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Summary Of Quarterly Results | 12 Months Ended
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Aug. 29, 2020
Summary Of Quarterly Results [Abstract] |
Summary Of Quarterly Results | 15. SUMMARY OF QUARTERLY RESULTS (UNAUDITED) The following table sets forth unaudited financial data for each of the Company’s last eight fiscal quarters.
| Fiscal Year Ended August 29, 2020 | Fiscal Year Ended August 31, 2019
| First Quarter (1) | Second Quarter (1) | Third Quarter (1) | Fourth Quarter (1) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter (2)
| (Unaudited)
Consolidated Income Statement Data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | $ | 823,601 | $ | 786,094 | $ | 834,972 | $ | 747,732 | $ | 831,597 | $ | 823,004 | $ | 866,546 | $ | 842,670
Gross profit |  | 347,196 |  | 331,052 |  | 353,962 |  | 311,112 |  | 357,985 |  | 351,814 |  | 368,655 |  | 353,589
Income from operations |  | 90,298 |  | 77,670 |  | 109,852 |  | 72,920 |  | 103,000 |  | 95,981 |  | 110,501 |  | 90,514
Net income |  | 65,452 |  | 55,556 |  | 78,114 |  | 52,636 |  | 74,232 |  | 68,430 |  | 79,514 |  | 66,621
Net income attributable to MSC Industrial |  | 65,418 |  | 55,500 |  | 77,703 |  | 52,496 |  | 74,232 |  | 68,424 |  | 79,601 |  | 66,608
Net income per share attributable to MSC Industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | 1.18 |  | 1.00 |  | 1.40 |  | 0.94 |  | 1.34 |  | 1.24 |  | 1.44 |  | 1.21
Diluted |  | 1.18 |  | 1.00 |  | 1.40 |  | 0.94 |  | 1.33 |  | 1.24 |  | 1.44 |  | 1.20
(1)In fiscal year 2020, the Company recorded $6,583 of consulting-related costs and $10,446 of severance and separation benefits charges and other related costs. Refer to Note 13 for more information. The net income per share impact from these charges were $0.23 in fiscal year 2020. Consulting-related costs, and severance and separation benefits charges and other related costs by fiscal quarter in fiscal year 2020 were as follows: $2,571 ($0.03 Net income per share impact) in fiscal Q1; $1,941 ($0.03 Net income per share impact) in fiscal Q2; $1,359 ($0.02 Net income per share impact) in fiscal Q3; and $11,158 ($0.15 Net income per share impact) in fiscal Q4. (2)In the fourth quarter of fiscal year 2019, the Company recorded $6,725 of severance and separation benefits charges and other related costs associated with workforce reduction and increased performance management. The net income per share impact from these charges was $0.09 in the fourth quarter of fiscal year 2019.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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