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Quarterly financial data (unaudited)
12 Months Ended
Feb. 03, 2012
Quarterly financial data (unaudited)  
Quarterly financial data (unaudited)

14. Quarterly financial data (unaudited)

        The following is selected unaudited quarterly financial data for the fiscal years ended February 3, 2012 and January 28, 2011. Each quarterly period listed below was a 13-week accounting period, with the exception of the fourth quarter of 2011, which was a 14-week accounting period. The sum of the four quarters for any given year may not equal annual totals due to rounding.

(In thousands)
  First
Quarter
  Second
Quarter
  Third
Quarter
  Fourth
Quarter
 

2011:

                         

Net sales

  $ 3,451,697   $ 3,575,194   $ 3,595,224   $ 4,185,073  

Gross profit

    1,087,397     1,148,342     1,115,802     1,346,369  

Operating profit

    321,618     350,029     310,917     508,240  

Net income

    156,969     146,042     171,164     292,510  

Basic earnings per share

    0.46     0.43     0.50     0.86  

Diluted earnings per share

    0.45     0.42     0.50     0.85  

 

(In thousands)
  First
Quarter
  Second
Quarter
  Third
Quarter
  Fourth
Quarter
 

2010:

                         

Net sales

  $ 3,111,314   $ 3,214,155   $ 3,223,427   $ 3,486,104  

Gross profit

    999,756     1,035,979     1,010,668     1,130,153  

Operating profit

    290,723     300,757     274,334     408,251  

Net income

    135,996     141,195     128,120     222,546  

Basic earnings per share

    0.40     0.41     0.38     0.65  

Diluted earnings per share

    0.39     0.41     0.37     0.64  

        As discussed in Note 6, in the first quarter of 2011, the Company repurchased $25.0 million principal amount of its outstanding Senior Notes, resulting in a pretax loss of $2.2 million ($1.3 million net of tax, or less than $0.01 per diluted share) which is recognized as Other (income) expense.

        As discussed in Note 6, in the second quarter of 2011, the Company repurchased $839.3 million principal amount of its outstanding Senior Notes, resulting in a pretax loss of $58.1 million ($35.4 million net of tax, or $0.10 per diluted share) which is recognized as Other (income) expense.

        As discussed in Note 11, in the fourth quarter of 2011 the Company incurred share-based compensation expenses of $8.6 million ($5.3 million net of tax, or $0.02 per diluted share) for the accelerated vesting of certain share-based awards in conjunction with a secondary offering of the Company's common stock which is included in SG&A expenses.

        As discussed in Note 11, in the first quarter of 2010 the Company incurred share-based compensation expenses of $13.3 million ($8.1 million net of tax, or $0.02 per diluted share) for the accelerated vesting of certain share-based awards in conjunction with a secondary offering of the Company's common stock which is included in SG&A expenses.

        As discussed in Note 6, in the second quarter of 2010, the Company repurchased $50.0 million principal amount of its outstanding Senior Notes, resulting in a pretax loss of $6.5 million ($4.0 million net of tax, or $0.01 per diluted share) which is recognized as Other (income) expense.

        As discussed in Note 6, in the third quarter of 2010, the Company repurchased $65.0 million principal amount of its outstanding Senior Notes, resulting in a pretax loss of $8.2 million ($5.0 million net of tax, or $0.01 per diluted share) which is recognized as Other (income) expense.

        As discussed in Note 11, in the fourth quarter of 2010 the Company incurred share-based compensation expenses of $3.8 million ($2.3 million net of tax, or $0.01 per diluted share) for the accelerated vesting of certain share-based awards in conjunction with a secondary offering of the Company's common stock which is included in SG&A expenses.