Quarterly Results (unaudited)

12 Months Ended

Sep. 28, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information [Text Block]

Quarterly Results (unaudited)

The Company’s first fiscal quarter consists of 16 weeks, the second and third fiscal quarters each are 12 weeks, and the fourth fiscal quarter is 12 or 13 weeks. Fiscal years 2014 and 2013 were 52-week years with twelve weeks in the fourth quarter. Because the first fiscal quarter is longer than the remaining quarters, it typically represents a larger share of the Company’s annual sales from existing stores. Quarter-to-quarter comparisons of results of operations have been and may be materially impacted by the timing of new store openings. The Company believes that the following information reflects all adjustments, consisting of normal recurring accruals, necessary for a fair presentation. The operating results for any quarter are not necessarily indicative of results for any future period.

The following tables set forth selected unaudited quarterly Consolidated Statements of Operations information for the fiscal years ended September 28, 2014 and September 29, 2013 (in millions, except per share amounts):

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Fiscal Year 2014
Sales	$	4,239	$	3,322	$	3,377	$	3,256
Cost of goods sold and occupancy costs	2,754		2,131		2,163		2,102
Gross profit	1,485		1,191		1,214		1,154
Direct store expenses	1,077		840		849		820
General and administrative expenses	132		107		102		105
Pre-opening expenses	16		11		18		22
Relocation, store closure and lease termination costs	5		2		2		2
Operating income	255		231		243		205
Investment and other income, net of interest expense	4		2		4		2
Income before income taxes	259		233		247		207
Provision for income taxes	101		91		96		79
Net income	$	158	$	142	$	151	$	128
Basic earnings per share	$	0.42	$	0.38	$	0.41	$	0.35
Diluted earnings per share	$	0.42	$	0.38	$	0.41	$	0.35
Dividends declared per common share	$	0.12	$	0.12	$	0.12	$	0.12

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Fiscal Year 2013
Sales	$	3,856	$	3,027	$	3,058	$	2,976
Cost of goods sold and occupancy costs	2,508		1,926		1,939		1,915
Gross profit	1,348		1,101		1,119		1,061
Direct store expenses	979		769		781		756
General and administrative expenses	116		91		95		95
Pre-opening expenses	14		10		13		15
Relocation, store closure and lease termination costs	4		3		2		3
Operating income	235		228		228		192
Investment and other income, net of interest expense	3		3		2		3
Income before income taxes	238		231		230		195
Provision for income taxes	92		89		88		74
Net income	$	146	$	142	$	142	$	121
Basic earnings per share	$	0.39	$	0.38	$	0.38	$	0.33
Diluted earnings per share	$	0.39	$	0.38	$	0.38	$	0.32
Dividends declared per common share	$	1.10	$	0.10	$	0.10	$	0.10

Per share amounts are computed independently for each of the quarters presented and the sum of the quarters may not equal the total year amount.