Author: Helen Thomas

February 26, 2014

Sales of newly built, single family homes rose 9.6 percent to a seasonally adjusted annual rate of 468,000 units in January from an upwardly revised pace of 427,000 units in the previous month, according to data released today by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.  This is the strongest sales pace since July of 2008.

“The fact that the cold weather that hit much of the country didn’t stop home buyers from going out and purchasing a piece of the American dream is a great sign,” said Kevin Kelly, chairman of the National Association of Home Builders and a home builder from Wilmington, Delaware.  “However, the very low supply of new homes on the market and the continued concern of available buildable lots still have builders cautious about getting ahead of themselves.”

“We saw a weaker sales number in December 2013 than was previously trending, and I think much of January’s increase is due to sales catching up with pent up demand,” said NAHB Chief Economist David Crowe.  “Still, there is little doubt that historically low interest rates, affordable home prices and a healing economy are bringing buyers back into the marketplace.”

Regionally, new home sales were generally strong with three of the four regions posting large gains.  The South, the West and the Northeast showed improvement, with respective increases of 10.4 percent, 11.0 percent and 73.7 percent.  New home sales in the Midwest fell by 17.2 percent. 

The inventory of new homes for sale remained steady at 184,000 units in January, which is a 4.7 month supply at the current sales pace.

Source: National Association of Home Builders

The Home Depot Announces Fourth Quarter & Fiscal 2013 Results; Increases Quarterly Dividend By 21 Percent And Provides Fiscal Year 2014 Guidance

Sales for fiscal year 2013 were $78.8 billion, an increase of 5.4 percent from fiscal year 2012. Excluding the 53rd week in the prior fiscal year, sales for fiscal year 2013 increased 7.2 percent from fiscal 2012. Total company comparable store sales for fiscal year 2013 increased 6.8 percent, and comp sales for U.S. stores were positive 7.5 percent for the year.

“In 2013, we posted our strongest comp sales growth in 14 years as solid execution and the recovering housing market aided our performance,” said Frank Blake, chairman & CEO. “I’d like to thank our associates for their hard work and commitment to our customers.”

The Company provided the following guidance for fiscal year 2014:

• Sales growth of approximately 4.8 percent
• Comparable store sales growth of approximately 4.6 percent
• Seven new stores
• Flat gross margin
• Operating margin expansion of approximately 70 basis points
• Tax rate of approximately 37 percent
• Share repurchases of approximately $5 billion
• Diluted earnings-per-share growth after anticipated share repurchases of approximately 16.5 percent to $4.38
• Capital spending of approximately $1.5 billion
• Depreciation and amortization of approximately $1.8 billion
• Cash flow from the business of approximately $8.8 billion

February 24, 2014

Dillard’s, Inc. announced operating results for the 13 and 52 weeks ended February 1, 2014, including record fiscal year earnings per share adjusted for certain items of $6.99 versus $6.33 in the prior year. 

Summary of the Company’s Fourth Quarter Performance

• A 2% increase in comparable store sales
• Diluted earnings per share excluding certain items of $2.69 versus $2.87
• Retail gross margin decline of 180 basis points of sales
• Operating expense improvement of 90 basis points of sales

Fourth Quarter Results

Dillard’s reported net income for the 13 week period ended February 1, 2014 of $119.1 million ($2.71 per share) compared to net income of $161.4 million ($3.36 per share) for the 14 weeks ended February 2, 2013.  Included in net income for the 13 week period ended February 1, 2014 is an after tax credit of $0.8 million ($0.02 per share) representing the reversal of asset impairment charges on a store held for sale.  Excluding this item, Dillard’s would have reported $118.3 million ($2.69 per share) for the 13 week period ended February 1, 2014.

Included in net income for the prior year 14 week period ended February 2, 2013 is a net after-tax credit totaling $23.9 million ($.50 per share) comprised of the following items:

• a $6.8 million after-tax gain ($0.14 per share) related to the sale of a former retail store location
• after-tax asset impairment and store closing charges of $1.1 million ($0.02 per share)
• approximately $18.1 million ($0.38 per share) in tax benefit due to a one-time deduction related to dividends paid to the Dillard’s, Inc. Investment and Employee Stock Ownership Plan

Excluding these items, Dillard’s would have reported $137.6 million ($2.87 per share) for the 14 week period ended February 2, 2013.

