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 2019 (52 Weeks)		Fiscal 2018 1 (53 Weeks)		Fiscal 2017 (52 Weeks)		Fiscal 2016 (52 Weeks)		Fiscal 2015 (52 Weeks)
Results of Operations
Net revenues	$	5,898,008	$	5,671,593	$	5,292,359	$	5,083,812	$	4,976,090
Net revenue growth		4.0%		7.2%		4.1%		2.2%		5.9%
Comparable brand revenue growth 2		6.0%		3.7%		3.2%		0.7%		3.7%
Gross profit	$	2,139,092	$	2,101,013	$	1,931,711	$	1,883,310	$	1,844,214
Gross margin		36.3%		37.0%		36.5%		37.0%		37.1%
Operating income	$	465,874	$	435,953	$	453,811	$	472,599	$	488,634
Operating margin 3		7.9%		7.7%		8.6%		9.3%		9.8%
Net earnings	$	356,062	$	333,684	$	259,545	$	305,387	$	310,068
Basic earnings per share	$	4.56	$	4.10	$	3.03	$	3.45	$	3.42
Diluted earnings per share	$	4.49	$	4.05	$	3.02	$	3.41	$	3.37
Shares used in calculation of earnings per share: Basic		78,108		81,420		85,592		88,594		90,787
Diluted		79,225		82,340		86,080		89,462		92,102
Financial Position
Working capital 4	$	146,080	$	619,531	$	628,622	$	405,924	$	339,673
Total assets 4	$	4,054,042	$	2,812,844	$	2,785,749	$	2,476,879	$	2,417,427
Return on assets 4		10.4%		11.9%		9.9%		12.5%		13.1%
Net cash provided by operating activities	$	607,294	$	585,986	$	499,704	$	524,709	$	544,026
Capital expenditures	$	186,276	$	190,102	$	189,712	$	197,414	$	202,935
Long-term debt and other long-term liabilities 4	$	1,180,968	$	380,944	$	372,226	$	71,215	$	49,713
Stockholders’ equity	$	1,235,860	$	1,155,714	$	1,203,566	$	1,248,220	$	1,198,226
Stockholders’ equity per share (book value)	$	16.02	$	14.66	$	14.37	$	14.29	$	13.38
Return on equity		29.8%		28.3%		21.2%		25.0%		25.6%
Annual dividends declared per share	$	1.92	$	1.72	$	1.56	$	1.48	$	1.40
Number of stores at year-end		614		625		631		629		618
Store selling square footage at year-end		4,129,000		4,105,000		4,019,000		3,951,000		3,827,000
Store leased square footage at year-end		6,558,000		6,557,000		6,451,000		6,359,000		6,163,000

1	In fiscal 2018, we adopted ASU 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.

2	Comparable 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.”

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

4	In fiscal 2019, we adopted Accounting Standards Update (“ASU”) 2016-02, Leases, as of the adoption date. Amounts reported for fiscal 2018 and prior years have not been adjusted, and continue to be reported in accordance with previous lease accounting guidance. See Note A to the Consolidated Financial Statements.

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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