Fiscal 2018

(In thousands, except per share data)

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Net sales

$

1,543,667

$

1,488,221

$

1,560,011

$

2,124,716

Cost of sales

982,954

952,760

987,733

1,383,857

Gross profit

560,713

535,461

572,278

740,859

Selling, general and administrative expenses

345,624

337,142

395,453

457,245

Pre-opening expenses

5,247

4,504

7,612

2,404

Operating income

209,842

193,815

169,213

281,210

Interest income, net

(1,325)

(1,143)

(1,318)

(1,275)

Income before income taxes

211,167

194,958

170,531

282,485

Income tax expense

46,771

46,635

39,365

67,811

Net income

$

164,396

$

148,323

$

131,166

$

214,674

Net income per common share:

Basic

$

2.71

$

2.47

$

2.20

$

3.64

Diluted

$

2.70

$

2.46

$

2.18

$

3.61

Fiscal 2017

(In thousands, except per share data)

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Net sales (1)

$

1,314,879

$

1,289,854

$

1,342,181

$

1,937,592

Cost of sales

838,871

820,528

849,053

1,279,245

Gross profit

476,008

469,326

493,128

658,347

Selling, general and administrative expenses

283,445

283,427

320,729

399,631

Pre-opening expenses

4,158

6,099

9,732

4,297

Operating income

188,405

179,800

162,667

254,419

Interest income, net

(338)

(555)

(316)

(359)

Income before income taxes

188,743

180,355

162,983

254,778

Income tax expense

60,520

66,162

58,338

46,605

Net income (2)

$

128,223

$

114,193

$

104,645

$

208,173

Net income per common share (2):

Basic

$

2.06

$

1.84

$

1.71

$

3.42

Diluted

$

2.05

$

1.83

$

1.70

$

3.40

(1)

Fiscal 2017 includes 53 weeks. Net sales for the 53rd week of fiscal 2017 were approximately $108,756. 

(2)

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.