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)	2019				2018				2017			¹	2016			2015

Operations
Sales	$	16,039,073			$	14,983,541			$	14,134,732			$	12,866,757		$	11,939,999
Cost of goods sold	11,536,187				10,726,277				10,042,638				9,173,705			8,576,873
Percent of sales	71.9		%		71.6		%		71.0		%		71.3		%	71.8		%
Selling, general and administrative	2,356,704				2,216,550				2,043,698				1,890,408			1,738,755
Percent of sales	14.7		%		14.8		%		14.5		%		14.7		%	14.6		%
Interest (income) expense, net	(18,106)				(10,162)				7,676				16,488			12,612
Earnings before taxes	2,164,288				2,050,876				2,040,720				1,786,156			1,611,759
Percent of sales	13.5		%		13.7		%		14.4		%		13.9		%	13.5		%
Provision for taxes on earnings	503,360				463,419				677,967				668,502			591,098
Net earnings	$	1,660,928			$	1,587,457			$	1,362,753			$	1,117,654		$	1,020,661
Percent of sales	10.4		%		10.6		%		9.6		%		8.7		%	8.5		%
Basic earnings per share²	$	4.63		5	$	4.30		4	$	3.58		3	$	2.85		$	2.53
Diluted earnings per share²	$	4.60		5	$	4.26		4	$	3.55		3	$	2.83		$	2.51

Cash dividends declared
per common share²	$	1.02			$	0.90			$	0.64			$	0.54		$	0.47

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.
5 Includes a per share benefit of approximately $0.02 primarily related to the favorable resolution of a tax matter.

Selected Financial Data


($000, except per share data)	2019				2018			2017			¹	2016			2015

Financial Position
Cash and cash equivalents	$	1,351,205			$	1,412,912		$	1,290,294			$	1,111,599		$	761,602
Merchandise inventory	1,832,339				1,750,442			1,641,735				1,512,886			1,419,104
Property and equipment, net	2,653,436				2,475,201			2,382,464				2,328,048			2,342,906
Total assets	9,348,367			2	6,073,691			5,722,051				5,309,351			4,869,119
Return on average assets	22		%	2	27		%	25		%		22		%	21		%
Working capital	730,894			2	1,394,535			1,224,755				1,060,543			769,348
Current ratio	1.3:1			2	1.7:1			1.6:1				1.6:1			1.5:1
Long-term debt	312,891				312,440			396,967				396,493			396,025
Long-term debt as a percent
of total capitalization	9		%		9		%	12		%		13		%	14		%
Stockholders’ equity	3,359,249				3,305,746			3,049,308				2,748,017			2,471,991
Return on average
stockholders’ equity	50		%		50		%	47		%		43		%	43		%
Book value per common share
outstanding at year-end3	$	9.42			$	8.98		$	8.03			$	7.01		$	6.14

Operating Statistics
Number of stores opened	98				99			96				93			90
Number of stores closed	10			4	4			7				6			6
Number of stores at year-end	1,805				1,717			1,622				1,533			1,446
Comparable store sales increase5
(52-week basis)	3		%		4		%	4		%		4		%	4		%
Sales per average square foot of
selling space (52-week basis)	$	432			$	422		$	409			$	395		$	383
Square feet of selling space
at year-end (000)	37,900				36,300			34,700				33,300			31,900
Number of employees at year-end	92,500				88,100			82,700				78,600			77,800
Number of common stockholders
of record at year-end	976				902			880				848			842

¹ Fiscal 2017 was a 53-week year; all other fiscal years presented were 52 weeks.
2 Fiscal 2019 reflects the impact of adoption of ASU 2016-02, Leases (Accounting Standards Codification "ASC" 842) on a modified retrospective basis; all other fiscal years presented were not restated.
3 All per share amounts have been adjusted for the two-for-one stock split effective June 11, 2015.
4 Includes the temporary closure of a store impacted by a weather event.
5 Comparable stores are stores open for more than 14 complete months.

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