| Quarterly Financial Information |
The following tables set
forth the Company’s unaudited quarterly results of operations
for each of the quarters in fiscal 2016 and fiscal 2015. The
Company’s quarterly periods are the 13 weeks ending on the
Saturday closest to
April 30, July 31, October 31 and
January 31.
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2016 |
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First |
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Second |
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Third |
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Fourth |
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| (In thousands, except per share data) |
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Net sales
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$ |
1,073,716 |
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$ |
1,069,215 |
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$ |
1,131,232 |
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$ |
1,580,574 |
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Cost of sales
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683,286 |
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|
684,377 |
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704,179 |
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1,035,666 |
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Gross profit
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390,430 |
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384,838 |
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427,053 |
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|
544,908 |
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Selling, general and
administrative expenses
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240,724 |
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236,380 |
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280,464 |
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|
316,266 |
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Pre-opening
expenses
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2,542 |
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|
4,689 |
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6,928 |
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4,412 |
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Operating income
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147,164 |
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143,769 |
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139,661 |
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|
224,230 |
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Interest income,
net
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(315 |
) |
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(248 |
) |
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|
(211 |
) |
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(116 |
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Income before income
taxes
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147,479 |
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144,017 |
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139,872 |
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224,346 |
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Income tax
expense
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55,503 |
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54,013 |
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52,310 |
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84,128 |
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Net income
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$ |
91,976 |
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$ |
90,004 |
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$ |
87,562 |
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$ |
140,218 |
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Net income per common
share:
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Basic
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$ |
1.46 |
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$ |
1.44 |
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$ |
1.40 |
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$ |
2.25 |
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Diluted
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$ |
1.45 |
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$ |
1.43 |
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$ |
1.40 |
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$ |
2.24 |
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2015 |
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First |
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Second |
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Third |
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Fourth |
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| (In thousands, except per share data) |
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Net sales
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$ |
868,122 |
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$ |
876,999 |
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$ |
910,700 |
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$ |
1,268,295 |
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Cost of sales
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|
564,938 |
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|
570,524 |
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|
575,062 |
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|
829,259 |
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Gross profit
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303,184 |
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306,475 |
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335,638 |
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|
439,036 |
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Selling, general and
administrative expenses
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192,485 |
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183,937 |
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218,763 |
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|
268,169 |
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Pre-opening
expenses
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|
3,117 |
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4,078 |
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6,106 |
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|
1,381 |
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Operating income
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107,582 |
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|
118,460 |
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110,769 |
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|
169,486 |
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Interest income,
net
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|
(311 |
) |
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(276 |
) |
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(283 |
) |
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(273 |
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Income before income
taxes
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107,893 |
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|
118,736 |
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111,052 |
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169,759 |
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Income tax
expense
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|
40,947 |
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44,567 |
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39,982 |
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61,936 |
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Net income
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$ |
66,946 |
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$ |
74,169 |
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$ |
71,070 |
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$ |
107,823 |
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Net income per common
share:
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Basic
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$ |
1.04 |
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$ |
1.16 |
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$ |
1.11 |
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$ |
1.69 |
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Diluted
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$ |
1.04 |
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$ |
1.15 |
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$ |
1.11 |
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$ |
1.69 |
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