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Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Oct. 27, 2012
Oct. 29, 2011
Oct. 27, 2012
Oct. 29, 2011
Net sales $ 232,851 [1] $ 209,635 [1] $ 694,548 [1] $ 633,567 [1]
Cost of goods sold 100,205 78,383 281,255 233,095
Gross profit 132,646 131,252 413,293 400,472
Operating expenses:        
Sales and marketing, including occupancy costs 94,354 86,917 276,306 253,889
General and administrative 17,124 20,118 54,295 58,731
Total operating expenses 111,478 107,035 330,601 312,620
Operating income 21,168 [2] 24,217 [2] 82,692 [2] 87,852 [2]
Other income (expense):        
Interest income 117 45 286 260
Interest expense (4) (290) (21) (311)
Total other income (expense) 113 (245) 265 (51)
Income before provision for income taxes 21,281 23,972 82,957 87,801
Provision for income taxes 7,976 8,990 31,662 34,455
Net income $ 13,305 $ 14,982 $ 51,295 $ 53,346
Earnings per share:        
Basic (in dollars per share) $ 0.48 $ 0.54 $ 1.84 $ 1.92
Diluted (in dollars per share) $ 0.47 $ 0.54 $ 1.83 $ 1.91
Weighted average shares outstanding:        
Basic (in shares) 27,933 27,828 27,883 27,733
Diluted (in shares) 28,017 27,972 28,005 27,953
[1] Stores net sales represent all Full-line Store sales. Direct Marketing net sales represent catalog call center and Internet sales. Net sales from operating segments below the GAAP quantitative thresholds are attributable primarily to our two other operating segments — Outlet and Factory stores and Franchise stores. These operating 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 (except order fulfillment costs which are allocated to Direct Marketing), interest and income taxes (“four wall” contribution). Total Company shipping costs to customers of approximately $3.1 million and $3.6 million for the third quarter of fiscal years 2011 and 2012 , respectively, and approximately $10.4 million and $11.4 million for the first nine months of fiscal years 2011 and 2012, 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.