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,
February 2,
February 3,
January 28,
January 30,
2020
2019 (2)
2018 (3)
2017
2016
(In thousands, except per share and per square foot data)
Income statement:
Net sales
$
7,398,068
$
6,716,615
$
5,884,506
$
4,854,737
$
3,924,116
Cost of sales
4,717,004
4,307,304
3,787,697
3,107,508
2,539,783
Gross profit
2,681,064
2,409,311
2,096,809
1,747,229
1,384,333
Selling, general and administrative expenses
1,760,716
1,535,464
1,287,232
1,073,834
863,354
Pre-opening expenses
19,254
19,767
24,286
18,571
14,682
Operating income
901,094
854,080
785,291
654,824
506,297
Interest income, net
(5,056)
(5,061)
(1,568)
(890)
(1,143)
Income before income taxes
906,150
859,141
786,859
655,714
507,440
Income tax expense (4)
200,205
200,582
231,625
245,954
187,432
Net income
$
705,945
$
658,559
$
555,234
$
409,760
$
320,008
Net income per common share:
Basic
$
12.21
$
11.00
$
9.02
$
6.55
$
5.00
Diluted
$
12.15
$
10.94
$
8.96
$
6.52
$
4.98
Weighted average common shares outstanding:
Basic
57,840
59,864
61,556
62,519
63,949
Diluted
58,105
60,181
61,975
62,851
64,275
Other operating data:
Comparable sales increase (5)
5.0%
8.1%
11.0%
15.8%
11.8%
Number of stores end of year
1,254
1,174
1,074
974
874
Total square footage end of year
13,193,076
12,337,145
11,300,920
10,271,184
9,225,957
Total square footage per store (6)
10,521
10,509
10,522
10,545
10,556
Average total square footage (7)
12,804,988
11,893,413
10,742,874
9,641,367
8,724,581
Capital expenditures
298,534
319,400
440,714
373,747
299,167
Depreciation and amortization
295,599
279,472
252,713
210,295
165,049
Repurchase of common shares
680,979
616,194
367,581
344,275
167,396
Balance sheet data (at period end):
Cash and cash equivalents
$
392,325
$
409,251
$
277,445
$
385,010
$
345,840
Short-term investments
110,000
—
120,000
30,000
130,000
Working capital
918,056
1,091,125
1,051,577
1,006,894
978,946
Property and equipment, net
1,205,524
1,226,029
1,189,453
1,004,358
847,600
Total assets (8)
4,863,872
3,191,172
2,908,687
2,551,878
2,230,918
Operating lease liabilities (8)
1,938,347
—
—
—
—
Total stockholders' equity
1,902,094
1,820,218
1,774,217
1,550,218
1,442,886
(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 adopted Accounting Standards Update No. 2016-02, Leases (Topic 842), on February 3, 2019 using the modified retrospective approach by recognizing and measuring leases without revising comparative period information or disclosures.
filings.tools