| Selected quarterly financial data (unaudited) |
14. 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 2014 and fiscal 2013.
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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2014 |
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2013 |
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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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$ |
713,770 |
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$ |
734,236 |
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$ |
745,722 |
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$ |
1,047,641 |
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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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Cost of sales
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467,817 |
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474,894 |
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463,967 |
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697,904 |
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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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Gross profit
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245,953 |
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259,342 |
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281,755 |
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349,737 |
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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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Selling, general and
administrative expenses
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162,443 |
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157,768 |
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181,093 |
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210,702 |
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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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Pre-opening
expenses
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2,629 |
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3,595 |
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6,574 |
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1,568 |
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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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Operating
income
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80,881 |
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97,979 |
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94,088 |
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137,467 |
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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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Interest income,
net
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(200 |
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(209 |
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(254 |
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(231 |
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(24 |
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(18 |
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(7 |
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(69 |
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Income before income
taxes
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81,081 |
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98,188 |
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94,342 |
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137,698 |
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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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Income tax
expense
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31,128 |
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37,394 |
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35,218 |
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50,434 |
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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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Net income
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$ |
49,953 |
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$ |
60,794 |
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$ |
59,124 |
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$ |
87,264 |
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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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Net income per common
share:
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Basic
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$ |
0.78 |
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$ |
0.94 |
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$ |
0.92 |
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$ |
1.36 |
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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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Diluted
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$ |
0.77 |
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$ |
0.94 |
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$ |
0.91 |
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$ |
1.35 |
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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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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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