QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)

12 Months Ended

Feb. 01, 2020

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

Summary of quarterly results of operations

Unaudited quarterly results of operations for fiscal 2019 and fiscal 2018 were as follows (in thousands, except per share data):


	Fiscal 2019
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Net sales	$	1,093,720	$	1,033,689	$	1,222,021	$	1,722,608
Cost of sales and occupancy expense		676,080		666,703		780,387		1,076,610
Gross profit		417,640		366,986		441,634		645,998
Selling, general and administrative		320,597		290,074		322,807		370,803
Restructure and impairment charges ⁽¹⁾		3,087		3,869		41,376		—
Operating income		92,730		71,300		76,049		274,957
Net income		37,691		24,547		28,705		181,651
Diluted earnings per common share	$	0.24	$	0.16	$	0.19	$	1.24


	Fiscal 2018
	First		Second		Third		Fourth
	Quarter ⁽²⁾		Quarter		Quarter ⁽³⁾		Quarter
Net sales ⁽⁴⁾	$	1,155,511	$	1,053,267	$	1,274,058	$	1,789,109
Cost of sales and occupancy expense		698,948		679,938		795,104		1,074,285
Gross profit		456,563		373,329		478,954		714,824
Selling, general and administrative		328,617		300,981		340,593		381,211
Restructure charges ⁽⁵⁾		47,498		(3,220)		—		59,960
Operating income		78,943		74,273		137,165		273,230
Net income		26,885		27,488		83,769		181,403
Diluted earnings per common share	$	0.15	$	0.15	$	0.50	$	1.15

(1)	Includes restructure charges related to the closure of our Pat Catan’s stores in the fourth quarter of fiscal 2018. The third quarter of fiscal 2019 also includes $40.1 million of impairment charges primarily related to our Darice wholesale business.

(2)	Net income for the first quarter of fiscal 2018 includes $8.1 million of additional income tax expense as a result of the Tax Act.

(3)	Net income for the third quarter of fiscal 2018 includes an income tax benefit of $7.1 million as a result of the Tax Act.

(4)

Net sales for Aaron Brothers were $12.9 million in the first quarter of fiscal 2018. There were no Aaron Brothers net sales in the second, third and fourth quarters of fiscal 2018. Net Sales for Pat Catan’s were $25.8 million, $22.9 million, $26.7 million and $34.2 million in the first, second, third and fourth quarters of fiscal 2018, respectively.

(5)	Includes restructure charges primarily related to the closure of our Aaron Brothers stores in the first quarter of fiscal 2018 and our Pat Catan’s stores in the fourth quarter of fiscal 2018.