| Selected quarterly financial data (unaudited) |
20. Selected quarterly financial data (unaudited)
The following tables set forth the unaudited quarterly results of operations for each of the quarters in fiscal 2020 and fiscal 2019. The 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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Fiscal 2020 |
(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 |
Net sales |
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$ |
1,173,210 |
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$ |
1,228,009 |
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$ |
1,552,033 |
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$ |
2,198,701 |
Cost of sales |
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869,605 |
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899,002 |
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1,006,514 |
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1,427,673 |
Gross profit |
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303,605 |
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329,007 |
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545,519 |
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771,028 |
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Selling, general and administrative expenses |
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380,912 |
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271,587 |
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416,378 |
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514,140 |
Impairment, restructuring and other costs |
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19,542 |
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40,758 |
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23,624 |
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30,398 |
Pre-opening expenses |
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4,635 |
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3,907 |
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4,240 |
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2,218 |
Operating income (loss) |
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(101,484) |
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12,755 |
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101,277 |
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224,272 |
Interest expense, net |
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1,272 |
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2,617 |
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1,383 |
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463 |
Income (loss) before income taxes |
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(102,756) |
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10,138 |
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99,894 |
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223,809 |
Income tax expense (benefit) |
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(24,247) |
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2,086 |
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25,096 |
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52,315 |
Net income (loss) |
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$ |
(78,509) |
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$ |
8,052 |
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$ |
74,798 |
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$ |
171,494 |
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Net income (loss) per common share: |
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Basic |
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$ |
(1.39) |
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$ |
0.14 |
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$ |
1.33 |
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$ |
3.04 |
Diluted |
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$ |
(1.39) |
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$ |
0.14 |
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$ |
1.32 |
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$ |
3.03 |
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Fiscal 2019 |
(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 |
Net sales |
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$ |
1,743,029 |
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$ |
1,666,607 |
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$ |
1,682,514 |
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$ |
2,305,918 |
Cost of sales |
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1,098,182 |
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1,060,708 |
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1,059,081 |
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1,499,033 |
Gross profit |
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644,847 |
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605,899 |
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623,433 |
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806,885 |
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Selling, general and administrative expenses |
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403,133 |
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392,843 |
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449,198 |
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515,542 |
Pre-opening expenses |
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4,174 |
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5,038 |
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6,455 |
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3,587 |
Operating income |
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237,540 |
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208,018 |
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167,780 |
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287,756 |
Interest income, net |
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(2,046) |
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(1,671) |
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(900) |
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(439) |
Income before income taxes |
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239,586 |
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209,689 |
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168,680 |
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288,195 |
Income tax expense |
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47,365 |
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48,431 |
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38,933 |
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65,476 |
Net income |
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$ |
192,221 |
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$ |
161,258 |
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$ |
129,747 |
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$ |
222,719 |
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Net income per common share: |
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Basic |
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$ |
3.28 |
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$ |
2.77 |
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$ |
2.25 |
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$ |
3.91 |
Diluted |
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$ |
3.26 |
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$ |
2.76 |
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$ |
2.25 |
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$ |
3.89 |
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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