Fiscal 2017

(In thousands, except per share data)

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Net sales (1)

$

1,314,879

$

1,289,854

$

1,342,181

$

1,937,592

Cost of sales

838,871

820,528

849,053

1,279,245

Gross profit

476,008

469,326

493,128

658,347

Selling, general and administrative expenses

283,445

283,427

320,729

399,631

Pre-opening expenses

4,158

6,099

9,732

4,297

Operating income

188,405

179,800

162,667

254,419

Interest income, net

(338)

(555)

(316)

(359)

Income before income taxes

188,743

180,355

162,983

254,778

Income tax expense

60,520

66,162

58,338

46,605

Net income (2)

$

128,223

$

114,193

$

104,645

$

208,173

Net income per common share (2):

Basic

$

2.06

$

1.84

$

1.71

$

3.42

Diluted

$

2.05

$

1.83

$

1.70

$

3.40

(1)

Fiscal 2017 includes 53 weeks. Net sales for the 53rd week of fiscal 2017 were approximately $108,756. 

(2)

Net income and basic and diluted earnings per share for the fourth quarter of 2017 included a significant tax provision benefit as a result of the impact of Tax Reform. See Note 6, “Income taxes,” for further information.

Fiscal 2016

(In thousands, except per share data)

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Net sales

$

1,073,716

$

1,069,215

$

1,131,232

$

1,580,574

Cost of sales

683,286

684,377

704,179

1,035,666

Gross profit

390,430

384,838

427,053

544,908

Selling, general and administrative expenses

240,724

236,380

280,464

316,266

Pre-opening expenses

2,542

4,689

6,928

4,412

Operating income

147,164

143,769

139,661

224,230

Interest income, net

(315)

(248)

(211)

(116)

Income before income taxes

147,479

144,017

139,872

224,346

Income tax expense

55,503

54,013

52,310

84,128

Net income

$

91,976

$

90,004

$

87,562

$

140,218

Net income per common share:

Basic

$

1.46

$

1.44

$

1.40

$

2.25

Diluted

$

1.45

$

1.43

$

1.40

$

2.24