Dillard’s Chief Executive Officer, William T. Dillard, II, stated, “Although it was a profitable fourth quarter, we are disappointed in our gross margin performance, as lower than anticipated sales necessitated heavier markdowns.  We are pleased with our expense control as well as with our strong cash flow for the year.”

Fiscal Year Results

Dillard’s reported net income for the 52 week period ended February 1, 2014 of $323.7 million ($7.10 per share) compared to net income of $336.0 million ($6.87 per share for the 53 week period ended February 2, 2013.

Included in net income for the 52 week peroid ended February 1, 2014 is a net after-tax credit totaling $5.1 million ($0.11 per share) comprised of the following three items:

• A $7.6 million after-tax gain ($0.17 per share) related to the sale of an investment
• A $1.0 million after-tax credit ($0.02 per share) related to a pension adjustment
• After-tax asset impairment and store closing charges of $3.5 million ($0.08 per share)

Excluding this credit, Dillard’s would have reported net income of $318.6 million ($6.99 per share) for the 52 week period ended February 1, 2014, marking a record setting fiscal year earnings per share performance.

Included in net income for the prior year 53 week period ended February 2, 2013 is a net after-tax credit totaling $26.2 million ($0.54 per share) comprised of the following items:

• after-tax gains of $7.4 million ($0.15 per share) related to the sale of three former retail store locations
• after-tax asset impairment and store closing charges of $1.0 million ($0.02 per share)
• approximately $1.7 million ($0.03 per share) in tax benefit due to the reversal of a valuation allowance related to a deferred tax asset consisting of a capital loss carryforward
• approximately $18.1 million ($0.37 per share) in tax benefit due to a one-time deduction related to dividends paid to the Dillard’s, Inc. Investment and Employee Stock Ownership Plan

Excluding these items, Dillard’s would have reported $309.8 million ($6.33 per share) for the 53 week period ended February 2, 2013.

Net Sales – 13 Weeks

Total merchandise sales for the 13 week period ended February 1, 2014 were $2.013 billion and $2.087 billion for the 14 week period ended February 2, 2013.  Similar to many other retailers, the Company follows the retail 4-5-4 reporting calendar which included an extra week of operations in the fourth quarter of 2012.  Based upon comparable 13 week periods ended February 1, 2014 and February 2, 2013, total merchandise sales increased 1% and sales in comparable stores increased 2% for the fourth quarter.

Sales trends for the fourth quarter were strongest in ladies’ accessories and lingerie followed by shoes.  Sales trends were strongest in the Central region, followed by the Eastern and Western regions, respectively.

Net sales (which include the operations of the Company’s construction business, CDI Contractors, LLC (“CDI”) for the 13 weeks ended February 1, 2014 were $2.034 billion and $2.106 billion for the 14 weeks ended February 2, 2013.

Net Sales – Fiscal Year

Total merchandise sales for the 52 week period ended February 1, 2014 were $6.439 billion and $6.489 billion for the 53 week period ended February 2, 2013.  Based upon comparable 52 week periods ended February 1, 2014 and February 2, 2013, total sales increased 1% and sales in comparable stores increased 1% for the fiscal year.

Net sales (including CDI) for the 52 weeks ended February 1, 2014 were $6.532 billion and $6.593 billion for the 53 weeks ended February 2, 2013.

Gross Margin/Inventory

Gross margin from retail operations (which excludes CDI) decreased 180 basis points of sales to 32.8% for the 13 weeks ended February 1, 2014 compared to 34.6% for the 14 weeks ended February 2, 2013.  The decline resulted from increased markdowns in response to lower than anticipated sales.  Consolidated gross margin for the 13 weeks ended February 1, 2014 decreased 180 basis points of sales to 32.6% from 34.4% during the 14 weeks ended February 2, 2013.

Gross margin from retail operations decreased 40 basis points of sales to 35.7% for the 52 weeks ended February 1, 2014 compared to 36.1% for the 53 weeks ended February 2, 2013.  Consolidated gross margin for the 52 weeks ended February 1, 2014 decreased 30 basis points of sales to 35.3% from 35.6% during the 53 weeks ended February 2, 2013.

Inventory increased 4% at February 1, 2014 compared to February 2, 2013.

