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Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
May 03, 2014
May 04, 2013
Income Statement [Abstract]    
Net sales $ 217,422 [1] $ 196,055 [1]
Cost of goods sold 85,552 76,869
Gross profit 131,870 119,186
Operating expenses:    
Sales and marketing, including occupancy costs 96,921 88,701
General and administrative 20,264 17,532
Strategic activity costs 75,390 0
Total operating expenses 192,575 106,233
Operating income (60,705) [2] 12,953 [2]
Other income (expense):    
Interest income 61 171
Interest expense (11) (5)
Total other income (expense) 50 166
Income (loss) before provision for income taxes (60,655) 13,119
Provision (benefit) for income taxes (23,518) 5,031
Net income (loss) $ (37,137) $ 8,088
Earnings per share:    
Basic (in dollars per share) $ (1.33) $ 0.29
Diluted (in dollars per share) $ (1.33) $ 0.29
Weighted average shares outstanding:    
Basic (in shares) 27,992 27,965
Diluted (in shares) 27,992 28,047
[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 — 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 $3.4 million and $4.7 million for the first quarter of fiscal years 2013 and 2014, 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 strategic activity costs (in fiscal year 2014) and operating income or loss related to the Factory stores and the Franchise stores operating segments. Total operating income represents profit before interest and income taxes.