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 dataFiscal 20181 (53 Weeks)Fiscal 2017 (52 Weeks)Fiscal 2016 (52 Weeks)Fiscal 2015 (52 Weeks)Fiscal 2014 (52 Weeks)
Results of Operations
Net revenues$5,671,593$5,292,359$5,083,812$4,976,090$4,698,719
Net revenue growth7.2%4.1%2.2%5.9%7.1%
Comparable brand revenue growth_2_3.7%3.2%0.7%3.7%7.1%
Gross profit$2,101,013$1,931,711$1,883,310$1,844,214$1,800,504
Gross margin37.0%36.5%37.0%37.1%38.3%
Operating income$435,953$453,811$472,599$488,634$502,265
Operating margin_3_7.7%8.6%9.3%9.8%10.7%
Net earnings$333,684$259,545$305,387$310,068$308,854
Basic earnings per share$4.10$3.03$3.45$3.42$3.30
Diluted earnings per share$4.05$3.02$3.41$3.37$3.24
Shares used in calculation of earnings per share: Basic81,42085,59288,59490,78793,634
Diluted82,34086,08089,46292,10295,200
Financial Position
Working capital_4_$619,531$628,622$405,924$339,673$515,975
Total assets$2,812,844$2,785,749$2,476,879$2,417,427$2,330,277
Return on assets11.9%9.9%12.5%13.1%13.2%
Net cash provided by operating activities$585,986$499,704$524,709$544,026$461,697
Capital expenditures$190,102$189,712$197,414$202,935$204,800
Long-term debt and other long-term liabilities$380,944$372,226$71,215$49,713$62,698
Stockholders’ equity$1,155,714$1,203,566$1,248,220$1,198,226$1,224,706
Stockholders’ equity per share (book value)$14.66$14.37$14.29$13.38$13.33
Return on equity28.3%21.2%25.0%25.6%24.9%
Annual dividends declared per share$1.72$1.56$1.48$1.40$1.32
E-commerce Net Revenues
E-commerce net revenue growth10.9%5.5%4.4%6.4%12.1%
E-commerce net revenues as a percent of net revenues54.3%52.5%51.8%50.7%50.5%
Retail Net Revenues
Retail net revenue growth (decline)3.0%2.6%(0.1%)5.4%2.4%
Retail net revenues as a percent of net revenues45.7%47.5%48.2%49.3%49.5%
Number of stores at year-end625631629618601
Store selling square footage at year-end4,105,0004,019,0003,951,0003,827,0003,684,000
Store leased square footage at year-end6,557,0006,451,0006,359,0006,163,0005,965,000
1In fiscal 2018, we adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers, using the modified retrospective method. Amounts reported for fiscal 2017 and prior years have not been adjusted, and continue to be reported in accordance with previous revenue recognition guidance. See Note A to the Consolidated Financial Statements.
2Comparable brand revenue is calculated on a 52-week to 52-week basis, with the exception of fiscal 2018 which is calculated on a 53-week to 53-week basis. See definition of comparable brand revenue within “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
3Operating margin is defined as operating income as a percent of net revenues.
4In 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 2014 may not be comparable to other years.

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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