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Balance Sheets for Whole Foods

(amounts in thousands)
2008
ASSETS
Cash and cash equivalents
Accounts receivable and other receivables
Merchandise inventories
Prepaid expenses and other current assets
Deferred Income taxes
Total Current Assets
Property and equipment, net of accumulated
depreciation and amortization
Goodwill
Intangible assets, net of accumulated amortization
Deferred Income taxes
Other assets
Total Assets

2007

31,151 $
115,424
327,452
68,150
80,429
622,606 $
1,900,117
659,559
78,499
109,002
10,953
3,380,736

LIABILITIES AND SHAREHOLDERS' EQUITY


Current installements of long-term debt
and capital lease obligations
Account payable
Accrued payroll, bonus, and other benefits
due team members
Other current liabilities
Total Current Liabilities
Long-term debt and capital lease
obligation, less current installments
Deferred lease liabilities
Other long-term liabilities
Total Liabilities

$
$

Common stock, no par value, 300,000 shares


authorized; 140,286 and 143,787 shares issured,
140,286 and 139,240 shares outstanding in
2008 and 2007, respectively
Common stock in treasury, at cost
Accumulated other comprehensive income
Retained earnings
Total Shareholder's Equity
Total Liabilities and Shareholders' Equity

$
$

CA--Operating
CL--Operatin

380
183,134
196,233
286,430
666,177

2,310
270,263
288,112
40,402
66,899
667,986
1,666,559
668,850
97,683
104,877
7,173
3,213,128

24,781
225,728

181,290
340,551
772,350

928,790 $
199,635
80,110
1,874,712 $

736,087
152,552
93,335
1,754,324

1,066,180 $
422
439,442
1,506,024 $
3,380,736 $

1,232,845
(199,961)
15,722
410,198
1,458,804
3,213,128

622,606
(665,797)

667,986
(747,569)

NCA--Operating
NCL--Operating

ST Debt
LT Debt
Debt
Equity

2,758,130
(279,745)
2,435,194
$
$

380 $
928,790
929,170 $
1,506,024

2,545,142
(245,887)
2,219,672
24,781
736,087
760,868
1,458,804

Income Statement for Whole Foods


(amounts in thoursands)
Sales
Cost of goods sold and occupancy costs
Gross Profit
Direct store expenses
General and adminstrative expenses
Pre-opening expenses
Relocation, store closure and lease
termination
Operating Income
Interest expense
Investment and other income
Income before income taxes
Provision for income taxes
Net Income

2008
2007
2006
$ 7,953,912 $ 6,591,773 $ 5,607,376
5,247,207
4,295,170
3,647,734
$ 2,706,705 $ 2,296,603 $ 1,959,642
2,107,940
1,711,229
1,421,968
270,428
217,743
181,244
55,554
59,319
32,058

$
$

36,545
236,238 $
(36,416)
6,697
206,519 $
91,995
114,524 $

10,861
297,451 $
(4,208)
11,324
304,567 $
121,827
182,740 $

5,363
319,009
(32)
20,736
339,713
135,885
203,828

a) ROCE
PM
TATo
EM

b) NOPAT
Net Financing Expense AT
Operating ROA
Operating PM
Operating TATO
Leverage D/E
Financing Cost
Spread

NI-Dividends
TE
$
114,524 $ 1,482,414
1.44%
2.41
2.22
7.73%
$
$

TA
$ 3,296,932

7.73%

TA
$ 2,327,433

138,194
(23,670)
5.94%
1.74%
3.42
0.57
2.80%
3.14%

ROCE = Operating ROA + Leverage * Spread


5.94%

0.57

3.14%

7.73%