| Selected quarterly financial data (unaudited) |
17. 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 2018 and fiscal 2017. The Company’s quarterly periods are the 13 weeks (14 weeks in fourth quarter fiscal 2017) ending on the Saturday closest to April 30, July 31, October 31, and January 31.
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Fiscal 2018
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(In thousands, except per share data)
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First Quarter
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Second Quarter
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Third Quarter
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Fourth Quarter
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Net sales
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$
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1,543,667
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$
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1,488,221
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$
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1,560,011
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$
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2,124,716
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Cost of sales
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982,954
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952,760
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987,733
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1,383,857
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Gross profit
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560,713
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535,461
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572,278
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740,859
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Selling, general and administrative expenses
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345,624
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337,142
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395,453
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457,245
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Pre-opening expenses
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5,247
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4,504
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7,612
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2,404
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Operating income
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209,842
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193,815
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169,213
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281,210
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Interest income, net
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(1,325)
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(1,143)
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(1,318)
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(1,275)
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Income before income taxes
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211,167
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194,958
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170,531
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282,485
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Income tax expense
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46,771
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46,635
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39,365
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67,811
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Net income
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$
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164,396
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$
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148,323
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$
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131,166
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$
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214,674
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Net income per common share:
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Basic
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$
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2.71
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$
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2.47
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$
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2.20
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$
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3.64
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Diluted
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$
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2.70
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$
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2.46
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$
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2.18
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$
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3.61
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Fiscal 2017
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(In thousands, except per share data)
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First Quarter
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Second Quarter
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Third Quarter
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Fourth Quarter
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Net sales (1)
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$
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1,314,879
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$
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1,289,854
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$
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1,342,181
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$
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1,937,592
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Cost of sales
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838,871
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820,528
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849,053
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1,279,245
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Gross profit
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476,008
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469,326
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493,128
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658,347
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Selling, general and administrative expenses
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283,445
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283,427
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320,729
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399,631
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Pre-opening expenses
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4,158
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6,099
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9,732
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4,297
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Operating income
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188,405
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179,800
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162,667
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254,419
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Interest income, net
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(338)
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(555)
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(316)
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(359)
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Income before income taxes
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188,743
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180,355
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162,983
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254,778
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Income tax expense
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60,520
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66,162
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58,338
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46,605
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Net income (2)
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$
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128,223
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$
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114,193
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$
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104,645
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$
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208,173
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Net income per common share (2):
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Basic
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$
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2.06
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$
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1.84
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$
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1.71
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$
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3.42
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Diluted
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$
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2.05
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$
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1.83
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$
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1.70
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$
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3.40
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(1)
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Fiscal 2017 includes 53 weeks. Net sales for the 53rd week of fiscal 2017 were approximately $108,756.
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(2)
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Net income and basic and diluted earnings per share for the fourth quarter of 2017 included a significant tax provision benefit as a result of the impact of Tax Reform.
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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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