-3.55 due to improved operational performance.
- Segment operating margins improved across all segments (Engine Systems, Airframe Systems, Electronic Systems), driven by higher commercial airplane original equipment and aftermarket sales as well as cost reductions.
- Yahoo reported Q2 2009 financial results on July 21, 2009.
- Total revenue was $1.57 billion, down 13% year-over-year. However, revenue excluding traffic acquisition costs (Revenue ex-TAC) was $1.14 billion, down 16% year-over-year.
- Operating cash flow was $385 million, a 10% decrease from the previous year, representing 34% of Revenue ex-TAC.
- Yahoo reported Q2 2009 financial results on July 21, 2009.
- Total revenue was $1.57 billion, down 13% year-over-year. However, revenue excluding traffic acquisition costs (Revenue ex-TAC) was $1.14 billion, down 16% year-over-year.
- Operating cash flow was $385 million, a 10% decrease from the previous year, representing 34% of Revenue ex-TAC.
This document provides consolidated financial highlights for Burlington Northern Santa Fe Corporation for the years 1991-1995. Some key points:
- Revenues grew from $4.559 billion in 1991 to $6.183 billion in 1995. Operating income improved from a loss of $239 million in 1991 to income of $526 million in 1995, excluding unusual merger-related charges.
- Net income was $92 million in 1995 but would have been $416 million without accounting changes and debt retirement costs related to the merger.
- Capital expenditures were $1.042 billion in 1995 and are planned to be nearly $1.7 billion in 1996 to support revenue growth and cost reduction initiatives.
This document summarizes the financial performance of Burlington Northern Santa Fe Corporation for the years 1992-1996. It reports that in 1996:
- Operating income increased 14% to $1.75 billion compared to 1995 on a comparable basis.
- Revenues reached $8.19 billion despite a drop in agricultural commodities revenues.
- Operating expenses were $178 million below 1995 levels, lowering the operating ratio to 78.6%.
- Net income grew 21% to $889 million, or $5.70 per share, compared to $733 million in 1995.
This annual report summarizes Burlington Northern Santa Fe Corporation's financial and operational performance in 1998. Some key highlights include:
- Revenues reached a record $8.94 billion, a 6.8% increase over 1997.
- Adjusted operating income grew 16% to a record $2.16 billion.
- Adjusted net income exceeded $1.12 billion, a 19% improvement over 1997.
- The operating ratio improved to 75.9%, nearly 2 points better than 1997's adjusted ratio.
- Safety continued to improve, with reductions in reportable injuries and rail accidents.
Burlington Northern Santa Fe Corporation's 1999 Annual Report summarizes the company's performance in 1999 and compares it to 1994, the year before the BNSF merger. Key points:
1) BNSF achieved record results in safety, customer service, efficiency and financial performance in 1999 compared to 1994.
2) Safety metrics like lost workdays and injuries dropped significantly. Customer service improved with 91% on-time performance. Operating expenses per ton-mile dropped 20-25%.
3) Financial results were also much stronger, with operating income reaching a record $2.24 billion, up 14% annually from 1994. The operating ratio improved 9 points to 75.4%.
Burlington Northern Santa Fe Corporation's 2000 Annual Report summarizes the company's performance for the year. Key points include:
- Revenues grew to $9.2 billion while operating expenses only increased 1% despite a $230 million rise in fuel costs.
- Intermodal revenues increased 6% to a record level while safety and efficiency improvements were made.
- However, weak coal demand, high fuel prices, and a slow US economy impacted results for the year.
- Over the past five years since the Burlington Northern and Santa Fe merger, significant progress has been made in safety, service, efficiency and financials.
This document is the 2001 Annual Report to Shareholders for Burlington Northern Santa Fe Corporation. It contains the following key information:
1) The CEO discusses BNSF's progress on its strategic priorities of People, Growth, Ease of Doing Business, Service, and Efficiency in 2001, noting challenges from the economic slowdown but some record achievements.
2) Safety improvements were made but injuries remained level, while discussions progressed with unions on safety agreements.
