Annual report pursuant to Section 13 and 15(d)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)

v3.20.1
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)
12 Months Ended
Feb. 01, 2020
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)  
Summary of quarterly results of operations

Unaudited quarterly results of operations for fiscal 2019 and fiscal 2018 were as follows (in thousands, except per share data):

Fiscal 2019

First

Second

Third

Fourth

Quarter

Quarter

Quarter

Quarter

Net sales

 

$

1,093,720

$

1,033,689

$

1,222,021

$

1,722,608

Cost of sales and occupancy expense

 

676,080

666,703

780,387

1,076,610

Gross profit

 

417,640

366,986

441,634

645,998

Selling, general and administrative

 

320,597

290,074

322,807

370,803

Restructure and impairment charges (1)

3,087

3,869

41,376

Operating income

 

92,730

71,300

76,049

274,957

Net income

 

37,691

24,547

28,705

181,651

Diluted earnings per common share

$

0.24

$

0.16

$

0.19

$

1.24

Fiscal 2018

First

Second

Third

Fourth

Quarter (2)

Quarter

Quarter (3)

Quarter

Net sales (4)

 

$

1,155,511

$

1,053,267

$

1,274,058

$

1,789,109

Cost of sales and occupancy expense

 

698,948

679,938

795,104

1,074,285

Gross profit

 

456,563

373,329

478,954

714,824

Selling, general and administrative

 

328,617

300,981

340,593

381,211

Restructure charges (5)

 

47,498

(3,220)

 —

59,960

Operating income

78,943

74,273

137,165

273,230

Net income

 

26,885

27,488

83,769

181,403

Diluted earnings per common share

$

0.15

$

0.15

$

0.50

$

1.15

(1) Includes restructure charges related to the closure of our Pat Catan’s stores in the fourth quarter of fiscal 2018. The third quarter of fiscal 2019 also includes $40.1 million of impairment charges primarily related to our Darice wholesale business.
(2) Net income for the first quarter of fiscal 2018 includes $8.1 million of additional income tax expense as a result of the Tax Act.
(3) Net income for the third quarter of fiscal 2018 includes an income tax benefit of $7.1 million as a result of the Tax Act.
(4) Net sales for Aaron Brothers were $12.9 million in the first quarter of fiscal 2018. There were no Aaron Brothers net sales in the second, third and fourth quarters of fiscal 2018. Net Sales for Pat Catan’s were $25.8 million, $22.9 million, $26.7 million and $34.2 million in the first, second, third and fourth quarters of fiscal 2018, respectively.
(5) Includes restructure charges primarily related to the closure of our Aaron Brothers stores in the first quarter of fiscal 2018 and our Pat Catan’s stores in the fourth quarter of fiscal 2018.