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)	2018				2017 1				2016			2015			2014

Operations
Sales	$	14,983,541			$	14,134,732			$	12,866,757		$	11,939,999		$	11,041,677
Cost of goods sold	10,726,277				10,042,638				9,173,705			8,576,873			7,937,956
Percent of sales	71.6		%		71.0		%		71.3		%	71.8		%	71.9		%
Selling, general and administrative	2,216,550				2,043,698				1,890,408			1,738,755			1,615,371
Percent of sales	14.8		%		14.5		%		14.7		%	14.6		%	14.6		%
Interest (income) expense, net	(10,162		)		7,676				16,488			12,612			2,984
Earnings before taxes	2,050,876				2,040,720				1,786,156			1,611,759			1,485,366
Percent of sales	13.7		%		14.4		%		13.9		%	13.5		%	13.5		%
Provision for taxes on earnings	463,419				677,967				668,502			591,098			560,642
Net earnings	$	1,587,457			$	1,362,753			$	1,117,654		$	1,020,661		$	924,724
Percent of sales	10.6		%		9.6		%		8.7		%	8.5		%	8.4		%
Basic earnings per share²	$	4.30		4	$	3.58		3	$	2.85		$	2.53		$	2.24
Diluted earnings per share²	$	4.26		4	$	3.55		3	$	2.83		$	2.51		$	2.21

Cash dividends declared
per common share²	$	0.900			$	0.640			$	0.540		$	0.470		$	0.400

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 Includes a per share benefit of approximately $0.21 from tax reform legislation enacted in December 2017 and $0.10 from the 53rd week.
4 Includes a per share benefit of approximately $0.70 from tax reform legislation enacted in December 2017 and $0.07 from the favorable resolution of a tax matter.

Selected Financial Data



($000, except per share data)	2018			2017 1			2016			2015			2014

Financial Position
Cash and cash equivalents	$	1,412,912		$	1,290,294		$	1,111,599		$	761,602		$	696,608
Merchandise inventory	1,750,442			1,641,735			1,512,886			1,419,104			1,372,675
Property and equipment, net	2,475,201			2,382,464			2,328,048			2,342,906			2,273,752
Total assets	6,073,691			5,722,051			5,309,351			4,869,119			4,687,370
Return on average assets	27		%	25		%	22		%	21		%	22		%
Working capital	1,394,535			1,224,755			1,060,543			769,348			590,471
Current ratio	1.7:1			1.6:1			1.6:1			1.5:1			1.4:1
Long-term debt	312,440			396,967			396,493			396,025			395,562
Long-term debt as a percent
of total capitalization	9		%	12		%	13		%	14		%	15		%
Stockholders’ equity	3,305,746			3,049,308			2,748,017			2,471,991			2,279,210
Return on average
stockholders’ equity	50		%	47		%	43		%	43		%	43		%
Book value per common share
outstanding at year-end2	$	8.98		$	8.03		$	7.01		$	6.14		$	5.49

Operating Statistics
Number of stores opened	99			96			93			90			95
Number of stores closed	4			7			6			6			9
Number of stores at year-end	1,717			1,622			1,533			1,446			1,362
Comparable store sales increase3
(52-week basis)	4		%	4		%	4		%	4		%	3		%
Sales per average square foot of
selling space (52-week basis)	$	422		$	409		$	395		$	383		$	372
Square feet of selling space
at year-end (000)	36,300			34,700			33,300			31,900			30,400
Number of employees at year-end	88,100			82,700			78,600			77,800			71,400
Number of common stockholders
of record at year-end	902			880			848			842			817

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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