Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

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Five-Year Selected Financial Data


In thousands, except percentages, per share amounts and retail stores data	Fiscal 2017 (52 Weeks)		Fiscal 2016 (52 Weeks)			Fiscal 2015 (52 Weeks)		Fiscal 2014 (52 Weeks)		Fiscal 2013 (52 Weeks)
Results of Operations
Net revenues	$	5,292,359	$	5,083,812		$	4,976,090	$	4,698,719	$	4,387,889
Net revenue growth		4.1%		2.2%			5.9%		7.1%		8.5%
Comparable brand revenue growth_1_		3.2%		0.7%			3.7%		7.1%		8.8%
Gross profit	$	1,931,711	$	1,883,310		$	1,844,214	$	1,800,504	$	1,704,216
Gross margin		36.5%		37.0%			37.1%		38.3%		38.8%
Operating income	$	453,811	$	472,599		$	488,634	$	502,265	$	452,098
Operating margin_2_		8.6%		9.3%			9.8%		10.7%		10.3%
Net earnings	$	259,545	$	305,387		$	310,068	$	308,854	$	278,902
Basic earnings per share	$	3.03	$	3.45		$	3.42	$	3.30	$	2.89
Diluted earnings per share	$	3.02	$	3.41		$	3.37	$	3.24	$	2.82
Shares used in calculation of earnings per share:
Basic		85,592		88,594			90,787		93,634		96,669
Diluted		86,080		89,462			92,102		95,200		98,765
Financial Position
Working capital_3_	$	628,622	$	405,924		$	339,673	$	515,975	$	558,007
Total assets	$	2,785,749	$	2,476,879		$	2,417,427	$	2,330,277	$	2,336,734
Return on assets		9.9%		12.5%			13.1%		13.2%		12.3%
Net cash provided by operating activities	$	499,704	$	524,709		$	544,026	$	461,697	$	453,769
Capital expenditures	$	189,712	$	197,414		$	202,935	$	204,800	$	193,953
Long-term debt and other long-term obligations	$	372,226	$	71,215		$	49,713	$	62,698	$	61,780
Stockholders’ equity	$	1,203,566	$	1,248,220		$	1,198,226	$	1,224,706	$	1,256,002
Stockholders’ equity per share (book value)	$	14.37	$	14.29		$	13.38	$	13.33	$	13.35
Return on equity		21.2%		25.0%			25.6%		24.9%		21.7%
Annual dividends declared per share	$	1.56	$	1.48		$	1.40	$	1.32	$	1.24
E-commerce Net Revenues
E-commerce net revenue growth		5.5%		4.4%			6.4%		12.1%		13.1%
E-commerce net revenues as a percent of net revenues		52.5%		51.8%			50.7%		50.5%		48.2%
Retail Net Revenues
Retail net revenue growth (decline)		2.6%		(0.1%	)		5.4%		2.4%		4.6%
Retail net revenues as a percent of net revenues		47.5%		48.2%			49.3%		49.5%		51.8%
Number of stores at year-end		631		629			618		601		585
Store selling square footage at year-end		4,019,000		3,951,000			3,827,000		3,684,000		3,590,000
Store leased square footage at year-end		6,451,000		6,359,000			6,163,000		5,965,000		5,838,000

1	Comparable brand revenue is calculated on a 52-week to 52-week basis. See definition of comparable brand revenue within “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

2	Operating margin is defined as operating income as a percent of net revenues.

3	In fiscal 2015, we prospectively adopted Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes, and now present both deferred tax assets and deferred tax liabilities as noncurrent in our Consolidated Balance Sheets. Prior balance sheets were not retrospectively adjusted and, as a result, working capital for fiscal 2013 and fiscal 2014 may not be comparable to fiscal 2015, fiscal 2016 and fiscal 2017.

The information set forth above is not necessarily indicative of future operations and should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Consolidated Financial Statements and notes thereto in this Annual Report on Form 10-K.

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Item 6. SELECTED FINANCIAL DATA

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