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 2,
February 3,
January 28,
January 30,
January 31,
2019 (2)
2018 (3)
2017
2016
2015
(In thousands, except per share and per square foot data)
Income statement:
Net sales
$
6,716,615
$
5,884,506
$
4,854,737
$
3,924,116
$
3,241,369
Cost of sales
4,307,304
3,787,697
3,107,508
2,539,783
2,104,582
Gross profit
2,409,311
2,096,809
1,747,229
1,384,333
1,136,787
Selling, general and administrative expenses
1,535,464
1,287,232
1,073,834
863,354
712,006
Pre-opening expenses
19,767
24,286
18,571
14,682
14,366
Operating income
854,080
785,291
654,824
506,297
410,415
Interest income, net
(5,061)
(1,568)
(890)
(1,143)
(894)
Income before income taxes
859,141
786,859
655,714
507,440
411,309
Income tax expense (4)
200,582
231,625
245,954
187,432
154,174
Net income
$
658,559
$
555,234
$
409,760
$
320,008
$
257,135
Net income per common share:
Basic
$
11.00
$
9.02
$
6.55
$
5.00
$
4.00
Diluted
$
10.94
$
8.96
$
6.52
$
4.98
$
3.98
Weighted average common shares outstanding:
Basic
59,864
61,556
62,519
63,949
64,335
Diluted
60,181
61,975
62,851
64,275
64,651
Other operating data:
Comparable sales increase: (5)
Retail and salon comparable sales
5.1%
7.1%
13.4%
10.0%
8.1%
E-commerce comparable sales
35.4%
59.9%
56.2%
47.5%
56.4%
Total comparable sales increase
8.1%
11.0%
15.8%
11.8%
9.9%
Number of stores end of year
1,174
1,074
974
874
774
Total square footage end of year
12,337,145
11,300,920
10,271,184
9,225,957
8,182,404
Total square footage per store (6)
10,509
10,522
10,545
10,556
10,572
Average total square footage (7)
11,893,413
10,742,874
9,641,367
8,724,581
7,690,742
Capital expenditures
319,400
440,714
373,747
299,167
249,067
Depreciation and amortization
279,472
252,713
210,295
165,049
131,764
Repurchase of common shares
616,194
367,581
344,275
167,396
39,923
Balance sheet data:
Cash and cash equivalents
$
409,251
$
277,445
$
385,010
$
345,840
$
389,149
Short-term investments
–
120,000
30,000
130,000
150,209
Working capital (8)
1,091,125
1,051,577
1,006,894
978,946
900,761
Property and equipment, net
1,226,029
1,189,453
1,004,358
847,600
717,159
Total assets
3,191,172
2,908,687
2,551,878
2,230,918
1,983,170
Total stockholders' equity
1,820,218
1,774,217
1,550,218
1,442,886
1,247,509
(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)
The Company adopted Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606) using the modified retrospective transition method in fiscal 2018. Results from fiscal years prior to fiscal 2018 have not been recast for the adoption of ASC 606.
(3)
Fiscal 2017 includes 53 weeks; all other fiscal years reported include 52 weeks. Net sales for the 53rd week of fiscal 2017 were approximately $108.8 million.
(4)
On December 22, 2017, the Tax Cuts and Jobs Act was enacted into law. This new legislation reduced the federal corporate tax rate to 21.0% effective January 1, 2018. In accordance with Section 15 of the Internal Revenue Code, the Company utilized a blended rate of 33.7% for the fiscal 2017 tax year, by applying a prorated percentage of the number of days prior to and subsequent to the January 1, 2018 effective date. Income tax expense in fiscal 2018 reflects the lower federal tax rate for the entire fiscal year.
(5)
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.
(6)
Total square footage per store is calculated by dividing total square footage at end of year by number of stores at end of year.
(7)
Average total square footage represents a weighted average, which reflects the effect of opening stores in different months throughout the year.
(8)
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, current deferred tax assets were classified as non-current liabilities at February 2, 2019, February 3, 2018, January 28, 2017, and January 30, 2016.
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