Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Information (Unaudited) (Tables)

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Quarterly Financial Information (Unaudited) (Tables)
 12 Months Ended
Jan. 30, 2021
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Financial Information The operating results for any quarter are not necessarily indicative of results for a full year or for any future period.
(dollars in millions, except diluted net income per share data)
First
Quarter1
Second
Quarter		 Third
Quarter		 Fourth
Quarter
Fiscal 2020:        
Net sales $ 6,286.8  $ 6,277.6  $ 6,177.0  $ 6,767.9 
Gross profit $ 1,794.9  $ 1,916.2  $ 1,924.4  $ 2,152.8 
Operating income $ 365.9  $ 374.9  $ 465.5  $ 681.6 
Net income $ 247.6  $ 261.5  $ 330.0  $ 502.8 
Diluted net income per share $ 1.04  $ 1.10  $ 1.39  $ 2.13 
Stores open at end of quarter 15,370  15,479  15,606  15,685 
Comparable store net sales change2
7.0  % 7.2  % 5.1  % 4.9  %
Fiscal 2019:        
Net sales $ 5,808.7  $ 5,740.6  $ 5,746.2  $ 6,315.3 
Gross profit $ 1,727.2  $ 1,648.5  $ 1,704.5  $ 1,960.5 
Operating income3,4
$ 385.5  $ 268.9  $ 358.4  $ 249.4 
Net income3,4,5
$ 267.9  $ 180.3  $ 255.8  $ 123.0 
Diluted net income per share3,4,5
$ 1.12  $ 0.76  $ 1.08  $ 0.52 
Stores open at end of quarter 15,264  15,115  15,262  15,288 
Comparable store net sales change2
2.2  % 2.4  % 2.5  % 0.4  %
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1 Easter was observed on April 12, 2020 and April 21, 2019.
2 The comparable store net sales change calculation includes only those stores that are open throughout both of the periods being compared, beginning after the first fifteen months of operation.
3 In 2019, the results of the annual goodwill impairment test showed that the fair value of the Family Dollar reporting unit was lower than its carrying value, resulting in a $313.0 million non-cash pre-tax and after-tax goodwill impairment charge in the fourth quarter of fiscal 2019. This goodwill impairment charge reduced diluted net income per share by $1.32 per share in the fourth quarter of 2019.
4 In the fourth quarter of 2019, we recorded an $18.0 million charge to our litigation reserve. The recognition of this liability reduced diluted net income per share in the fourth quarter of 2019 by $0.06.
5 In the fourth quarter of 2019, we evaluated our foreign net operating loss carryforwards and determined that we expect to utilize the carryforwards for which we previously had provided a valuation allowance. The reduction of the valuation allowance increased net income and diluted net income per share in the fourth quarter of 2019 by $24.6 million and $0.10 per share, respectively.