Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following table presents our selected financial data. The table should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Item 8, “Financial Statements and Supplementary Data,” of this Annual Report on Form 10-K.


	Fiscal Year Ended(1)
	January 29,			January 30,			January 31,			February 2,			February 3,
	2011			2010			2009			2008			2007
	(In thousands, except per share and per square foot data)

Income statement:
Net sales(2)	$	1,454,838		$	1,222,771		$	1,084,646		$	912,141		$	755,113
Cost of sales(3)		970,753			846,202			752,939			628,495			519,929

Gross profit		484,085			376,569			331,707			283,646			235,184
Selling, general and administrative expenses(3)		358,106			302,413			271,095			225,167			188,000
Pre-opening expenses		7,095			6,003			14,311			11,758			7,096

Operating income		118,884			68,153			46,301			46,721			40,088
Interest expense		755			2,202			3,943			4,542			3,314

Income before income taxes		118,129			65,951			42,358			42,179			36,774
Income tax expense		47,099			26,595			17,090			16,844			14,231

Net income	$	71,030		$	39,356		$	25,268		$	25,335		$	22,543

Net income per common share:
Basic	$	1.20		$	0.68		$	0.44		$	0.69		$	1.38
Diluted	$	1.16		$	0.66		$	0.43		$	0.48		$	0.45
Weighted average common shares outstanding:
Basic		58,959			57,915			57,425			20,383			5,771
Diluted		61,288			59,237			58,967			53,293			49,921
Other operating data:
Comparable store sales increase(4)		11.0	%		1.4	%		0.2	%		6.4	%		14.5	%
Number of stores end of year		389			346			311			249			196
Total square footage end of year		4,094,808			3,613,840			3,240,579			2,589,244			2,023,305
Total square footage per store(5)		10,526			10,445			10,420			10,399			10,323
Average total square footage(6)		3,811,597			3,459,628			2,960,355			2,283,935			1,857,885
Net sales per average total square foot(7)	$	382		$	353		$	366		$	399		$	398
Capital expenditures		97,115			68,105			110,863			101,866			62,331
Depreciation and amortization		64,936			62,166			51,445			39,503			29,736
Balance sheet data:
Cash and cash equivalents	$	111,185		$	4,017		$	3,638		$	3,789		$	3,645
Working capital		241,032			136,417			159,695			117,039			88,105
Property and equipment, net		326,099			290,861			292,224			236,389			162,080
Total assets		730,488			553,635			568,932			469,413			338,597
Total debt(8)		—			—			106,047			74,770			55,529
Total stockholders’ equity		402,533			292,608			244,968			211,503			148,760


(1)		Our fiscal year-end is the Saturday closest to January 31 based on a 52/53-week year. Each fiscal year consists of four 13-week quarters, with an extra week added onto the fourth quarter every five or six years.

(2)		Fiscal 2006 was a 53-week operating year and the 53rd week represented approximately $16.4 million in net sales.

(3)		The Company made reclassifications in the consolidated income statements for the fiscal years ended January 30, 2010 (fiscal 2009) and January 31, 2009 (fiscal 2008) to decrease cost of sales and increase selling, general and administrative expenses by $3,520 and $3,773, respectively, to conform to the fiscal 2010 presentation. Amounts were insignificant for fiscal 2007 and 2006.

(4)		Comparable store sales increase reflects sales for stores beginning on the first day of the 14th month of operation. Remodeled stores are included in comparable store sales unless the store was closed for a portion of the current or comparable prior year.

(5)		Total square footage per store is calculated by dividing total square footage at end of year by number of stores at end of year.

(6)		Average total square footage represents a weighted average which reflects the effect of opening stores in different months throughout the year.

(7)		Net sales per average total square foot was calculated by dividing net sales for the year by the average square footage for those stores open during each year. Fiscal 2006 net sales per average total square foot were adjusted to exclude the net sales effect of the 53rd week.

(8)		Total debt includes approximately $4.8 million related to the Series III preferred stock, which is presented between the liabilities section and the equity section of our balance sheet for all years prior to February 2, 2008.

Previous: Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities · Next: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 6. Selected Financial Data

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