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)	2017			¹	2016			2015			2014			2013

Operations
Sales	$	14,134,732			$	12,866,757		$	11,939,999		$	11,041,677		$	10,230,353
Cost of goods sold	10,042,638				9,173,705			8,576,873			7,937,956			7,360,924
Percent of sales	71.0		%		71.3		%	71.8		%	71.9		%	72.0		%
Selling, general and administrative	2,043,698				1,890,408			1,738,755			1,615,371			1,526,366
Percent of sales	14.5		%		14.7		%	14.6		%	14.6		%	14.9		%
Interest expense (income), net	7,676				16,488			12,612			2,984			(247		)
Earnings before taxes	2,040,720				1,786,156			1,611,759			1,485,366			1,343,310
Percent of sales	14.4		%		13.9		%	13.5		%	13.5		%	13.1		%
Provision for taxes on earnings	677,967				668,502			591,098			560,642			506,006
Net earnings	$	1,362,753			$	1,117,654		$	1,020,661		$	924,724		$	837,304
Percent of sales	9.6		%		8.7		%	8.5		%	8.4		%	8.2		%
Basic earnings per share²	$	3.58		4	$	2.85		$	2.53		$	2.24		$	1.97
Diluted earnings per share²	$	3.55		4	$	2.83		$	2.51		$	2.21		$	1.94

Cash dividends declared
per common share²	$	0.640			$	0.540		$	0.470		$	0.400		$	0.255		³

¹ Fiscal 2017 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 June 11, 2015.
³ Dividend declaration of $0.10 per share for the fourth quarter, which historically had been declared in January, was declared in February 2014.
4 Includes a per share benefit of approximately $0.21 from tax reform legislation enacted in December 2017 and $0.10 from the 53rd week.

Selected Financial Data



($000, except per share data)	2017			1	2016			2015			2014			2013

Financial Position
Cash and cash equivalents	$	1,290,294			$	1,111,599		$	761,602		$	696,608		$	423,168
Merchandise inventory	1,641,735				1,512,886			1,419,104			1,372,675			1,257,155
Property and equipment, net	2,382,464				2,328,048			2,342,906			2,273,752			1,875,299
Total assets	5,722,051				5,309,351			4,869,119			4,687,370			3,886,251
Return on average assets	25		%		22		%	21		%	22		%	22		%
Working capital	1,224,755				1,060,543			769,348			590,471			463,875
Current ratio	1.6:1				1.6:1			1.5:1			1.4:1			1.3:1
Long-term debt	396,967				396,493			396,025			395,562			149,681
Long-term debt as a percent
of total capitalization	12		%		13		%	14		%	15		%	7		%
Stockholders’ equity	3,049,308				2,748,017			2,471,991			2,279,210			2,007,302
Return on average
stockholders’ equity	47		%		43		%	43		%	43		%	44		%
Book value per common share
outstanding at year-end2	$	8.03			$	7.01		$	6.14		$	5.49		$	4.70

Operating Statistics
Number of stores opened	96				93			90			95			88
Number of stores closed	7				6			6			9			11
Number of stores at year-end	1,622				1,533			1,446			1,362			1,276
Comparable store sales increase3
(52-week basis)	4		%		4		%	4		%	3		%	3		%
Sales per average square foot of
selling space (52-week basis)	$	409			$	395		$	383		$	372		$	362
Square feet of selling space
at year-end (000)	34,700				33,300			31,900			30,400			28,900
Number of employees at year-end	82,700				78,600			77,800			71,400			66,300
Number of common stockholders
of record at year-end	880				848			842			817			823

¹ Fiscal 2017 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 June 11, 2015.
3 Comparable stores are stores open for more than 14 complete months.

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