Net income was $87,489,000, a gain of 30% over the $67,360,000 of the prior year as sales rose 14% to $1,518,914,000 vs. $1,336,590,000 powered by a 9.4% comp store increase. This year’s results included a $10.8 million charge to settle a class action suit related to employee pay. Gross margin was 241 b.p. better, including 107 b.p. in merchandise margin and 109 b.p. of occupancy leverage. SG&A deleveraged by 118 b.p. on planned higher spending in marketing, e-commerce investments and infrastructure.

For the FY, net income rose 35% to $182,077,000 from $135,359,000 on a 10% sales gain to $4,871,492,000 compared to ... Log in to view full article.