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Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jul. 30, 2011
Jul. 31, 2010
Jul. 30, 2011
Jul. 31, 2010
Net sales $ 230,662 [1] $ 188,412 [1] $ 423,932 [1] $ 366,537 [1]
Cost of goods sold 86,755 70,082 154,712 134,891
Gross profit 143,907 118,330 269,220 231,646
Operating expenses:        
Sales and marketing, including occupancy costs 88,120 73,748 166,972 144,267
General and administrative 21,189 17,175 38,613 33,911
Total operating expenses 109,309 90,923 205,585 178,178
Operating income 34,598 [2] 27,407 [2] 63,635 [2] 53,468 [2]
Other income (expense):        
Interest income 83 159 215 274
Interest expense (18) (5) (21) (95)
Total other income (expense) 65 154 194 179
Income before provision for income taxes 34,663 27,561 63,829 53,647
Provision for income taxes 14,109 11,082 25,465 21,360
Net income $ 20,554 $ 16,479 $ 38,364 $ 32,287
Earnings per share:        
Basic $ 0.74 $ 0.60 $ 1.39 $ 1.17
Diluted $ 0.74 $ 0.59 $ 1.37 $ 1.16
Weighted average shares outstanding:        
Basic 27,749 27,527 27,686 27,527
Diluted 27,958 27,827 27,944 27,823
[1] Stores net sales represent all Full-line Store sales. Direct Marketing net sales represent catalog call center and Internet sales. Net sales from segments below the GAAP quantitative thresholds are attributable primarily to our two other operating segments. Those segments are Outlet and Factory stores and Franchise stores. These segments have never met any of the quantitative thresholds for determining reportable segments and are included in “Corporate and Other.”
[2] Operating income (loss) for the Stores and Direct Marketing segments represents profit before allocations of overhead from the corporate office and the distribution centers, interest and income taxes (“four wall” contribution). Total Company shipping costs to customers of approximately $4.4 million and $3.2 million for the second quarter of fiscal years 2011 and 2010, respectively, and approximately $7.3 million and $5.5 million for the first six months of fiscal years 2011 and 2010, respectively, were recorded to “Sales and marketing, including occupancy costs” in the Condensed Consolidated Statements of Income. Operating income (loss) for “Corporate and Other” consists primarily of costs included in general and administrative costs and operating income or loss related to the Outlet and Factory stores and the Franchise stores operating segments. Total operating income represents profit before interest and income taxes.