Dear Fellow Stakeholders,
Fiscal year 2013 was another record-breaking year across many fronts.
Our sales approached $13 billion, translating to sales per gross square foot
of $972. We opened 32 new stores, expanding into 10 new markets and growing
our square footage 8% to 14 million. We delivered our fifth consecutive year of
operating margin improvement, produced over $1 billion in EBITDA, and, on a
comparative 52-week basis, increased diluted earnings per share 19%. Our strong
results and capital expense disciplines drove a healthy 15% return on invested
capital and generated $472 million of free cash flow.