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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)
January 31, 2015February 1, 2014February 2, 2013January 28, 2012January 29, 2011
(In thousands, except per share and per square foot data)
Income statement:
Net sales(2)$3,241,369$2,670,573$2,220,256$1,776,151$1,454,838
Cost of sales2,104,5821,729,3251,436,5821,159,311970,753
Gross profit1,136,787941,248783,674616,840484,085
Selling, general and administrative expenses712,006596,390488,880410,658358,106
Pre-opening expenses14,36617,27014,8169,9877,095
Operating income410,415327,588279,978196,195118,884
Interest (income) expense, net(894)(118)185587755
Income before income taxes411,309327,706279,793195,608118,129
Income tax expense154,174124,857107,24475,34447,099
Net income$257,135$202,849$172,549$120,264$71,030
Net income per common share:
Basic$4.00$3.17$2.73$1.96$1.20
Diluted$3.98$3.15$2.68$1.90$1.16
Weighted average common shares outstanding:
Basic64,33563,99263,25061,25958,959
Diluted64,65164,46164,39663,33461,288
Dividends declared per common share$—$—$1.00$—$—
Other operating data:
Comparable sales increase:(3)
Retail and salon comparable sales8.1%6.1%8.8%10.9%11.0%
E-commerce comparable sales56.4%76.6%30.7%37.8%76.8%
Total comparable sales increase9.9%7.9%9.3%11.5%11.9%
Number of stores end of year774675550449389
Total square footage end of year8,182,4047,158,2865,847,3934,747,1484,094,808
Total square footage per store(4)10,57210,60510,63210,57310,526
Average total square footage(5)7,690,7426,555,9605,315,6534,413,2363,811,597
Net sales per average total square foot(6)$421$407$418$402$382
Capital expenditures249,067226,024188,578128,63697,115
Depreciation and amortization131,764106,28388,23375,93164,936
Balance sheet data:
Cash and cash equivalents$389,149$419,476$320,475$253,738$111,185
Short-term investments150,209————
Working capital900,761735,886568,257415,377241,032
Property and equipment, net717,159595,736483,059376,985326,099
Total assets1,983,1701,602,7271,275,249957,217730,488
Total stockholders’ equity1,247,5091,003,094786,942584,704402,533
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 sales increase reflects sales for stores beginning on the first day of the 14th month of operation. Remodeled stores are included in comparable 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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