Selling, General & Administrative Expenses

Selling, general and administrative expenses (“operating expenses”) decreased 90 basis points of sales during the fourth quarter ended February 1, 2014.  Operating expenses were $439.2 million and $474.9 million for the 13 weeks ended February 1, 2014 and 14 weeks ended February 2, 2013, respectively.  The $35.7 million decline in operating expenses is primarily due to the additional week of operations in the prior year fourth quarter.

Operating expenses decreased 40 basis points of sales during the fiscal year ended February 1, 2014.  Operating expenses were $1632.0 million and $1671.5 million for the 52 weeks ended February 1, 2014 and 53 weeks ended February 2, 2013, respectively.

Share Repurchase

During the fiscal year ended February 1, 2014, the Company repurchased $301.6 million (3.9 million shares) of Class A Common Stock at an average price of $78.30 per share under the Company’s share repurchase plan.  No shares were repurchased during the fourth quarter of 2013.  Remaining authorization under the share repurchase programs at February 1, 2014 was $290.4 million.

Total shares outstanding (Class A and Class B Common Stock) at February 1, 2014 and February 2, 2013 were 43.9 million and 47.8 million, respectively.

Store Information

During the fourth quarter of 2013, the Company closed its University Mall location in Chapel Hill, North Carolina (64,000 square feet), its Collin Creek Mall location in Plano, Texas (195,000 square feet) and its Twin Peaks Mall location in Longmont, Colorado (90,000 square feet).  The Company closed six locations during fiscal year 2013.

Dillard’s plans to open two new stores in October of 2014:

• The Shops at Summerlin in Las Vegas, Nevada (200,000 square feet)
• The Mall at University Town Center, Sarasota, Florida (180,000 square feet)

At February 1, 2014, the Company operated 278 Dillard’s locations and 18 clearance centers spanning 29 states and in Internet store at www.dillards.com.  Total square footage at February 1, 2014 was 50.5 million.

Source: Dillard’s, Inc. Investor Relations

February 20, 2014

Slightly lower median home prices along with uptick in mortgage rates contributed to housing affordability holding steady in the fourth quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index, released today.

In all, 64.7 percent of new and existing homes sold between the beginning of October and end of December were affordable to families earning the U.S. median income of $64,400.  This is virtually the same as the 64.5 percent of homes sold that were affordable to median-income earners in the third quarter.

Meanwhile, the national median home price dipped from $211,000 in the third quarter to $205,000 in the fourth quarter, while average mortgage interest rates rose from 4.45 percent to 4.54 percent in the same period.

“Housing affordability is stabilizing at a time when pent-up demand and ongoing job growth are helping housing markets across the nation to gradually strengthen,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Delaware.  “While this bodes well for housing in 2014, builders continue to face challenges, including tight credit for home buyers, inaccurate appraisals, and a shortage of workers and buildable lots.”

Youngstown-Warren-Boardman, Ohio-Pennsylvania was the nation’s most affordable major housing market, as 89.4 percent of all new and existing homes sold in this year’s fourth quarter were affordable to families earning the areas’ median incomes of $53,900.  Meanwhile, Kokomo, Indiana claimed the title of most affordable smaller market, with 96.3 percent of homes sold in the fourth quarter being affordable to those earning the median income of $60,100.

Other major U.S. housing markets at the top of the affordability chart in the fourth quarter included Harrisburg-Carlisle, Pennsylvania; Syracuse, New York; Buffalo-Niagara Falls, New York; and Scranton-Wilkes-Barre, Pennsylvania; in desceneing order.

Smaller markets joining Kokomo at the top of the affordability chart included Springfield, Ohio; Monroe, Michigan; Vineland-Milville-Bridgeton, New Jersey; and Cumberland, Maryland-West Virginia.

For a fifth consecutive quarter, San Francisco-San Mateo-Redwood City, California held the lowest spot among major markets on the affordability chart.  There, just 14.1 percent of homes sold in the fourth quarter were affordable to families earning the area’s median income of $101,200.

Other major metros at the bottom of the affordability chart included Santa Ana-Anaheim-Irvine, California; Los Angeles-Long Beach-Glendale, California; New York-White Plains-Wayne, New York-New Jersey; and San Jose-Sunnyvale-Santa Clara, California; in descending order.