3) Revenues were flat in 2001 due to economic conditions, but some business lines like Mexico grew, and new customers and services helped capture additional market share.
4) Financial results disappointed expectations for revenue and operating ratio goals, though costs
BNSF is a major railroad network in the United States that transports a variety of goods. In 2003, BNSF saw revenue growth of 5% driven by strong intermodal growth, though on-time performance fell short of goals. Safety performance reached record levels with injury rates down significantly. Looking forward, BNSF aims to continue revenue growth through initiatives like expanding intermodal capacity and pursuing market-based pricing across all business lines.
Burlington Northern Santa Fe Corporation reported earnings of $0.36 per diluted share for the first quarter of 2001, compared to $0.55 per diluted share for the same period in 2000. Freight revenues were $2.26 billion, up slightly due to a 4% increase in ton-miles. Operating expenses increased 7% to $1.87 billion due to higher fuel costs, severe winter weather, and increased energy costs. The operating ratio was 81.5% compared to 77.3% in 2000. Revenue from agricultural commodities increased 11% while industrial revenues declined 3% and coal revenues declined 1% compared to the first quarter of 2000.
The document is Burlington Northern Santa Fe Corporation's 2nd Quarter 2001 Investors' Report. It summarizes that:
1) Earnings were $0.50 per diluted share compared to $0.53 per diluted share in the same period last year, with revenues remaining even despite 2% higher ton-miles.
2) Operating expenses were $65 million higher due to factors like flooding in the Midwest and higher fuel costs.
3) Operating income decreased to $428 million from $483 million last year, and the operating ratio increased to 80.9% from 78.4% last year.
The document is Burlington Northern Santa Fe Corporation's third quarter 2001 investors' report. Key points:
- Earnings per share were $0.58 compared to $0.64 in third quarter 2000. Freight revenues were $2.31 billion, even with last year.
- Operating expenses were higher by $69 million due to increased compensation, benefits, and fuel costs. Operating income was $502 million versus $571 million in 2000.
- 4.1 million shares were repurchased in the quarter, bringing the total under the buyback program to 101.1 million shares.
- The report provides financial statements and statistics on revenues, expenses, operations, and capital expenditures for
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2001. It includes key financial information such as earnings results for Q4 and full year 2001, operating revenues and expenses, balance sheet information, and cash flow information. Specifically, it notes that Q4 2001 earnings were $0.46 per share including workforce reduction costs, or $0.57 per share excluding those costs. For the full year, earnings were $1.87 per share including unusual items, or $2.08 per share excluding unusual items. It also highlights free cash flow of $443 million for the full year, up 3% from 2000.
1. Burlington Northern Santa Fe reported first quarter 2002 earnings of $0.45 per share, up from $0.34 per share in first quarter 2001, which included non-recurring losses.
2. Freight revenues decreased 6% to $2.14 billion due to softer demand across all major product sectors and mild winter weather reducing coal shipments.
3. Operating expenses decreased 4% to $1.8 billion due to reductions in fuel costs, compensation, and equipment rents, partially offsetting the revenue decline.
Burlington Northern Santa Fe reported earnings of $0.51 per share for Q2 2002, up slightly from $0.50 per share in Q2 2001. Freight revenues were $2.18 billion, down 3% from the previous year, with declines in coal, agricultural products, and industrial products offsetting growth in consumer products. Operating expenses decreased 2% despite lower fuel prices, helping maintain the operating ratio at 81.4%. The company also repurchased 4.2 million shares during the quarter.
The document is Burlington Northern Santa Fe Corporation's third quarter 2002 investors' report. It includes:
- BNSF reported earnings of $0.51 per share for Q3 2002, even with adjusted earnings of $0.56 per share for the same period in 2001.
- Freight revenues were $2.28 billion for Q3 2002, even with adjusted revenues of $2.28 billion for Q3 2001.
- Operating income decreased to $421 million for Q3 2002 compared to adjusted operating income of $470 million for Q3 2001, with the operating ratio increasing to 81.6% from 79.4%.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2002. It includes:
1) Key financial highlights for Q4 2002 including $0.54 earnings per share, $2.27 billion in freight revenues, and $436 million in operating income.
