Thirteen Weeks Ended | Thirteen Weeks Ended | Fifty-Two Weeks Ended | Fifty-Two Weeks Ended | |||||||||||||||||||||||||||||||
January 31, | % of | February 1, | % of | January 31, | % of | February 1, | % of | |||||||||||||||||||||||||||
2010 | Sales | 2009 | Sales | 2010 | Sales | 2009 | Sales | |||||||||||||||||||||||||||
Merchandise sales |
$ | 1,264,044 | 89.9 | % | $ | 1,228,542 | 90.4 | % | $ | 4,761,039 | 89.2 | % | $ | 4,538,563 | 89.6 | % | ||||||||||||||||||
Services sales |
141,639 | 10.1 | % | 130,728 | 9.6 | % | 575,353 | 10.8 | % | 526,730 | 10.4 | % | ||||||||||||||||||||||
Net sales |
1,405,683 | 100.0 | % | 1,359,270 | 100.0 | % | 5,336,392 | 100.0 | % | 5,065,293 | 100.0 | % | ||||||||||||||||||||||
Cost of merchandise sales |
885,643 | 63.0 | % | 849,039 | 62.5 | % | 3,402,021 | 63.8 | % | 3,184,819 | 62.9 | % | ||||||||||||||||||||||
Cost of services sales |
103,663 | 7.4 | % | 95,268 | 7.0 | % | 415,154 | 7.8 | % | 385,041 | 7.6 | % | ||||||||||||||||||||||
Total cost of sales |
989,306 | 70.4 | % | 944,307 | 69.5 | % | 3,817,175 | 71.5 | % | 3,569,860 | 70.5 | % | ||||||||||||||||||||||
Gross profit |
416,377 | 29.6 | % | 414,963 | 30.5 | % | 1,519,217 | 28.5 | % | 1,495,433 | 29.5 | % | ||||||||||||||||||||||
Operating, general and administrative expenses |
282,236 | 20.1 | % | 272,902 | 20.1 | % | 1,150,138 | 21.6 | % | 1,125,579 | 22.2 | % | ||||||||||||||||||||||
Operating income |
134,141 | 9.5 | % | 142,061 | 10.5 | % | 369,079 | 6.9 | % | 369,854 | 7.3 | % | ||||||||||||||||||||||
Interest expense, net |
(14,773 | ) | -1.1 | % | (15,035 | ) | -1.1 | % | (59,748 | ) | -1.1 | % | (58,757 | ) | -1.2 | % | ||||||||||||||||||
Income before income tax expense
and equity in income from investee |
119,368 | 8.5 | % | 127,026 | 9.3 | % | 309,331 | 5.8 | % | 311,097 | 6.1 | % | ||||||||||||||||||||||
Income tax expense |
(45,960 | ) | -3.3 | % | (48,334 | ) | -3.6 | % | (117,554 | ) | -2.2 | % | (121,019 | ) | -2.4 | % | ||||||||||||||||||
Equity in income from investee |
1,621 | 0.1 | % | (304 | ) | 0.0 | % | 6,548 | 0.1 | % | 2,592 | 0.1 | % | |||||||||||||||||||||
Net income |
$ | 75,029 | 5.3 | % | $ | 78,388 | 5.8 | % | $ | 198,325 | 3.7 | % | $ | 192,670 | 3.8 | % | ||||||||||||||||||
Earnings per common share: |
||||||||||||||||||||||||||||||||||
Basic |
$ | 0.63 | $ | 0.63 | $ | 1.62 | $ | 1.55 | ||||||||||||||||||||||||||
Diluted |
$ | 0.61 | $ | 0.62 | $ | 1.59 | $ | 1.52 | ||||||||||||||||||||||||||
Weighted average shares outstanding: |
||||||||||||||||||||||||||||||||||
Basic |
119,962 | 124,444 | 122,363 | 124,342 | ||||||||||||||||||||||||||||||
Diluted |
122,658 | 126,783 | 124,701 | 126,751 | ||||||||||||||||||||||||||||||
Stores open at beginning of each period |
1,149 | 1,107 | 1,112 | 1,008 | ||||||||||||||||||||||||||||||
Stores opened during each period |
2 | 8 | 45 | 112 | ||||||||||||||||||||||||||||||
Stores closed during each period |
(2 | ) | (3 | ) | (8 | ) | (8 | ) | ||||||||||||||||||||||||||
Stores open at end of each period |
1,149 | 1,112 | 1,149 | 1,112 | ||||||||||||||||||||||||||||||
January 31, | February 1, | |||||||
2010 | 2009 | |||||||
Assets |
||||||||
Cash and cash equivalents |
$ | 308,360 | $ | 126,314 | ||||
Restricted cash |
48,172 | — | ||||||
Receivables, net |
52,232 | 48,609 | ||||||
Merchandise inventories |
563,389 | 584,011 | ||||||
Deferred income taxes |
36,805 | 28,223 | ||||||
Prepaid expenses and other current assets |
57,652 | 87,677 | ||||||
Total current assets |
1,066,610 | 874,834 | ||||||
Property and equipment, net |
1,201,857 | 1,302,245 | ||||||
Equity investment in affiliate |
32,486 | 25,938 | ||||||
Deferred income taxes |
94,901 | 93,128 | ||||||
Goodwill |
42,200 | 38,645 | ||||||
Other noncurrent assets |
23,932 | 22,863 | ||||||
Total assets |
$ | 2,461,986 | $ | 2,357,653 | ||||
Liabilities and Stockholders’ Equity |
||||||||
Accounts payable and bank overdraft |
$ | 212,121 | $ | 194,630 | ||||
Accrued payroll, bonus and employee benefits |
105,162 | 88,337 | ||||||
Accrued occupancy expenses and deferred rents |
63,142 | 55,642 | ||||||
Current maturities of capital lease obligations |
37,839 | 32,233 | ||||||
Other current liabilities |
146,965 | 107,315 | ||||||
Total current liabilities |
565,229 | 478,157 | ||||||
Capital lease obligations |
533,635 | 553,760 | ||||||
Deferred rents |
91,030 | 92,155 | ||||||
Other noncurrent liabilities |
99,377 | 89,445 | ||||||
Total liabilities |
1,289,271 | 1,213,517 | ||||||
Stockholders’ Equity: |
||||||||
Preferred stock; $.0001 par value |
— | — | ||||||
Common stock; $.0001 par value |
16 | 16 | ||||||
Additional paid-in capital |
1,148,228 | 1,117,557 | ||||||
Retained earnings |
1,093,708 | 936,100 | ||||||
Accumulated other comprehensive income (loss) |
2,369 | (2,714 | ) | |||||
Treasury stock |
(1,071,606 | ) | (906,823 | ) | ||||
Total stockholders’ equity |
1,172,715 | 1,144,136 | ||||||
Total liabilities and stockholders’ equity |
$ | 2,461,986 | $ | 2,357,653 | ||||