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Quarterly Results

12 Months Ended

Feb. 03, 2018

Quarterly Financial Information Disclosure [Abstract]

Note 13 – Quarterly Results (Unaudited)

Quarterly results are determined in accordance with the accounting policies used for annual data and include certain items based upon estimates for the entire year. All fiscal quarters in 2017 and 2016 include results for 13 weeks, except for the fourth quarter of 2017, which includes results for 14 weeks.

(In thousands, except per share data)

Fiscal 2017	First Quarter		Second Quarter		Third Quarter		Fourth Quarter ⁽¹⁾⁽²⁾

Net sales	$	253,389	$	235,064	$	287,469	$	243,232
Gross profit		72,156		68,227		85,667		70,219
Operating income		13,227		6,424		17,880		170
Net income (loss)		8,231		3,896		10,697		(3,891	)
Net income (loss) per share – Basic ⁽⁴⁾	$	0.48	$	0.24	$	0.66	$	(0.24	)
Net income (loss) per share – Diluted ⁽⁴⁾	$	0.48	$	0.24	$	0.66	$	(0.24	)

Fiscal 2016	First Quarter		Second Quarter		Third Quarter		Fourth Quarter ⁽³⁾

Net sales	$	260,470	$	231,907	$	274,524	$	234,201
Gross profit		75,556		67,230		82,010		64,439
Operating income (loss)		17,285		6,660		15,452		(1,485	)
Net income (loss)		10,661		4,104		9,672		(920	)
Net income (loss) per share – Basic ⁽⁴⁾	$	0.56	$	0.22	$	0.54	$	(0.05	)
Net income (loss) per share – Diluted ⁽⁴⁾	$	0.56	$	0.22	$	0.54	$	(0.05	)

(1)

Our gross profit, operating income and net loss for the fourth quarter of fiscal 2017 were impacted by the following items recorded in such quarter: gain on insurance proceeds related to hurricane affected stores of $3.3 million, or $0.13 per diluted share, net of tax, non-cash impairment charges for underperforming stores of $3.4 million, or $0.13 per diluted share, net of tax, additional stock-based compensation expense resulting from the enactment of the Tax Act and its impact on the anticipated vesting of outstanding performance-based restricted stock of $1.9 million, or $0.08 per diluted share, net of tax, and additional income tax expense resulting from the enactment of the Tax Act and our remeasurement of deferred tax assets and liabilities of $4.4 million, or $0.27 per diluted share.

(2)

The fourth quarter of fiscal 2017 consisted of 14 weeks compared with 13 weeks in the comparable prior year period.

(3)

Our gross profit, operating income and net loss for the fourth quarter of fiscal 2016 were impacted by non-cash impairment charges related to certain underperforming stores in Puerto Rico of $3.6 million, or $0.12 per diluted share, net of tax, recorded in such quarter.

(4)

Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year due to the impact of changes in weighted shares outstanding and differing applications of earnings under the two-class method.