2) Annual 2002 results including $2.00 earnings per share, $8.87 billion in freight revenues, and $1.66 billion in operating income.
3) Details of common stock repurchases totaling approximately 116 million shares under their repurchase program.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
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5 Tips for Creating Standard Financial ReportsEasyReports
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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3. Company Pro le Financial Highlights
(dollars in millions)
Kohl’s mission is to be the 2006 2005
leading family-focused,
Net Sales $15,544 $ 13,402 up 16%
value-oriented specialty
department store o ering
Gross Margin $ 5,654 $ 4,763 up 19%
quality exclusive and national Percent of Sales 36.4 % 35.5 % up 0.9%
brand merchandise to the
SG&A $ 3,401 $ 2,964 up 15%
customer in an environment
Percent of Sales 21.9 % 22.1 % down 0.2%
that is convenient, friendly
and exciting. up 28%
Operating Income $ 1,815 $ 1,416
Percent of Sales 11.7 % 10.6 % up 1.1%
Kohl’s operates from coast
Net Income $ 1,109 $ 842 up 32%
to coast. At the end of scal
Percent of Sales 7.1 % 6.3 % up 0.8%
2006, we served customers in
45 states through 817 stores
and Kohls.com.
)
) (1
(1
Net Sales Net Income R
R
AG
AG
(in millions of dollars) (in millions of dollars)
C
C %
.7% 9.3
$15,544
15 1
$1,109
$13,402
$11,701
$842
$10,282
$9,120 $703
$601
$7,489
$546
$458
2001 2002 2003 2004 2005 2006 2001 2002 2003 2004 2005 2006
Compounded Annual Growth Rate.
(1)
Results 1
4. Larry Montgomery, Chairman and Chief
Executive Of cer; Kevin Mansell, President; and
Tom Kingsbury, Senior Executive Vice President
Dear Shareholder,
Our scal 2006 performance can best In April, we completed the sale of our
Operating Income
be described in one word: growth. We proprietary credit card business to
(in millions of dollars)
)
(1
R delivered solid top- and bottom-line JPMorgan Chase and intered into a multi-
G
CA performance. We opened 85 exciting year agreement with Chase to share in the
. 1% new stores and we successfully executed pro tability of the credit card portfolio. We
18 on our four strategic initiatives. used the net proceeds to begin our authorized
$1,815
$2 billion share repurchase program,
Strong Financial Growth purchasing 27 million shares in scal 2006
Our sales have grown by 50% over
$1,416
Growth across the Nation
the past three years, from $10 billion
We continue to deliver on our real estate
in 2003 to a record $15.5 billion this
$1,193
growth strategy. Our ability to successfully
year. No other major department
$1,021
add new stores and new markets reached
$951 store has a growth rate that comes
new heights with the grand opening of 65
even close. For this year, comparable
$790
stores across the country on a single day in
store sales rose 5.9%, increasing in all
October, the largest one-day grand opening
regions and all four quarters, boosting
in our history.
us to the top of the rankings among
our peer group.
Looking ahead, we see many more
opportunities for strategic, pro table
Operating income grew 28% to $1.8
growth. By the end of 2010, we expect to
billion and the operating margin reached
2001 2002 2003 2004 2005 2006
be operating more than 1,200 stores and to
an all-time high of 11.7%. This puts us
generate approximately $24 billion in sales
well on our way to achieving our goal of
Compounded Annual Growth Rate.
(1)
and $1.9 billion in net income. We believe
12.5% operating margin by 2010.
these goals are both realistic and achievable.
Net income increased 32% to a record
Growth throughout the Business
$1.1 billion or $3.31 per diluted share,
Our strategic initiatives are the roadmap
driven by strong improvement in our
for our future growth. These initiatives
gross margin and prudent expense
management. Our balance sheet focus on merchandise content, marketing,
remained strong and we again inventory management and the in-store
generated signi cant ow from shopping experience.
Vision
operations.
