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QUARTERLY FINANCIAL DATA
 12 Months Ended
Jan. 30, 2016
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA (UNAUDITED)
In the opinion of management, the unaudited consolidated financial statements presented below contain all material adjustments, consisting of normal recurring accruals, necessary to present fairly the Company's financial position and results of operations and have been prepared in a manner consistent with the audited financial statements contained herein. Due to the seasonal nature of the Company's business, the results of operations in any given interim period are not indicative of operating results for a full fiscal year.
14.
QUARTERLY FINANCIAL DATA (UNAUDITED) (Continued)
The following tables reflect quarterly consolidated statements of income for the periods indicated (unaudited):

 
 
Fiscal Year Ended January 30, 2016
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter (1)
Net sales
 
$
404,865

 
$
366,455

 
$
455,913

 
$
498,544

Gross profit
 
152,109

 
115,004

 
180,513

 
177,506

Selling, general and administrative expenses
 
114,514

 
118,342

 
105,797

 
131,245

Asset impairment charges
 
—

 
1,452

 
919

 
—

Other costs (income)
 
(3
)
 
76

 
14

 
11

Depreciation and amortization
 
14,394

 
15,252

 
16,136

 
16,903

Operating income (loss)
 
23,204

 
(20,118
)
 
57,647

 
29,347

Income (loss) before income taxes
 
23,028

 
(20,323
)
 
57,393

 
29,284

Provision (benefit) for income taxes
 
7,421

 
(6,628
)
 
18,898

 
11,807

Net income (loss)
 
15,607

 
(13,695
)
 
38,495

 
17,477

 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
 
$
0.73

 
$
(0.67
)
 
$
1.88

 
$
0.87

Diluted weighted average common shares outstanding
 
21,366

 
20,576

 
20,517

 
20,174

 
 
 
 
 
 
 
 
 
Cash dividends declared and paid per common share
 
$
0.1500

 
$
0.1500

 
$
0.1500

 
$
0.1500


____________________________________________
(1) Items impacting the fourth quarter of Fiscal 2015 include approximately $4.4 million of additional costs related to corporate severance and reorganizations partially offset by approximately $2.8 million of income related to the accelerated conversion of loyalty points in the Company's current loyalty program in anticipation of transition to a new customer loyalty program in Fiscal 2016.
 
 
Fiscal Year Ended January 31, 2015
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter (1)
Net sales
 
$
410,149

 
$
384,628

 
$
487,304

 
$
479,243

Gross profit
 
148,261

 
119,118

 
190,111

 
164,810

Selling, general and administrative expenses
 
113,720

 
117,111

 
116,120

 
123,735

Asset impairment charges
 
—

 
3,045

 
3,306

 
4,794

Other costs (income)
 
231

 
(98
)
 
(286
)
 
85

Depreciation and amortization
 
14,227

 
15,557

 
15,168

 
15,542

Operating income (loss)
 
20,083

 
(16,497
)
 
55,803

 
20,654

Income (loss) before income taxes
 
20,102

 
(16,557
)
 
55,721

 
20,609

Provision (benefit) for income taxes
 
6,506

 
(5,870
)
 
18,779

 
3,572

Net income (loss)
 
13,596

 
(10,687
)
 
36,942

 
17,037

 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
 
$
0.61

 
$
(0.49
)
 
$
1.70

 
$
0.79

Diluted weighted average common shares outstanding
 
22,419

 
21,837

 
21,756

 
21,512

 
 
 
 
 
 
 
 
 
Cash dividends declared and paid per common share
 
$
0.1325

 
$
0.1325

 
$
0.1325

 
$
0.1325

____________________________________________

14.
QUARTERLY FINANCIAL DATA (UNAUDITED) (Continued)

(1)
Items impacting the fourth quarter of Fiscal 2014 include approximately $4.8 million of asset impairment charges and $3.2 million of additional costs related to corporate severance and reorganizations.