Quarterly financial data (unaudited)

12 Months Ended

Jan. 29, 2016

Quarterly financial data (unaudited)

14. Quarterly financial data (unaudited)

The following is selected unaudited quarterly financial data for the fiscal years ended January 29, 2016 and January 30, 2015. Each quarterly period listed below was a 13-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
2015:
Net sales	$	4,918,672	$	5,095,904	$	5,067,048	$	5,286,938
Gross profit		1,498,705		1,588,155		1,536,962		1,682,269
Operating profit		428,194		475,812		423,859		612,429
Net income		253,235		282,349		253,321		376,175
Basic earnings per share		0.84		0.95		0.87		1.30
Diluted earnings per share		0.84		0.95		0.86		1.30

(In thousands)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2014:
Net sales	$	4,522,081	$	4,724,039	$	4,724,409	$	4,939,059
Gross profit		1,357,746		1,455,574		1,423,748		1,565,439
Operating profit		379,708		428,526		394,143		566,716
Net income		222,398		251,260		236,316		355,371
Basic earnings per share		0.72		0.83		0.78		1.17
Diluted earnings per share		0.72		0.83		0.78		1.17

As discussed in Note 13, in the third quarter of 2015, the Company implemented a restructuring of its corporate support functions. As a result, the Company incurred expenses, primarily related to severance-related benefits, of $6.1 million ($3.7 million net of tax, or $0.01 per diluted share), which was recognized as Selling, general, and administrative expense.

In the third and fourth quarters of 2014, the Company incurred expenses related to an attempted acquisition of $8.2 million ($7.4 million net of tax, or $0.02 per diluted share) and $6.1 million ($1.3 million net of tax, or $0.00 per diluted share), respectively, which were recognized as Selling, general and administrative expenses.