2
5. “Our sales have grown by 50% over the past three years,
from $10 billion in 2003 to a record $15.5 billion this year.
No other major department store has a growth rate that
comes even close.”
Our focus on lifestyle merchandising Enhancing the in-store shopping She retired from the Board in February
is designed to meet our objective of experience revolves around making our 2007. Jay was one of the three principals
increasing market share by expanding our stores more visually exciting and easier who built the solid foundation for our
appeal to a broader range of customers. to shop. Introduced in 2006, our new success, serving as president for 13
Brands such as Chaps continue to attract innovation store design is aimed squarely years. Jay will retire from the Board
our core classic customer. In the updated at broadening customer appeal. From the in May 2007.
and contemporary categories, daisy exterior showcase windows displaying the
Stephen E. Watson joined our Board
fuentes, apt. 9, Candie’s, Tony Hawk and latest fashions to creative merchandise
of Directors in 2006, bringing his
Casa Cristina are just a few of our new displays highlighting the newest trends,
30 years of retail industry experience,
brands and brand extensions. our innovation stores encourage shoppers
including 23 years with Target
to browse every department. Of the 85
Corporation. We also welcomed
In 2007, we’ll add even more variety and stores we opened in 2006, approximately
Tom Kingsbury as a principal in
innovation to our merchandise through half were innovation stores. We plan to
the newly created position of senior
exclusive licensing agreements for Simply incorporate elements of this format into
executive vice president.
Vera Vera Wang, ELLE and Food Network all new and remodeled stores in 2007.
collections. Together, these will be the
Coming o another outstanding year,
For us, growth is an all-encompassing
largest number and by far the largest
it is appropriate that we again thank
and never-ending process. Through
volume of new and expanded o erings
the people who made it happen – our
ongoing innovation across the business,
we have ever launched. To support our
Associates, shareholders, customers and
we are converting our core concepts
growing portfolio of world-class brands,
business partners. With their help, you
of brands, value and convenience
we will open a design of ce in the heart
can continue to expect great things
into sustained long-term growth and
of New York’s garment district in spring
from Kohl’s.
pro tability. The signi cant increase
of 2007.
in our stock price in 2006 re ects our
Our marketing program is designed success in achieving these goals.
to di erentiate our stores in the
marketplace. The program uses a The People behind our Growth
strategically selected variety of media It’s no secret that the key to our success
to build awareness and desire for our has always been the talent within our Larry Montgomery
national, private and exclusive brands, organization and our 114,000 dedicated Chairman and Chief Executive Of cer
and to increase traf c and sales. Our Associates who make our customers their
marketing statement, “Only at Kohl’s,” rst priority. Our commitment to our
distinguishes our stores and our exclusive great team of Associates was underscored
brands, giving customers an even more in 2006 with our selection by Business
compelling reason to shop our stores. Kevin Mansell
Week magazine as one of the top 50
President
companies to launch a career.
Our focus on inventory management
includes activities to improve inventory We wish to extend a deep and heartfelt
ow and increase speed-to-market. As thank you to Arlene Meier and Jay Baker.
always, our goal is to meet customer Arlene retired after 16 years with the
expectations for in-stock merchandise in Tom Kingsbury
company, serving for the past six years
a broad range of sizes and colors. Senior Executive Vice President
as chief operating of cer and a director.
3
6. GROWTH. Innovation. Success.
Our success in growth and innovation
has made Kohl’s a major force in
retailing across the nation.
®
4
8. New State
GROWTH in 2006
Projected Stores
Across the Nation
by 2010
We continue to deliver successful,
1,200 +
pro table growth. In the last 10 years
New State
alone, we’ve grown from 150 stores in 2006
in 16 states in 1996, to 817 stores
in 45 states at the end of scal 2006.
By the end of 2010, we expect to
be operating more than 1,200 stores
– a strategically developed and very
817 achievable target.
