Item 6. Selected Financial Data

7K characters. Original on sec.gov · Markdown

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 30, 2016			January 31, 2015			February 1, 2014			February 2, 2013			January 28, 2012
	(In thousands, except per share and per square foot data)
Income statement:
Net sales(2)	$	3,924,116		$	3,241,369		$	2,670,573		$	2,220,256		$	1,776,151
Cost of sales		2,539,783			2,104,582			1,729,325			1,436,582			1,159,311

Gross profit		1,384,333			1,136,787			941,248			783,674			616,840
Selling, general and administrative expenses		863,354			712,006			596,390			488,880			410,658
Pre-opening expenses		14,682			14,366			17,270			14,816			9,987

Operating income		506,297			410,415			327,588			279,978			196,195
Interest (income) expense, net		(1,143	)		(894	)		(118	)		185			587

Income before income taxes		507,440			411,309			327,706			279,793			195,608
Income tax expense		187,432			154,174			124,857			107,244			75,344

Net income	$	320,008		$	257,135		$	202,849		$	172,549		$	120,264

Net income per common share:
Basic	$	5.00		$	4.00		$	3.17		$	2.73		$	1.96
Diluted	$	4.98		$	3.98		$	3.15		$	2.68		$	1.90
Weighted average common shares outstanding:
Basic		63,949			64,335			63,992			63,250			61,259
Diluted		64,275			64,651			64,461			64,396			63,334
Dividends declared per common share	$	—		$	—		$	—		$	1.00		$	—
Other operating data:
Comparable sales increase:(3)
Retail and salon comparable sales		10.0	%		8.1	%		6.1	%		8.8	%		10.9	%
E-commerce comparable sales		47.5	%		56.4	%		76.6	%		30.7	%		37.8	%

Total comparable sales increase		11.8	%		9.9	%		7.9	%		9.3	%		11.5	%
Number of stores end of year		874			774			675			550			449
Total square footage end of year		9,225,957			8,182,404			7,158,286			5,847,393			4,747,148
Total square footage per store(4)		10,556			10,572			10,605			10,632			10,573
Average total square footage(5)		8,724,581			7,690,742			6,555,960			5,315,653			4,413,236
Net sales per average total square foot(6)	$	450		$	421		$	407		$	418		$	402
Capital expenditures		299,167			249,067			226,024			188,578			128,636
Depreciation and amortization		165,049			131,764			106,283			88,233			75,931
Repurchase of common shares		167,396			39,923			37,337			—			—
Balance sheet data:
Cash and cash equivalents	$	345,840		$	389,149		$	419,476		$	320,475		$	253,738
Short-term investments		130,000			150,209			—			—			—
Working capital(7)		978,946			900,761			735,886			568,257			415,377
Property and equipment, net		847,600			717,159			595,736			483,059			376,985
Total assets		2,230,918			1,983,170			1,602,727			1,275,249			957,217
Total stockholders’ equity		1,442,886			1,247,509			1,003,094			786,942			584,704

(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.

(7)	The Company prospectively adopted Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes, in the fourth quarter of fiscal 2015. As a result of this adoption at January 30, 2016, current deferred tax assets were classified as non-current liabilities.

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

Table of Contents