Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The following selected financial data is derived from our consolidated financial statements. The data set forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the section “Forward-Looking Statements” in this Annual Report on Form 10-K and our consolidated financial statements and notes thereto.



($000, except per share data)	2014			2013				2012			¹	2011			2010

Operations
Sales	$	11,041,677		$	10,230,353			$	9,721,065			$	8,608,291		$	7,866,100
Cost of goods sold	7,937,956			7,360,924				7,011,428				6,240,760			5,729,735
Percent of sales	71.9		%	72.0		%		72.1		%		72.5		%	72.8		%
Selling, general and administrative	1,615,371			1,526,366				1,437,886				1,304,065			1,229,775
Percent of sales	14.6		%	14.9		%		14.8		%		15.2		%	15.6		%
Interest expense (income), net	2,984			(247		)		6,907				10,322			9,569
Earnings before taxes	1,485,366			1,343,310				1,264,844				1,053,144			897,021
Percent of sales	13.5		%	13.1		%		13.0		%		12.2		%	11.4		%
Provision for taxes on earnings	560,642			506,006				478,081				395,974			342,224
Net earnings	924,724			837,304				786,763				657,170			554,797
Percent of sales	8.4		%	8.2		%		8.1		%		7.6		%	7.1		%
Basic earnings per share²	$	4.47		$	3.93			$	3.59			$	2.91		$	2.35
Diluted earnings per share²	$	4.42		$	3.88			$	3.53			$	2.86		$	2.31

Cash dividends declared
per common share²	$	0.80		$	0.51		³	$	0.59			$	0.47		$	0.35

¹ Fiscal 2012 was a 53-week year; all other fiscal years presented were 52 weeks.
² All per share amounts have been adjusted for the two-for-one stock split effective December 15, 2011.
³ Dividend declaration of $0.20 per share for the fourth quarter which historically had been declared in January was declared in February 2014.

Selected Financial Data



($000, except per share data)	2014			2013			2012			¹	2011			2010

Financial Position
Cash and cash equivalents	$	696,608		$	423,168		$	646,761			$	649,835		$	833,924
Merchandise inventory	1,372,675			1,257,155			1,209,237				1,130,070			1,086,917
Property and equipment, net	2,273,752			1,875,299			1,493,284				1,241,722			983,776
Total assets	4,703,134			3,896,797			3,670,561				3,301,209			3,116,204
Return on average assets	22		%	22		%	23		%		20		%	19		%
Working capital	603,422			474,102			608,845				578,319			690,919
Current ratio	1.4:1			1.3:1			1.4:1				1.4:1			1.5:1
Long-term debt	398,375			150,000			150,000				150,000			150,000
Long-term debt as a percent
of total capitalization	15		%	7		%	8		%		9		%	10		%
Stockholders' equity	2,279,210			2,007,302			1,766,863				1,493,012			1,332,692
Return on average
stockholders' equity	43		%	44		%	48		%		47		%	45		%
Book value per common share
outstanding at year-end²	$	10.99		$	9.41		$	8.00			$	6.58		$	5.64

Operating Statistics
Number of stores opened	95			88			82				80			56
Number of stores closed	9			11			8				10			6
Number of stores at year-end	1,362			1,276			1,199				1,125			1,055
Comparable store sales increase³
(52-week basis)	3		%	3		%	6		%		5		%	5		%
Sales per average square foot of
selling space (52-week basis)	$	372		$	362		$	355			$	338		$	324
Square feet of selling space
at year-end (000)	30,400			28,900			27,800				26,100			24,800
Number of employees at year-end	71,400			66,300			57,500				53,900			49,500
Number of common stockholders
of record at year-end	817			823			831				817			804
¹ Fiscal 2012 was a 53-week year; all other fiscal years presented were 52 weeks.
² All per share amounts have been adjusted for the two-for-one stock split effective December 15, 2011.
³ Comparable stores are stores open for more than 14 complete months.

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