Quarterly financial data (unaudited)

12 Months Ended

Jan. 29, 2021

Quarterly financial data (unaudited)

Quarterly financial data (unaudited)

12.Quarterly financial data (unaudited)

The following is selected unaudited quarterly financial data for the fiscal years ended January 29, 2021 and January 31, 2020. 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
2020:
Net sales	$	8,448,449	$	8,684,241	$	8,199,625	$	8,414,524
Gross profit		2,595,692		2,818,235		2,568,240		2,736,695
Operating profit		866,784		1,042,627		773,130		872,224
Net income		650,446		787,601		574,260		642,743
Basic earnings per share		2.58		3.15		2.32		2.64
Diluted earnings per share		2.56		3.12		2.31		2.62

	First		Second		Third		Fourth
(In thousands)	Quarter		Quarter		Quarter		Quarter
2019:
Net sales	$	6,623,185	$	6,981,753	$	6,991,393	$	7,157,642
Gross profit		2,002,276		2,148,936		2,065,086		2,272,763
Operating profit		512,237		577,775		491,417		720,875
Net income		385,013		426,555		365,550		535,437
Basic earnings per share		1.49		1.65		1.43		2.11
Diluted earnings per share		1.48		1.65		1.42		2.10

Approximately midway into the first quarter of 2020, the Company began seeing heightened demand from customers, particularly for consumable products, which continued in varying degrees throughout the balance of the year. As the first quarter of 2020 progressed, the Company experienced a significant increase in demand in many non-consumable products. This increased overall customer demand significantly benefited the Company’s results of operations, and in particular, net sales, gross profit, operating income and net income for each quarter of fiscal 2020. Although the Company incurred additional payroll related expenses, increased distribution and transportation costs, as well as other costs throughout fiscal 2020 to meet the significant customer demand and to protect the health and safety of employees and customers, these costs were more than offset by the incremental sales.

In the second quarter of 2019, the Company incurred expenses for losses the Company believes are both probable and reasonably estimable relating to certified class actions and associated legal matters totaling $31.0 million ($24.1 million net of tax, or $0.09 per diluted share), which was recognized in Selling, general and administrative expense in the second quarter of 2019.