11. Quarterly financial data (unaudited)

The following is selected unaudited quarterly financial data for the fiscal years ended February 1, 2019 and February 2, 2018. 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.


	First		Second		Third		Fourth
(In thousands)	Quarter		Quarter		Quarter		Quarter
2018:
Net sales	$	6,114,463	$	6,443,309	$	6,417,462	$	6,649,809
Gross profit		1,862,249		1,974,873		1,895,059		2,071,689
Operating profit		490,184		545,476		442,143		638,503
Net income		364,852		407,237		334,142		483,241
Basic earnings per share		1.36		1.53		1.26		1.85
Diluted earnings per share		1.36		1.52		1.26		1.84


	First		Second		Third		Fourth
(In thousands)	Quarter		Quarter		Quarter		Quarter
2017:
Net sales	$	5,609,625	$	5,828,305	$	5,903,606	$	6,129,431
Gross profit		1,698,983		1,790,522		1,766,456		1,965,398
Operating profit		473,795		493,146		417,431		623,446
Net income		279,489		294,783		252,533		712,155
Basic earnings per share		1.02		1.08		0.93		2.63
Diluted earnings per share		1.02		1.08		0.93		2.63

The Company purchased 15 retail store locations and assumed the lease obligations on approximately 300 retail store locations in 2017, and relocated certain of its existing stores to the acquired locations. As a result, the Company incurred expenses, primarily related to costs for remaining lease liabilities, of $7.3 million ($4.4 million net of tax, or $0.02 per diluted share), which was recognized in Selling, general and administrative expense in the second quarter of 2017.

In the fourth quarter of 2017, the Company closed an incremental 35 stores as result of a strategic review process. The Company incurred $28.3 million of costs ($17.6 million net of tax, or $0.07 per diluted share) related to these store closings, most of which was in the form of SG&A expenses for remaining lease liabilities.