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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
 12 Months Ended
Feb. 03, 2018
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)  
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

18. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

 

Unaudited quarterly results of operations for fiscal 2017 and fiscal 2016 were as follows (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2017

 

 

First

 

Second

 

Third

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter(1)

Net sales

 

$

1,158,563

 

$

1,072,593

 

$

1,240,196

 

$

1,890,608

Cost of sales and occupancy expense

 

 

690,929

 

 

670,082

 

 

756,088

 

 

1,116,072

Gross profit

 

 

467,634

 

 

402,511

 

 

484,108

 

 

774,536

Selling, general and administrative

 

 

327,396

 

 

313,867

 

 

329,298

 

 

419,839

Operating income

 

 

139,260

 

 

87,982

 

 

153,858

 

 

354,290

Net income

 

 

72,208

 

 

35,562

 

 

79,760

 

 

202,968

Diluted earnings per common share

 

$

0.38

 

$

0.19

 

$

0.44

 

$

1.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2016 (2)

 

 

First

 

Second

 

Third

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

Net sales

 

$

1,158,880

 

$

1,060,353

 

$

1,227,206

 

$

1,750,854

Cost of sales and occupancy expense

 

 

694,129

 

 

669,656

 

 

760,598

 

 

1,045,093

Gross profit

 

 

464,751

 

 

390,697

 

 

466,608

 

 

705,761

Selling, general and administrative

 

 

317,800

 

 

302,712

 

 

318,580

 

 

368,960

Operating income

 

 

145,325

 

 

87,077

 

 

146,324

 

 

336,556

Losses on early extinguishments of debt and refinancing costs

 

 

 —

 

 

405

 

 

6,887

 

 

 —

Net income

 

 

70,765

 

 

35,617

 

 

76,459

 

 

195,318

Diluted earnings per common share

 

$

0.34

 

$

0.17

 

$

0.37

 

$

0.95

(1)

Net income for the fourth quarter of fiscal 2017 includes $8.5 million of additional income tax expense as a result of the Tax Cuts and Jobs Act.

(2)

Fiscal 2016 results of operations includes $11.4 million of non-recurring purchase accounting adjustments and integration costs related to the acquisition of Lamrite on February 2, 2016.

 

We report on the basis of a 52-week or 53-week fiscal year, which ends on the Saturday closest to January 31. Our interim periods each contain 13 weeks ending on the Saturday closest to April 30, July 31 and October 31, with the exception of the fourth quarter of fiscal 2017, which consisted of 14 weeks.