Comparable store net sales for the 13-week fourth quarter ended January 31, 2009 increased 14.3 percent from comparable store net sales for the prior year 13-week fourth quarter ended February 2, 2008. Net sales for the 13-week fiscal period ended January 31, 2009 increased 21.5 percent to $251.4 million from net sales of $207.0 million for the prior year 13-week fiscal period ended February 2, 2008.
Comparable store net sales for the 52-week fiscal year ended January 31, 2009 increased 20.6 percent from comparable store net sales for the 52-week fiscal year ended February 2, 2008. Net sales for the 52-week fiscal year ended January 31, 2009 increased 27.8 percent to $792.0 million from net sales of $619.9 million for the prior year 52-week fiscal year ended February 2, 2008.
Net income for the fourth quarter of fiscal 2008 increased 18.2 percent to $34.3 million, or $0.75 per share ($0.74 per share on a diluted basis), compared with $29.1 million, or $0.65 per share ($0.63 per share on a diluted basis) for the fourth quarter of fiscal 2007.
Net income for the fiscal year ended January 31, 2009 increased 38.8 percent to $104.4 million, or $2.30 per share ($2.24 per share on a diluted basis), compared with $75.2 million, or $1.69 per share ($1.63 per share on a diluted basis) for the fiscal year ended February 2, 2008.
Earnings per share and the weighted average shares outstanding for the prior year fourth quarter and fiscal year have been adjusted to reflect the impact of the Company's 3-for-2 stock split paid in the form of a stock dividend on October 31, 2008. The prior year stockholders' equity data has not been split adjusted.
During the fourth quarter of fiscal 2008, the Company recorded a $3.4 million unrealized loss resulting from the "Other-than-Temporary" impairment of certain of its investments in auction-rate securities. For the fiscal year ended January 31, 2009, the Company recorded $5.2 million of unrealized loss on securities resulting from the "Other-than-Temporary" impairment of certain of its investments in auction-rate securities.
The unrealized loss has been recorded in the Statements of Income for the quarter and fiscal year ended January 31, 2009 and had a $0.05 per share after-tax impact on reported basic and diluted earnings per share for the fourth quarter and a $0.07 per share after-tax impact on reported basic and diluted earnings per share for fiscal year.
During the fourth quarter ended January 31, 2009, the Company repurchased 557,100 shares of its common stock at an average price of $16.76 per share. Of the shares repurchased, 356,400 were purchased pursuant to the 750,000 share corporate stock repurchase program authorized by the Board of Directors on November 27, 2007, completing this authorization.
Additionally, 200,700 shares were purchased pursuant to the 1,000,000 share corporate stock repurchase program authorized by the Board of Directors on November 20, 2008. The Company had 799,300 shares remaining to complete this authorization as of the end of the fiscal year.
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