| Selected quarterly financial data (unaudited) |
13. 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 2012 and fiscal 2011. The
Company uses a 13 week (14 week in fourth quarter fiscal 2012)
fiscal quarter ending on the last Saturday of the
quarter.
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2012 |
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2011 |
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First |
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Second |
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Third |
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Fourth |
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First |
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Second |
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Third |
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Fourth |
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Net sales
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$ |
474,098 |
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$ |
481,683 |
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$ |
505,640 |
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$ |
758,835 |
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$ |
386,006 |
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$ |
394,567 |
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$ |
413,067 |
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$ |
582,511 |
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Cost of sales
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303,186 |
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314,058 |
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320,147 |
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499,191 |
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251,101 |
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260,280 |
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263,884 |
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384,046 |
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Gross profit
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170,912 |
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167,625 |
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185,493 |
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259,644 |
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134,905 |
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134,287 |
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149,183 |
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198,465 |
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Selling, general and
administrative expenses
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110,943 |
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106,040 |
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117,934 |
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153,963 |
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94,615 |
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90,811 |
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100,997 |
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124,235 |
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Pre-opening
expenses
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2,523 |
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4,126 |
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6,252 |
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1,915 |
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1,230 |
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3,816 |
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3,958 |
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983 |
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Operating income
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57,446 |
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57,459 |
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61,307 |
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103,766 |
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39,060 |
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39,660 |
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44,228 |
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73,247 |
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Interest expense
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21 |
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104 |
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39 |
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21 |
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173 |
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147 |
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176 |
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91 |
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Income before income
taxes
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57,425 |
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57,355 |
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61,268 |
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103,745 |
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38,887 |
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39,513 |
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44,052 |
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73,156 |
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Income tax
expense
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22,557 |
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22,357 |
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23,117 |
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39,213 |
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15,591 |
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15,608 |
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17,284 |
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26,861 |
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Net income
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$ |
34,868 |
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$ |
34,998 |
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$ |
38,151 |
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$ |
64,532 |
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$ |
23,296 |
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$ |
23,905 |
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$ |
26,768 |
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$ |
46,295 |
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Net income per common
share:
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Basic
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$ |
0.56 |
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0.55 |
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0.60 |
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$ |
1.01 |
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$ |
0.38 |
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$ |
0.39 |
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$ |
0.44 |
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$ |
0.75 |
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Diluted
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$ |
0.54 |
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0.54 |
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0.59 |
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$ |
1.00 |
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$ |
0.37 |
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$ |
0.38 |
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$ |
0.42 |
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$ |
0.73 |
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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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