All of the five least affordable small housing markets were in California.  At the very bottom of the affordability chart was Santa Cruz-Watsonville, where 18.6 percent of all new and existing homes sold were affordable to families earning the area’s median income of $73,800.  Other small markets at the lowest end of the affordability scale included Salinas, San Luis Obispo-Paso Robles, Napa, and Santa Rosa-Petaluma, respectively.

Go to nahb.org/hoi for tables, historic data and details.

Source: National Association of Home Builders.

February 19, 2014

Due largely to unusually severe weather across much of the nation, housing starts fell 16 percent to a seasonally adjusted annual rate of 880,000 units in January, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.  Meanwhile, single-family permits, which are often a harbinger of future building activity, posted a modest 1.3 percent decline to a seasonally adjusted annual pace of 602,000 units.

“Cold weather clearly put a chill on new home construction last month and this is also reflected in our latest builder confidence survey,” said Kevin Kelly, chairman of the National Association of Home Builders and a home builder and developer from Wilmington, Delaware.  “Further, builders continue to face other obstacles, including rising materials prices and a lack of buildable lots and labor.”

“Though the decline in starts is largely weather related, it is worth noting that on the upside, housing production for the fourth quarter was above 1 million for the first time since 2008 while single-family permits held relatively steady,” said NAHB Chief Economist David Crowe.  “The less weather sensitive permits data suggests that our forecast for solid growth in single-family housing production in 2014 remains on track, as pent-up housing demand is unleashed.”

In January, single-family housing starts posted a 15.9 percent decline to 573,000 units while multifamily production fell 16.3 percent to 307,000 units.

Regionally, single-family housing starts activity rose 10.7 percent in the West and 2 percent in the Northeast and fell 13.8 percent in the South and 60.3 percent in the Midwest.

Overall permit activity fell 5.4 percent to 937,000 units in January.  The decline was due primarily to a pullback in buildings with five units or more, where permits fell 13 percent to 309,000 units.

Regionally, overall permit issuance was down 10.3 percent in the Northeast and 26 percent in the West, but rose 8.6 percent in the Midwest and 3.4 percent in the South.

Source: National Association of Home Builders

February 20, 2014

Walmart knew fourth quarter results announced Thursday morning were going to be bad and its outlook weak, so it gave investors something more substantial to digest by announcing plans to double the number of small format stores it will open this year and an increased omnichannel focus.

Just four months after announcing plans to open between 120 and 150 small format stores under the banners of Walmart Neighborhood Market and Walmart Express, the company upped its growth target to a range of 270 to 300 units.  Walmart currently operates 346 Neighborhood Market stores and 20 Walmart Express stores, which it said continue to deliver positive same store sales and traffic each quarter.  Last year, comps for the Neighborhood Market format rose 4% and were driven by fresh food and pharmacy, according to the company.

The greater than expected expansion of the small formats – Walmart maintained its forecast of 115 new supercenters in 2014 – required the company to increase its capital expenditure budget for the Walmart U.S. division by $600 million to a range of $6.4 billion to $6.9 billion from a forecast provided last October that called for spending between $5.8 billion and $6.3 billion on U.S. growth.

“Customers’ needs and expectatons are changing.  They want to shop when they want and how they want, and we are transforming our business to meet their expectations,” said Walmart U.S. president and CEO Bill Simon.  “Customers appreciate the broad assortment of our supercenters for their stock-up trips as well as our small store formats for fill-in trips.  By unlocking this growth opportunity and further combining our supercenters and small store formats with an unlimited selection available through ecommerce, we provide our customers with anytime, anywhere access to our brand.”

Walmart has been methodical, to put it mildly in its approach to small format expansion, considering the first Neighborhood Market stores opened in the late 90s.  However, Thursday’s announcement marks the beginning of an era of accelerated growth for a format viewed as a key element in Walmart’s omnichannel approach to serving shoppers whose expectations are evolving rapidly.

“Our small store expansion, in addition to providing customers access to a wide variety of products, including fresh, pharmacy and fuel, will help us usher in the next generation of retail.  This will combine thousands of points of physical access with digital retail experiences that include initiatives such as Site to Store and Pay with Cash,” Simon Said.  “In addition to providing best-in-class one-stop shopping at supercenters, we believe that accelerating our small store expansion will also strengthen our market share and create greater effieiencies in our supply chain through a tethered approach that uses supercenters as a supply chain base, links our resources and provides a unique and connected customer experience.”