Growing our Regions
In addition to signi cantly increasing
our number of stores, over the past 10
years we have also expanded from our
Midwestern base to become a major
national retailer. In 2006, we entered the
Northwest with new stores in Oregon and
382
Washington. We now operate in every
region of the country. To support this new
store for markets of all
region, as well as our continuing growth in
sizes. All three formats will be
the Southwest, we opened a distribution
part of our expansion, with our 88,000
center in Patterson, California, with the
150
square-foot suburban store remaining
capacity to support 110 stores.
the predominant format. We will
also continue to remodel our existing
Successful Strategy
stores, with all of the remodels in 2007
We’ve proven that our growth strategy
incorporating key elements of our new
works. With our three formats: suburban,
1996 2001 2006 2010
innovation store concept.
small and urban, we have the right-sized
“By the end of 2010, we expect to be operating more
than 1,200 stores – a strategically developed and very
achievable target.”
Number of Stores 2% 3% 1%
by Region
5%
These charts show 11% 12%
the successful
32%
expansion from our 11%
14%
Midwestern base 46%
into every region
13%
14%
across the country.
15%
90% 16%
12%
3%
1996 2001 2006
6
9. New State
in 2006
New State
in 2006
With the opening of 85 NEW STORES,
New Stores in 2006
New States in 2007
we operated 817 stores in 45 states
Northwest Region
at the end of scal 2006.
(10 stores)
Midwest Region
(260 stores)
South Central Region
(106 stores)
Growth
Northeast Region
(124 stores)
Mid-Atlantic Region
(85 stores)
Southeast Region
(100 stores)
Southwest Region
(132 stores)
7
10. INNOVATION with Impact
Making our stores more visually exciting experience. Higher ceilings, attractive restrooms. The spacious tting rooms have
and easier to shop took a bold step carpeting and soft wall colors create three-way mirrors and lounge areas, with
forward with the introduction of our new a more open, spacious environment. laminate wood ooring, sofas and decorative
innovation store design. The innovation Large signs make departments easy to wall art. The streamlined customer service
begins with the storefront, with bright white nd. High-impact graphics highlight desk is more inviting and redesigned
columns and large windows showcasing merchandise for every lifestyle. Eye- customer check-out stations improveow
products and lifestyles to give customers a catching displays provide apparel and and speed up the check-out process.
glimpse of the great merchandise inside. accessory ideas and stately wooden
Our friendly and knowledgeable
hutches showcase our home merchandise.
Enhancing the Customer Experience Associates are always nearby to provide the
Inside, the new store design is aimed Innovation throughout the store also shopping assistance and courteous service
squarely at broadening customer appeal includes a comfortable and luxurious that make our stores a destination for
and reach through an enhanced shopping residential look in our tting rooms and shoppers across the U.S.
erience 9
11. In 2006, Kohl’s Cares for Kids
merchandise included Sandra Boynton’s
fun- lled, special edition books, sing-along
CDs and snuggly plush animals. 15
12. “Developing exclusive
collections of world-class
brands is a key growth
strategy.”
SUCCESS with Style
In 2006, we gave our customer even develop another new brand available
more of what she’s looking for with new “Only at Kohl’s.” The ELLE line of misses’
world-class brands and brand extensions. apparel will feature contemporary, runway-
We introduced West End and AB Studio inspired looks that appeal to the younger
in misses’ and Stamp 10 in both misses’ segment of our core customer base. The
and men’s. In young men’s and boys’, we line, which launches in selected stores in
launched the Tony Hawk brand. Chaps is spring 2007, demonstrates a speed-to-
now in misses’, men’s, boys’, footwear and market strategy that will bring new ELLE
infants’/toddlers’ and will expand into fashions into our stores every month.
women’s, girls’ and home in 2007.
