Smart & Final Stores (SFS) Annual Income Statement

Income Statement Summary

Smart & Final Stores (SFS) annual income statement covering fiscal 2013 through 2018, as reported to the SEC.

Smart & Final Stores reported net sales of $4.74B in fiscal 2018, up 3.7% from $4.57B in fiscal 2017.
Gross profit was $717.64M, up 6.5% from $673.67M. That is a gross margin of 15.1%.
Income from operations was -$58.66M, a smaller loss than the $127.41M in fiscal 2017. Operating margin was -1.2%.
Net loss was $112.16M, a smaller loss than the $138.91M in fiscal 2017. Net margin was -2.4%.
Diluted earnings per share was -$1.54, a smaller loss than the $1.92 in fiscal 2017.
Cost of sales, buying and occupancy took 84.9% of net sales.

An income statement shows what a company sold and what it cost to run the business, ending with the profit left over.

Figures in USD thousands, except per share data

						Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13
Net sales
4,741,772	4,570,565	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net sales						4,741,772	4,570,565	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net sales
-	-	4,341,795	3,970,980	3,534,244	3,210,293	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net sales						-	-	4,341,795	3,970,980	3,534,244	3,210,293	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cost of sales, buying and occupancy
4,024,130	3,896,897	3,712,291	3,372,120	3,006,955	2,736,357	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cost of sales, buying and occupancy						4,024,130	3,896,897	3,712,291	3,372,120	3,006,955	2,736,357	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross margin
717,642	673,668	629,504	598,860	527,289	473,936	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross margin						717,642	673,668	629,504	598,860	527,289	473,936	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating and administrative expenses
682,306	621,078	582,486	503,995	438,528	387,133	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating and administrative expenses						682,306	621,078	582,486	503,995	438,528	387,133	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Goodwill impairment
94,000	180,000	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Goodwill impairment						94,000	180,000	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income (loss) from operations
-58,664	-127,410	47,018	94,865	88,761	86,803	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income (loss) from operations						-58,664	-127,410	47,018	94,865	88,761	86,803	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense, net
-42,903	-36,470	-32,654	-32,687	-37,602	-50,365	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense, net						-42,903	-36,470	-32,654	-32,687	-37,602	-50,365	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loss on early extinguishment of debt
-	-	-4,978	-2,192	-2,224	-24,487	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loss on early extinguishment of debt						-	-	-4,978	-2,192	-2,224	-24,487	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Equity in earnings of joint venture
2,093	923	1,525	1,378	1,037	1,649	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Equity in earnings of joint venture						2,093	923	1,525	1,378	1,037	1,649	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loss before income taxes
-99,474	-162,957	10,911	61,364	49,972	13,600	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loss before income taxes						-99,474	-162,957	10,911	61,364	49,972	13,600	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income tax benefit
12,681	-24,043	-2,037	23,102	16,854	5,429	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income tax benefit						12,681	-24,043	-2,037	23,102	16,854	5,429	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net loss
-112,155	-138,914	12,948	38,262	33,118	8,171	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net loss						-112,155	-138,914	12,948	38,262	33,118	8,171	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Basic loss per share (in dollars per share)
-1.54	-1.92	0.18	0.52	0.54	0.14	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Basic loss per share (in dollars per share)						-1.54	-1.92	0.18	0.52	0.54	0.14	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted loss per share (in dollars per share)
-1.54	-1.92	0.17	0.50	0.52	0.14	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted loss per share (in dollars per share)						-1.54	-1.92	0.17	0.50	0.52	0.14	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average shares outstanding:
Basic (in shares)
72,890	72,352	72,727	73,121	61,455	57,030	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Basic (in shares)						72,890	72,352	72,727	73,121	61,455	57,030	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted (in shares)
72,890	72,352	78,026	77,141	63,841	59,387	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted (in shares)						72,890	72,352	78,026	77,141	63,841	59,387	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Comprehensive loss:
Net loss
-112,155	-138,914	12,948	38,262	33,118	8,171	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net loss						-112,155	-138,914	12,948	38,262	33,118	8,171	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Minimum pension, SERP and postretirement benefit plan obligation adjustment, net of tax (benefit) expense of $(903) and $(4,602), respectively
-2,439	12,444	7,332	-956	32,480	-22,505	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Minimum pension, SERP and postretirement benefit plan obligation adjustment, net of tax (benefit) expense of $(903) and $(4,602), respectively						-2,439	12,444	7,332	-956	32,480	-22,505	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Derivative instruments:
Loss, net of income tax benefit of $(48) at March 25, 2018
-138	750	345	-1,375	-2,504	2,898	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loss, net of income tax benefit of $(48) at March 25, 2018						-138	750	345	-1,375	-2,504	2,898	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Reclassification adjustments, net of income tax expense of $5 at March 25, 2018
-15	-13	-15	32	-9	18	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Reclassification adjustments, net of income tax expense of $5 at March 25, 2018						-15	-13	-15	32	-9	18	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Foreign currency translation
-140	298	-623	-1,120	-426	-420	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Foreign currency translation						-140	298	-623	-1,120	-426	-420	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other comprehensive loss
2,176	-11,383	-7,595	-1,571	-35,401	24,965	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other comprehensive loss						2,176	-11,383	-7,595	-1,571	-35,401	24,965	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Comprehensive loss
-109,979	-150,297	5,353	36,691	-2,283	33,136	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Comprehensive loss						-109,979	-150,297	5,353	36,691	-2,283	33,136	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx