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Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data
3 Months Ended9 Months Ended
Oct. 29, 2011
Oct. 30, 2010
Oct. 29, 2011
Oct. 30, 2010
Net sales$ 209,635[1]$ 173,268[1]$ 633,567[1]$ 539,805[1]
Cost of goods sold78,38362,429233,095197,320
Gross profit131,252110,839400,472342,485
Operating expenses:    
Sales and marketing, including occupancy costs86,91773,961253,889218,228
General and administrative20,11816,42158,73150,332
Total operating expenses107,03590,382312,620268,560
Operating income24,217[2]20,457[2]87,852[2]73,925[2]
Other income (expense):    
Interest income45148260422
Interest expense(290)(33)(311)(128)
Total other income (expense)(245)115(51)294
Income before provision for income taxes23,97220,57287,80174,219
Provision for income taxes8,9908,00934,45529,369
Net income$ 14,982$ 12,563$ 53,346$ 44,850
Earnings per share:    
Basic$ 0.54$ 0.46$ 1.92$ 1.63
Diluted$ 0.54$ 0.45$ 1.91$ 1.61
Weighted average shares outstanding:    
Basic27,82827,53427,73327,529
Diluted27,97227,84927,95327,831
[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 $2.2 million and $3.1 million for the third quarter of fiscal years 2010 and 2011, respectively, and approximately $7.6 million and $10.4 million for the first nine months of fiscal years 2010 and 2011 and , 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.