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)	2015			2014			2013				2012			¹	2011

Operations
Sales	$	11,939,999		$	11,041,677		$	10,230,353			$	9,721,065			$	8,608,291
Cost of goods sold	8,576,873			7,937,956			7,360,924				7,011,428				6,240,760
Percent of sales	71.8		%	71.9		%	72.0		%		72.1		%		72.5		%
Selling, general and administrative	1,738,755			1,615,371			1,526,366				1,437,886				1,304,065
Percent of sales	14.6		%	14.6		%	14.9		%		14.8		%		15.2		%
Interest expense (income), net	12,612			2,984			(247		)		6,907				10,322
Earnings before taxes	1,611,759			1,485,366			1,343,310				1,264,844				1,053,144
Percent of sales	13.5		%	13.5		%	13.1		%		13.0		%		12.2		%
Provision for taxes on earnings	591,098			560,642			506,006				478,081				395,974
Net earnings	$	1,020,661		$	924,724		$	837,304			$	786,763			$	657,170
Percent of sales	8.5		%	8.4		%	8.2		%		8.1		%		7.6		%
Basic earnings per share²	$	2.53		$	2.24		$	1.97			$	1.80			$	1.45
Diluted earnings per share²	$	2.51		$	2.21		$	1.94			$	1.77			$	1.43

Cash dividends declared
per common share²	$	0.470		$	0.400		$	0.255		³	$	0.295			$	0.235

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 splits effective June 11, 2015 and December 15, 2011.
³ Dividend declaration of $0.10 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)	2015			2014			2013			2012			1	2011

Financial Position
Cash and cash equivalents	$	761,602		$	696,608		$	423,168		$	646,761			$	649,835
Merchandise inventory	1,419,104			1,372,675			1,257,155			1,209,237				1,130,070
Property and equipment, net	2,342,906			2,273,752			1,875,299			1,493,284				1,241,722
Total assets2, 3	4,869,119			4,687,370			3,886,251			3,649,782				3,295,185
Return on average assets	21		%	22		%	22		%	23		%		21		%
Working capital	769,348			590,471			463,875			588,438				572,721
Current ratio	1.5:1			1.4:1			1.3:1			1.4:1				1.4:1
Long-term debt2	396,025			395,562			149,681			149,628				149,574
Long-term debt as a percent
of total capitalization	14		%	15		%	7		%	8		%		9		%
Stockholders' equity	2,471,991			2,279,210			2,007,302			1,766,863				1,493,012
Return on average
stockholders' equity	43		%	43		%	44		%	48		%		47		%
Book value per common share
outstanding at year-end4	$	6.14		$	5.49		$	4.70		$	4.00			$	3.29

Operating Statistics
Number of stores opened	90			95			88			82				80
Number of stores closed	6			9			11			8				10
Number of stores at year-end	1,446			1,362			1,276			1,199				1,125
Comparable store sales increase5
(52-week basis)	4		%	3		%	3		%	6		%		5		%
Sales per average square foot of
selling space (52-week basis)	$	383		$	372		$	362		$	355			$	338
Square feet of selling space
at year-end (000)	31,900			30,400			28,900			27,800				26,100
Number of employees at year-end	77,800			71,400			66,300			57,500				53,900
Number of common stockholders
of record at year-end	842			817			823			831				817

¹ Fiscal 2012 was a 53-week year; all other fiscal years presented were 52 weeks.
² Reflects adoption of ASU 2015-03 related to classification of debt issuance costs (See Note A to the Consolidated Financial Statements). Unamortized debt issuance costs of $2.8 million, $0.3 million, $0.4 million, and $0.4 million at fiscal year end 2014, 2013, 2012, and 2011, respectively, were reclassified from Other long-term assets to a reduction in Long-term debt.
3 Reflects adoption of ASU 2015-17 related to classification of deferred taxes (See Note A to the Consolidated Financial Statements). Deferred tax assets of $13.0 million, $10.2 million, $20.4 million, and $5.6 million at fiscal year end 2014, 2013, 2012, and 2011, respectively, previously presented in current assets were reclassified to long-term deferred tax liabilities.
4 All per share amounts have been adjusted for the two-for-one stock splits effective June 11, 2015 and December 15, 2011.
5 Comparable stores are stores open for more than 14 complete months.

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