| Selected quarterly financial data (unaudited) |
13. Selected quarterly financial data
(unaudited)
The following
tables set forth the Company’s unaudited quarterly results of
operations for each of the quarters in fiscal 2013 and fiscal 2012.
The Company uses a 13 week (14 week in fourth quarter fiscal 2012)
fiscal quarter ending on the last Saturday of the
quarter.
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2013 |
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2012 |
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First |
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Second |
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Third |
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Fourth |
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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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$ |
582,712 |
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$ |
600,998 |
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$ |
618,781 |
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$ |
868,082 |
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$ |
474,098 |
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$ |
481,683 |
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$ |
505,640 |
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$ |
758,835 |
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Cost of sales
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378,763 |
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388,921 |
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387,120 |
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574,521 |
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303,186 |
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314,058 |
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320,147 |
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499,191 |
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Gross profit
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203,949 |
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212,077 |
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231,661 |
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293,561 |
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170,912 |
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167,625 |
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185,493 |
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259,644 |
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Selling, general and
administrative expenses
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133,048 |
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134,400 |
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151,306 |
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177,636 |
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110,943 |
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106,040 |
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117,934 |
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153,963 |
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Pre-opening
expenses
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3,206 |
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4,809 |
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7,468 |
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1,787 |
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2,523 |
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4,126 |
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6,252 |
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1,915 |
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Operating
income
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67,695 |
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72,868 |
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72,887 |
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114,138 |
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57,446 |
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57,459 |
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61,307 |
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103,766 |
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Interest (income)
expense
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(24 |
) |
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(18 |
) |
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(7 |
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(69 |
) |
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21 |
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104 |
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39 |
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21 |
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Income before income
taxes
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67,719 |
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72,886 |
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72,894 |
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114,207 |
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57,425 |
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57,355 |
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61,268 |
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103,745 |
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Income tax
expense
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25,893 |
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27,975 |
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27,464 |
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43,525 |
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22,557 |
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22,357 |
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23,117 |
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39,213 |
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Net income
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$ |
41,826 |
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$ |
44,911 |
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$ |
45,430 |
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$ |
70,682 |
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$ |
34,868 |
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$ |
34,998 |
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$ |
38,151 |
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$ |
64,532 |
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Net income per common
share:
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Basic
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$ |
0.66 |
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0.70 |
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0.71 |
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$ |
1.10 |
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$ |
0.56 |
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0.55 |
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0.60 |
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$ |
1.01 |
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Diluted
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$ |
0.65 |
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0.70 |
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0.70 |
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$ |
1.09 |
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$ |
0.54 |
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0.54 |
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0.59 |
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$ |
1.00 |
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The sum of
the quarterly net income per common share may not equal the annual
total due to quarterly changes in the weighted average shares and
share equivalents outstanding.
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