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| April 29, | January 28, | |||||||
| 2006 | 2006 | |||||||
ASSETS |
||||||||
Cash and
equivalents |
$ | 159,288 | $ | 124,759 | ||||
Accounts receivable, net |
4,156 | 4,088 | ||||||
Inventories |
225,183 | 216,698 | ||||||
Prepaid expenses and other assets |
12,230 | 13,981 | ||||||
Deferred income taxes |
18,648 | 18,591 | ||||||
Total current assets |
419,505 | 378,117 | ||||||
Property and equipment, net |
95,188 | 95,921 | ||||||
Goodwill |
25,899 | 25,899 | ||||||
Tradenames and other intangibles, net |
6,000 | 6,216 | ||||||
Deferred income taxes and other assets |
1,882 | 1,562 | ||||||
Total assets |
$ | 548,474 | $ | 507,715 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Accounts
payale |
$ | 100,833 | $ | 85,520 | ||||
Accrued expenses |
60,249 | 54,069 | ||||||
Total current liabilities |
161,082 | 139,589 | ||||||
Other noncurrent liabilities |
64,215 | 63,410 | ||||||
Total shareholders’ equity |
323,177 | 304,716 | ||||||
Total liabilities and shareholders’ equity |
$ | 548,474 | $ | 507,715 | ||||
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| Three Months Ended | ||||||||
| April 29, | April 30, | |||||||
| 2006 | 2005 | |||||||
Net sales |
$ | 316,487 | $ | 281,806 | ||||
Cost of sales |
(223,200 | ) | (199,008 | ) | ||||
Gross Profit |
93,287 | 82,798 | ||||||
Operating expenses |
(65,398 | ) | (67,745 | ) | ||||
Operating profit |
27,889 | 15,053 | ||||||
Interest income (expense), net |
1,324 | (3,521 | ) | |||||
Earnings before income taxes |
29,213 | 11,532 | ||||||
Income tax provision |
(11,694 | ) | (4,552 | ) | ||||
Net income |
$ | 17,519 | $ | 6,980 | ||||
Basic and diluted earnings per share: |
||||||||
Basic |
$ | 0.40 | $ | 0.25 | ||||
Diluted |
$ | 0.40 | $ | 0.25 | ||||
Shares used in per share calculations: |
||||||||
Basic |
43,896 | 27,703 | ||||||
Diluted |
44,144 | 27,703 | ||||||
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| April 30, | ||||
| 2005 | ||||
Pro forma data(1) |
||||
Pro forma net income |
$ | 12,483 | ||
Pro forma outstanding shares, diluted |
44,127 | (2) | ||
Pro forma diluted earnings per share |
$ | 0.28 | ||
Pro forma adjustments:(3) |
||||
Accrual for losses from data theft
and related tax effect |
$ | 3,900 | ||
Interest on dividend note and related tax
effect |
$ | 1,603 | ||
Net income per GAAP |
$ | 6,980 | ||
Weighted average outstanding shares, diluted |
27,703 | |||
| $ | 0.25 | |||
| (1) | The Company believes the use of pro forma results provide meaningful information for the three months ended April 30, 2005 due to: i) the significant increase in share count as a result of the Company’s initial public offering on June 29, 2005, ii) the interest expense in the first quarter of fiscal 2005 attributable to a $165 million dividend note which was repaid with the proceeds of the initial public offering, and iii) the $6.5 million accrual for the data theft which was recorded in the first quarter of fiscal 2005. The pro forma data is presented as if the initial public offering occurred prior to the three months ended April 30, 2005 and the dividend note interest and data theft accrual are non-recurring or unusual charges. | |
| (2) | Based on the number of shares outstanding, plus the assumed exercise of dilutive stock options and restricted stock units, as of the quarter ended July 30, 2005, the first quarter end following the Company’s initial public offering on June 29, 2005, and eliminates the weighting effect to equal total shares at period end. | |
| (3) | The tax-effected pro forma adjustments are calculated using an approximate annual tax rate of 40%. |
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