News of the small format expansion helped soften the blow of Walmart’s worst financial performance in recent memory and an inauspicious beginning to Doug McMillon’s tenure as president and CEO of Wal-Mart Stores.  McMillon assumed his current responsibilities on February 1 after former president and CEO Mike Duke stepped down and McMillon was elevated from his role as president and CEO of Walmart International.

Total company sales during the fourth quarter increased 1.4% to $128.8 billion, including a $1.8 billion negative impact related to foreign currency translation.  Net income fell 21% to $4.4 billion while earnings per share fell 19.8% to $1.34 from $1.67 in the fourth quarter the prior year.

For the full year, Walmart’s sales increased $1.6 billion to $473.1 billion, including a $5.1 billion negative impact from foreign currency translation.  Net income declined 5.7% to $16 billion and earnings per share fell 3.2% to $4.85 from $5.01 the prior year.

Those numbers, while bad, had been previously announced several weeks ago when a portion of the weakness was legitimately attributed to terrible winter weather and a greater than anticipated sales impact resulting from a reduction in the federal government’s Supplemental Nutrition Assistance Program.  That left McMillon free to look forward and offer a more positive view of the future and initiatives to drive growth.

“Comp sales improvement is a key priority, and we’ll focus on being even stronger item and category merchants, delivering value and improving our service level.  We’ll remain focused on our expense structure, and innovate to improve productivity and aid our ability to deliver every day low prices.  Our EDLP approach earns trust with customers and helps us keep our cost structure low,” McMillon said.  “We’ll invest aggressively in e-commerce and increase our small store rollout in the U.S., as we’ve done in several other countries, to deliver value and convenience.  The combination of supercenters and smaller formats closer to customers’ homes, along with e-commerce and mobile commerce, will enable us to increase our relevance for the Walmart brand around the world.”

In the meantime, Walmart anticipates challenging market conditions in the first quarter and year ahead, which could cause profits to fall below prior year levels.  Same store sales at the Walmart’s U.S. stores and Sam’s Club are expected to be flat as the new fiscal year got off to a rocky start with more bad weather.

“We expect economic factors to continue to weigh on our outlook,” said Walmart CFO Charles Holley.  “Some of the factors affecting our consumers include reductions in government benefits, higher taxes and tighter credit.  Further, we have higher group health care costs in the U.S.  These concerns, combined with investments in e-commerce, will make it difficult to achieve the goal we have of growing operating income at the same or faster rate than sales.”

He indicated a 3% to 5% increase in sales during the current fiscal year that was forecast last fall now looks overly optimistic and said the company expects to be toward the lower end of that forecast.

Source: Retailing Today

February 19, 2014

More Americans this year are expected to put their tax returns in the bank.  According to the National Retail Federation’s Tax Returns Survey conducted by Prosper Insights & Analytics, 46% of those expecting a refund this year will put their money into savings, up from 44% last year and the highest percent in the survey’s history.

Two-thirds (66.6%) of those surveyed are expecting a refund this year.  As for other ways consumers will use their refunds, 37.7% will pay down debt, and one-quarter (25.3%) will use it toward everyday expenses.  One in ten (10.7%) will treat themselves and invest in a major purchase, and 12.8% will spend their refunds on a vacation.

Young adults between 18 and 24 are most likely to save their tax returns, with nearly six in ten (57.7%) planning to contribute to their savings accounts, higher than any other age group.  They are also the most likely to use their refunds for everyday expenses (34%) and to purchase a big ticket item such as a new television or piece of furniture (18.3%).  Three in ten (30.2%) will use their checks to pay down debt, second to last behind those 65 and older (27%).

“Financial security is top of mind for all Americans, and refunds can play a huge role in helping achieve that,” said NRF president and CEO Matthew Shay.  “Whether consumers use a refund to pay down debt, bulk up their savings, or buy that big ticket item they’ve been saving for, a check from Uncle Sam, large or small, goes a long way these days.”

Source: Retailing Today 

February 19, 2014

A week after rival Home Depot announced plans to hire 80,000 seasonal spring employees, Lowe’s announced its plans to hire approximately 25,000 seasonal employees at its U.S. stores for the busy spring season.