Expanding in Home
Food preparation is one of the fastest
Top-Fashion Apparel in 2007
growing areas in our home assortment. In
Developing exclusive collections of world-
2006, we added the Rachael Ray line of
class brands is a key growth strategy. Our
cookware. We also formed an exclusive
most signi cant initiative for 2007, and
relationship with Food Network, the
the largest launch in our history, is the
undisputed authority in cooking and
introduction of the Simply Vera Vera Wang
entertainment, to develop a Food Network-
premium fashion and lifestyle brand,
branded line of home goods. We will
beginning in fall 2007. The collection
introduce this brand in fall 2007.
spans the store, including misses’,
accessories, jewelry, footwear, intimate
We also introduced a new home furnishings
apparel and soft home. Vera Wang is one
line, Casa Cristina, by Cristina Saralegui, an
of the most respected designers in the
in uential role model in today’s Hispanic
world, making her collection a strong
community. This line will ultimately
addition to our exclusive brand selection.
expand across several home categories in
We’ve also teamed up with ELLE magazine, 2007. Other extensions in 2007 include
the world’s largest fashion magazine, to daisy fuentes and Chaps in soft home.
World-Class
10
15. GROWTH through Di erentiation
Growth through di erentiation means exciting than ever by adding inspiring
enabling our customer to nd everything she strikepoints and large graphic displays.
wants for her home, her family and herself – These new visuals showcase di erent lifestyle
in a single shopping trip. We’ve captured brands and provide wardrobe suggestions,
market share by expanding our merchandise complete with accessories such as jewelry,
assortment to reach a broader group of shoes and handbags. Lifestyle merchandising
customers. While classic American families also includes specialty departments for our
continue to be our primary customer, we are important special-size customers.
adding brands and merchandise targeted to
With the addition of ne fragrances,
various lifestyles.
we have all the elements in place
Lifestyle Merchandising to launch the “Kohl’s Beauty Dept.,”
To appeal to this expanded customer base, creating awareness for the total beauty
we’ve reorganized departments to re ect category – cosmetics, skincare, bath &
di erent customer lifestyles: classic, updated body and fragrance.
and contemporary. Whether she is a busy
Exceptional Customer Service
mom with young children, a recent college
Of course, it is our Associates who make
graduate on her way up the career ladder or
the shopping experience truly exceptional.
an empty nester, we have the look she wants,
We value and appreciate all of the Associates
in the sizes and colors she needs.
behind our recognition for Top 10
Our goal is to deliver a consistent experience achievement in customer service for 2006
for every customer, in every store, every by the National Retail Federation and
time. We made shopping our stores more American Express Research.
Lifestyle 13
16. The District 16 A-Team in western
Michigan won the “Kohl’s Award of
Excellence” three years in a row.
INNOVATION with Spirit
“Our Associates are We believe that caring for our friends, In 2006, A-Team members volunteered
neighbors and families is what over 57,800 hours, a 171% increase over
leading by example, communities are all about. From the 2005, raising over $1.2 million.
following their hearts, volunteer support of our Associates to
Kohl’s Cares for Kids is a promise
our corporate nancial contributions,
inspiring others and of hope for a brighter, healthier future
we want to have a positive impact in
for children in our communities.
making a real di erence each community we serve. In 2006, we
Throughout the year, we sell special
provided approximately $33 million to
for children in our Kohl’s Cares for Kids merchandise with
support our communities across the U.S.
communities.” 100% of the net pro ts supporting
Our Associates are leading by example, health and educational opportunities
following their hearts, inspiring others for children. Our well-established
and making a real di erence for children Kohl’s Cares for Kids children’s hospital
in our communities through the Kohl’s program continues to grow. In 2006,
A-Team. As A-Team members, our we partnered with 143 hospitals in
Associates choose youth-focused non- 45 states.
pro t organizations they want to support.
Our annual Kohl’s Kids Who Care
After they have given the gift of time and
scholarship program gives us the
talent to the organization, they become
opportunity to recognize and reward youth
eligible for a corporate grant given
who volunteer in their communities. In
directly to their charity.
2006, we recognized 152 young volunteers
We are proud of our Associates and with Kohl’s Kids Who Care scholarships
their commitment to their communities. totaling more than $200,000.
