Annual report pursuant to Section 13 and 15(d)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)

v3.19.1
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)
12 Months Ended
Feb. 02, 2019
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)  
Summary of quarterly results of operations

Unaudited quarterly results of operations for fiscal 2018 and fiscal 2017 were as follows (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2018

 

 

First

 

Second

 

Third

 

Fourth

 

 

Quarter (1)

 

Quarter

 

Quarter (2)

 

Quarter

Net sales (3)

 

$

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 (4)

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2017

 

 

First

 

Second

 

Third

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter (5)

Net sales (6)

 

$

1,158,563

 

$

1,072,593

 

$

1,240,196

 

$

1,890,608

Cost of sales and occupancy expense

 

 

690,929

 

 

670,082

 

 

756,088

 

 

1,116,072

Gross profit

 

 

467,634

 

 

402,511

 

 

484,108

 

 

774,536

Selling, general and administrative

 

 

327,396

 

 

313,867

 

 

329,298

 

 

419,839

Operating income

 

 

139,260

 

 

87,982

 

 

153,858

 

 

354,290

Net income

 

 

72,208

 

 

35,562

 

 

79,760

 

 

202,968

Diluted earnings per common share

 

$

0.38

 

$

0.19

 

$

0.44

 

$

1.11


(1)

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.

(2)

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.

(3)

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.

(4)

Includes restructure charges primarily related to the closure of substantially all of our Aaron Brothers stores in the first quarter of fiscal 2018 and all of our Pat Catan’s stores in the fourth quarter of fiscal 2018.

(5)

Net income for the fourth quarter of fiscal 2017 includes $8.5 million of additional income tax expense as a result of the Tax Act.

(6)

Net sales of Aaron Brothers during fiscal 2017 were $25.5 million, $27.3 million, $25.2 million and $32.4 million for the first, second, third and fourth quarter, respectively.