Pottery Barn 2013 Annual Report Download - page 75

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Quarterly Financial Information
(Unaudited)
Dollars in thousands, except per share amounts
Fiscal 2013 (52 Weeks)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full
Year
Net revenues $887,808 $982,209 $1,051,548 $1,466,324 $4,387,889
Gross margin 334,185 368,924 405,388 595,719 1,704,216
Operating income163,783 78,086 92,494 217,735 452,098
Net earnings 39,466 48,919 56,719 133,798 278,902
Basic earnings per share2$ 0.40 $ 0.50 $ 0.59 $ 1.42 $ 2.89
Diluted earnings per share2$ 0.40 $ 0.49 $ 0.58 $ 1.38 $ 2.82
Fiscal 2012 (53 Weeks)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter3
Full
Year
Net revenues $817,614 $874,283 $ 944,554 $1,406,419 $4,042,870
Gross margin 309,266 334,480 367,998 580,732 1,592,476
Operating income149,323 70,103 79,296 210,441 409,163
Net earnings 30,716 43,380 48,900 133,734 256,730
Basic earnings per share2$ 0.31 $ 0.44 $ 0.50 $ 1.36 $ 2.59
Diluted earnings per share2$ 0.30 $ 0.43 $ 0.49 $ 1.34 $ 2.54
1Operating income is defined as earnings before net interest income or expense and income taxes.
2Due to differences between quarterly and full year weighted average share count calculations, and the effect of quarterly
rounding to the nearest cent per share, full year earnings per share may not equal the sum of the quarters.
3Our fourth quarter of fiscal 2012 included 14 weeks.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
As of February 2, 2014, an evaluation was performed by management, with the participation of our Chief
Executive Officer (“CEO”) and our Chief Financial Officer (“CFO”), of the effectiveness of our disclosure
controls and procedures. Based on that evaluation, our management, including our CEO and CFO, concluded that
our disclosure controls and procedures are effective to ensure that information we are required to disclose in
reports that we file or submit under the Securities Exchange Act of 1934 is accumulated and communicated to
our management, including our CEO and CFO, as appropriate, to allow for timely discussions regarding required
disclosures, and that such information is recorded, processed, summarized and reported within the time periods
specified in the rules and forms of the SEC.
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over the company’s
financial reporting. There are inherent limitations in the effectiveness of any internal control, including the
possibility of human error and the circumvention or overriding of controls. Accordingly, even any effective
internal control can provide only reasonable assurance with respect to financial statement preparation. Further,
because of changes in conditions, the effectiveness of any internal control may vary over time.
Our management assessed the effectiveness of the company’s internal control over financial reporting as of
February 2, 2014. In making this assessment, we used the criteria set forth by the Committee of Sponsoring
61
Form 10-K