Inspiration
14
17. Strength
SUCCESS through Performance
Fiscal Year 2006 2005 2004 2003 2002 2001
Summary of Operations (In millions)
$ 11,701 $ 9,120
Net sales $ 15,544 $ 13,402 $10,282 $ 7,489
4,114 3,139
Gross margin 5,654 4,763 3,395 2,565
2,584 1,884
Selling, general & administrative expenses 3,401 2,964 2,158 1,583
49 41
Preopening expenses 50 44 47 33
288 193
Depreciation and amortization 388 339 239 159
1,193 1,021
Operating income 1,815 1,416 951 790
63 56
Interest expense, net 41 70 73 50
1,130 965
Income before income taxes 1,774 1,346 878 740
703 601
Net income 1,109 842 546 458
Diluted Earnings Per Share $ 3.31 $ 2.43 $ 2.04 $ 1.59 $ 1.75 $ 1.35
Financial Position Data (Dollars in millions)
Working capital $ 1,482 $ 2,520 $ 2,187 $ 1,902 $ 1,776 $ 1,584
Property and equipment, net 5,353 4,616 4,063 3,390 2,806 2,253
Total assets 9,041 9,153 7,979 6,691 6,311 4,927
Long-term debt 1,040 1,046 1,103 1,076 1,059 1,095
Shareholders’ equity 5,603 5,957 5,034 4,212 3,532 2,803
Return on average shareholders’ equity 19.2 % 15.3 % 15.2 % 14.1 % 19.0 % 18.3 %
Other Data
Comparable store sales growth 5.9 % 3.4 % 0.3 % (1.6 )% 5.3 % 6.8 %
Net sales per selling square foot $ 256 $ 252 $ 255 $ 268 $ 284 $ 283
Stores open at year end 817 732 637 542 457 382
Total square feet of selling space (In thousands) 62,357 56,625 49,201 41,447 34,507 28,576
Report of Management
The management of Kohl’s Corporation is responsible for the integrity and objectivity of the nancial and operating information contained in this Annual Report,
including the consolidated nancial statements covered by the Report of Independent Registered Public Accounting Firm. These statements were prepared in
conformity with U.S. generally accepted accounting principles and include amounts that are based on the best estimates and judgments of management.
We remain committed to managing our business both ethically and responsibly and to representing the best interest of our shareholders through good corporate
governance. After thorough review by its Governance and Nominating Committee, the Board of Directors believes Kohl’s is in full compliance with all applicable
corporate governance rules of the Securities and Exchange Commission (SEC) and the New York Stock Exchange (NYSE). Accordingly, in 2006, Kohl’s provided
the NYSE with an unquali ed Annual CEO Certi cation of Compliance, and has led with the SEC, as an exhibit to our Annual Report on Form 10-K for the
scal year 2006, the Sarbanes-Oxley Act Section 302 certi cation regarding the quality of the company’s public disclosure.
The consolidated nancial statements and related notes have been audited by Ernst & Young LLP, independent registered public ccounting rm, whose
a
report is based on audits conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States). The Company’s
consolidated nancial statements including the Report of Independent Registered Public Accounting Firm are included in the Com
pany’s Form 10-K for the year
ended February 3, 2007.
The Audit Committee of the Board of Directors is composed of four independent Directors. The Committee is responsible for assis the Board in its oversight
ting
of Kohl’s nancial accounting and reporting practices. The Audit Committee is directly responsible for the compensation, appoi
ntment and oversight of the
Company’s independent registered public accounting rm. The Audit Committee meets periodically with the independent registered public accounting rm,
as well as with management, to review accounting, auditing, internal accounting control and nancial reporting matters. The in
dependent registered public
accounting rm has unrestricted access to the Audit Committee.