Seasonal jobs available are focused on customer support and include cashiers, lawn and garden employees, loaders and stockers.

The number of hours worked per week will vary based on the needs of individual stores, but, on average, seasonal employees could work an estimated 20 or more hours per week.  The length of the seasonal employment varies; however, seasonal employees are most needed in spring and summer months, typically from February until September.  The company plans to hire and train new seasonal employees first in areas where the climate has begun to warm, and continue on a market-by-market basis by climate and geography.  Hiring has already begun in Florida, south Texas, Arizona and southern California where warmer, spring-like temperatures are arriving.

“Warmer temperatures stir homeowners to get started on projects they’ve planned during winter and they are often challenged when choosing the right products and solutions for their homes,” said Scott Purvis, VP, human resources, operations.  “As spring arrives, our stores are stocked with popular new tools, lawn and garden, paint and patio products.  We want our stores staffed with knowledgeable employees who provide exceptional service and make shopping and selection easier for our customers.”

Source: Retailing Today

February 20, 2014

The Conference Board Leading Economic Index for the U.S. increased 0.3 percent in January to 99.5, following no change in December, and a 0.9 percent increase in November.

“The U.S. Leading Economic Index continues to fluctuate on a monthly basis, but the six-month average growth rate has been relatively stable in recent months, which suggests that the economy will remain resilient in the first half of 2014 and underlying economic conditions should continue to improve,” said Ataman Ozyildirim, Economist at The Conference Board.  “Correspondingly, the U.S. Coincident Economic Index, which measures current conditions, has continued rising steadily.”

“The increase in the Leading Economic Index reflects an economy that is expanding moderately, although the pace is somewhat held back by persistent and severe inclement weather in most parts of the country,” said Economist Ken Goldstein.  “If the economy is going to move on to a faster track in 2014 compared to last year, consumer demand and especially investment will need to pick up significantly from their current trends.”

The Conference Board Coincident Economic Index for the U.S. increased 0.1 percent in January to 108.1, following a 0.1 percent increase in December, and a 0.4 percent increase in November.

The Conference Board Lagging Economic Index for the U.S. increased 0.3 percent in January to 121.6, following a 0.4 percent increase in December, and no change in November.

Source: The Conference Board

February 19, 2014

Ace Hardware’s unique value proposition allowed it to withstand strong competition from Home Depot and Lowe’s in 2013 and grow annual sales by 8.2% to a record $4.2 billion.

“We outperformed our operating plan, exceeding $4 billion in consolidated revenues and $100 million in net income for the first time in our history,” said president and CEO John Venhuizen.

Net income was $104.5 million for fiscal 2013, an increase of $22.7 million, or 27.8%, compared with $81.8 million in fiscal 2012.

The results for fiscal 2013 included a charge of $6.2 million related to the estimated costs to close the Toledo, Ohio Retail Support Center, while fiscal 2012 included a charge for the loss on the early extinguishment of debt of $19.9 million.

The results for fiscal 2012 also included a $7.0 million gain on the sale of paint assets, net of acquisition and disposition costs.

Total revenues for the fourth quarter of 2013 were $1.0 billion, an ancrease of 12.1%.  Net income was $23.4 million for the fourth quarter of 2013, an increase of 4.5% from the $22.4 million earned in 2012.

“Ace retailers also had a very good year,” continued Venhuizen.  “Comparable-store retail sales were up 3.5% in the fourth quarter and up 4.3% for the year, with 75% of retailers surveyed reporting record net profits.”

The December 2012 acquisition by Ace of WHI Holdings Corporation, the indirect owner of the 85 store Westlake Ace Hardware retail chain, resulted in the consolidation of WHI’s financial statements into Ace’s financial statements for 2013.  This affects the comparability of the 2013 and 2012 financial statements and results in a reduction of reported wholesale revenues, as wholesale revenues from Ace to WHI are now eliminated.  This elimination totaled $83.7 million in wholesale revenues for all of 2013 and $21.6 million for the fourth quarter of 2013.

Ace added 152 new domestic stores and canceled 85 domestic stores in fiscal 2013 for a net increase in store count of 67.  This brought the company’s total domestic store count to 4,171 at the end of 2013.

Source: Retailing Today