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Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following table presents our selected consolidated 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)
February 1, 2014February 2, 2013January 28, 2012January 29, 2011January 30, 2010
(In thousands, except per share and per square foot data)
Income statement:
Net sales(2)$2,670,573$2,220,256$1,776,151$1,454,838$1,222,771
Cost of sales1,729,3251,436,5821,159,311970,753846,202
Gross profit941,248783,674616,840484,085376,569
Selling, general and administrative expenses596,390488,880410,658358,106302,413
Pre-opening expenses17,27014,8169,9877,0956,003
Operating income327,588279,978196,195118,88468,153
Interest (income) expense(118)1855877552,202
Income before income taxes327,706279,793195,608118,12965,951
Income tax expense124,857107,24475,34447,09926,595
Net income$202,849$172,549$120,264$71,030$39,356
Net income per common share:
Basic$3.17$2.73$1.96$1.20$0.68
Diluted$3.15$2.68$1.90$1.16$0.66
Weighted average common shares outstanding:
Basic63,99263,25061,25958,95957,915
Diluted64,46164,39663,33461,28859,237
Dividends declared per common share$—$1.00$—$—$—
Other operating data:
Comparable store sales increase:(3)
Retail and salon comparable store sales6.1%8.8%10.9%11.0%1.4%
E-commerce comparable store sales76.6%30.7%37.8%76.8%45.4%
Total comparable store sales increase7.9%9.3%11.5%11.9%1.9%
Number of stores end of year675550449389346
Total square footage end of year7,158,2865,847,3934,747,1484,094,8083,613,840
Total square footage per store(4)10,60510,63210,57310,52610,445
Average total square footage(5)6,555,9605,315,6534,413,2363,811,5973,459,628
Net sales per average total square foot(6)$407$418$402$382$353
Capital expenditures226,024188,578128,63697,11568,105
Depreciation and amortization106,28388,23375,93164,93662,166
Balance sheet data:
Cash and cash equivalents$419,476$320,475$253,738$111,185$4,017
Working capital735,886568,257415,377241,032136,417
Property and equipment, net595,736483,059376,985326,099290,861
Total assets1,602,7271,275,249957,217730,488553,635
Total stockholders’ equity1,003,094786,942584,704402,533292,608
Table of Contents
(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 2012 was a 53-week operating year. The sales for the 53rd week of fiscal 2012 were approximately $55 million.
(3)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.
(4)Total square footage per store is calculated by dividing total square footage at end of year by number of stores at end of year.
(5)Average total square footage represents a weighted average which reflects the effect of opening stores in different months throughout the year.
(6)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. The sales for the 53rd week of fiscal 2012 were approximately $55 million.

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