Larry Montgomery Wesley S. McDonald
Chairman and Chief Executive Of cer Executive Vice President - Chief Financial Of cer
16
18. Corporate Information
Corporate Headquarters Executive Committee
Kohl’s Corporation Kenneth Bonning John J. Lesko
N56 W17000 Ridgewood Drive Executive Vice President – Logistics Executive Vice President – Administration
Menomonee Falls, WI 53051-5660 Jack Boyle Kevin Mansell
(262) 703-7000 Executive Vice President – General Merchandise President
Web site: www.kohls.com Manager, Women’s Apparel and Accessories Wesley McDonald
Transfer Agent and Registrar Donald A. Brennan Executive Vice President – Chief Financial Of cer
The Bank of New York Executive Vice President – General Merchandise R. Lawrence Montgomery
Shareholder Relations Dept. 12-E Manager, Men’s and Children’s Chairman and Chief Executive Of cer
P.O. Box 11258
Peggy Eskenasi
Church Street Station Jon Nordeen
Executive Vice President – Product Development
New York, New York 10286 Executive Vice President – Planning & Allocation
(800) 524-4458 Julie Gardner Richard D. Schepp
Web site: www.stockbny.com Executive Vice President – Chief Marketing Of cer Executive Vice President – General Counsel,
Janelle Havner Secretary
Annual Meeting
Executive Vice President – Of ce of Store
The Kohl’s 2007 Annual Meeting of Rick Seeger
Administration/Merchandise Presentation
Shareholders will be held on Wednesday, Executive Vice President – General Merchandise
May 2, 2007 at 10:00 a.m. at the Telvin Je ries Manager, Home and Footwear
Midwest Airlines Center, Milwaukee, Executive Vice President – Human Resources John Worthington
Wisconsin.
Thomas Kingsbury Executive Vice President – Director of Stores
Investor Information/Quarterly Reports Senior Executive Vice President
For quarterly earnings reports and other
Directors
investor information, please visit our
Jay H. Baker Arlene Meier
Web site at www.kohls.com or direct
Retired President, Kohl’s Corporation (b) (c) Retired Chief Operating Of cer, Kohl’s Corporation
your inquiries to the company, Attention:
(Retired from Board of Directors in February 2007)
Investor Relations. (Retiring from Board of Directors in May 2007)
R. Lawrence Montgomery
Steven A. Burd
Form 10-K
Chairman and Chief Executive Of cer,
Chairman, President and Chief Executive Of cer,
Parts I-III of Kohl’s Annual Report on Form
Kohl’s Corporation
Safeway Inc. (b) (c)
10-K, as led with the Securities and
Exchange Commission, are included with Frank V. Sica
Wayne Embry
this report for all shareholders. President, Menemsha Capital Partners, Ltd. (b) (c)
Senior Advisor to the General Manager of the
Toronto Raptors (a) (c)* Peter M. Sommerhauser
Shareholder in the law rm of Godfrey & Kahn, S.C.
Forward-Looking Statement James D. Ericson
Certain statements made within this report are Retired Chairman, President and Chief Executive Of cer, Stephen E. Watson
“forward-looking statements” within the meaning Northwestern Mutual Life Insurance Company (b)* (c) Retired President and CEO, Gander Mountain, L.L.C.
of the Private Securities Litigation Reform Act of (a) (c)
John F. Herma
1995. Such forward-looking statements re ect Retired Chief Operating Of cer, Kohl’s Corporation (a) (c) R. Elton White
management’s current views of future events
Retired President, NCR Corporation (a)* (c)
William S. Kellogg
and nancial performance. These statements
Retired Chief Executive Of cer, Kohl’s Corporation (a) 2006 Audit Committee
are subject to certain risks and uncertainties (b) 2006 Compensation and Stock Option Committee
which could cause Kohl’s actual results to di er Kevin Mansell (c) 2006 Governance and Nominating Committee
materially from those anticipated by the forward- * Denotes Chair
President, Kohl’s Corporation
looking statements. These risks and uncertainties
C ommon S tock Price Ra nge S tock Listing
include, but are not limited to, those described
Fiscal 2006 High Low Fiscal 2005 High Low Kohl’s common stock is listed on the New York
in Exhibit 99.1 to Kohl’s annual report on Form First Quarter $ 56.00 $44.13 First Quarter $ 53.86 $45.26 Stock Exchange under the symbol KSS.
10-K and other factors as may periodically be Second Quarter 59.82 52.93 Second Quarter 58.90 46.50
described in Kohl’s lings with the SEC. Third Quarter 73.58 56.61 Third Quarter 57.44 43.63
Fourth Quarter 73.97 66.25 Fourth Quarter 50.96 42.78