| 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 2015 and fiscal 2014. 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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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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2014 |
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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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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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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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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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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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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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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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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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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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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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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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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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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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