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 2020 (52 Weeks)		Fiscal 2019 (52 Weeks)		Fiscal 2018 1 (53 Weeks)		Fiscal 2017 (52 Weeks)		Fiscal 2016 (52 Weeks)
Results of Operations
Net revenues	$	6,783,189	$	5,898,008	$	5,671,593	$	5,292,359	$	5,083,812
Net revenue growth		15.0%		4.0%		7.2%		4.1%		2.2%
Comparable brand revenue growth 2		17.0%		6.0%		3.7%		3.2%		0.7%
Gross profit	$	2,636,269	$	2,139,092	$	2,101,013	$	1,931,711	$	1,883,310
Gross margin		38.9%		36.3%		37.0%		36.5%		37.0%
Operating income	$	910,697	$	465,874	$	435,953	$	453,811	$	472,599
Operating margin 3		13.4%		7.9%		7.7%		8.6%		9.3%
Net earnings	$	680,714	$	356,062	$	333,684	$	259,545	$	305,387
Basic earnings per share	$	8.81	$	4.56	$	4.10	$	3.03	$	3.45
Diluted earnings per share	$	8.61	$	4.49	$	4.05	$	3.02	$	3.41
Shares used in calculation of earnings per share: Basic		77,260		78,108		81,420		85,592		88,594
Diluted		79,055		79,225		82,340		86,080		89,462
Financial Position
Working capital 4	$	619,080	$	146,080	$	619,531	$	628,622	$	405,924
Total assets 4	$	4,661,424	$	4,054,042	$	2,812,844	$	2,785,749	$	2,476,879
Return on assets 4		15.6%		10.4%		11.9%		9.9%		12.5%
Net cash provided by operating activities	$	1,274,848	$	607,294	$	585,986	$	499,704	$	524,709
Capital expenditures	$	169,513	$	186,276	$	190,102	$	189,712	$	197,414
Long-term debt and other long-term liabilities 4	$	1,141,627	$	1,180,968	$	380,944	$	372,226	$	71,215
Stockholders’ equity	$	1,651,185	$	1,235,860	$	1,155,714	$	1,203,566	$	1,248,220
Stockholders’ equity per share (book value)	$	21.63	$	16.02	$	14.66	$	14.37	$	14.29
Return on equity		47.2%		29.8%		28.3%		21.2%		25.0%
Annual dividends declared per share	$	2.02	$	1.92	$	1.72	$	1.56	$	1.48
Number of stores at year-end		581		614		625		631		629
Store selling square footage at year-end		3,975,000		4,129,000		4,105,000		4,019,000		3,951,000
Store leased square footage at year-end		6,301,000		6,558,000		6,557,000		6,451,000		6,359,000

1	In fiscal 2018, we adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, using the modified retrospective method. Amounts reported for fiscal 2017 and fiscal 2016 have not been adjusted, and continue to be reported in accordance with previous revenue recognition guidance.

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 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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