new stores opened from fiscal year 2010 to fiscal year 2014 produced average cash-on-cash returns of 63 % in their first 12 months of operations . while we are focused on driving comparable store sales and managing our expenses , our revenue and profitability growth will primarily come from opening new stores . the core elements of our business model are procuring great deals , offering extreme values to our customers and creating consistent , predictable store growth and margins . in addition , our new stores generally open strong , immediately contributing to the growth in net sales and profitability of our business . our new stores traditionally reach normalized sales after three years of full operations . from 2010 to 2015 , net sales grew at a cagr of 17.5 % . we plan to achieve continued net sales growth , including comparable stores sales , by adding additional stores to our store base and by continuing to provide quality merchandise at a value for our customers as we scale and gain more access to purchase directly from major manufacturers . we also plan to leverage and expand our ollie 's army database marketing strategies . in addition , we plan to continue to manage our selling , general and administrative expenses by continuing to make process improvements and by maintaining our standard policy of reviewing our operating costs . 38 our ability to grow and our results of operations may be impacted by additional factors and uncertainties , such as consumer spending habits , which are subject to macroeconomic conditions and changes in discretionary income . our customers ' discretionary income is primarily impacted by gas prices , wages and consumer trends and preferences , which fluctuate depending on the environment . the potential consolidation of our competitors or other changes in our competitive landscape could also impact our results of operations or our ability , even though we compete with a broad range of retailers . our key competitive advantage is our direct buying relationships with many major manufacturers , wholesalers , distributors , brokers and retailers for our brand name and closeout products and unbranded goods . we also augment our product mix with private label brands . as we continue to grow , we believe our increased scale will provide us with even greater access to brand name and closeout products as major manufacturers seek a single buyer to acquire an entire deal . how we assess the performance of our business and key line items we consider a variety of financial and operating measures in assessing the performance of our business . the key measures we use are number of new stores , net sales , comparable store sales , gross profit and gross margin , selling , general and administrative expenses , pre-opening expenses , operating income , ebitda and adjusted ebitda . number of new stores the number of new stores reflects the number of stores opened during a particular reporting period . before we open new stores , we make initial capital investments in fixtures , equipment and inventory , which we amortize over time , and we incur pre-opening expenses described below under pre-opening expenses. we opened 28 new stores and closed one store in fiscal year 2015. we expect new store growth to be the primary driver of our sales growth . our initial lease terms are typically between five to seven years with options to renew for two or three successive five-year periods . our portable and predictable real estate model focuses on backfilling existing markets and entering new markets in contiguous states . our new stores often open with higher sales levels as a result of greater advertising and promotional spend in connection with grand opening events , but decline shortly thereafter to our new store model levels . net sales net sales constitute gross sales net of returns and sales tax . net sales consist of sales from comparable stores and non-comparable stores , described below under comparable store sales. growth of our net sales is primarily driven by expansion of our store base in existing and new markets . as we continue to grow , we believe we will have greater access to brand name and closeout merchandise and an increased deal selection , resulting in more potential offerings for our customers . net sales are impacted by product mix , merchandise mix and availability , as well as promotional activities and the spending habits of our customers . our broad selection of offerings across diverse product categories supports growth in net sales by attracting new customers , which results in higher spending levels and frequency of shopping visits from our customers , including ollie 's army members . the spending habits of our customers are subject to macroeconomic conditions and changes in discretionary income . our customers ' discretionary income is primarily impacted by gas prices , wages , and consumer trends and preferences , which fluctuate depending on the environment . however , because we offer a broad selection of merchandise at extreme values , we believe we are less impacted than other retailers by economic cycles . these cycles correspond with declines in general consumer spending habits and we benefit from periods of increased consumer spending . 39 comparable store sales comparable store sales measure performance of a store during the current reporting period against the performance of the same store in the corresponding period of the previous year . comparable store sales consists of net sales from our stores beginning on the first day of the sixteenth full fiscal month following the store 's opening , which is when we believe comparability is achieved . comparable store sales are impacted by the same factors that impact net sales . as of january 30 , 2016 and january 31 , 2015 , there were 169 and 147 stores , respectively , in our comparable store base . story_separator_special_tag 45 the following table provides a reconciliation of our net income to adjusted ebitda for the periods presented : replace_table_token_7_th ( 1 ) includes depreciation and amortization relating to our distribution centers , which is included within cost of sales on our consolidated statements of income . ( 2 ) represents expenses of opening new stores and distribution centers . for new stores , pre-opening expenses includes grand opening , advertising costs , payroll expenses , travel expenses , employee training costs , rent expenses and store setup costs . for distribution centers , pre-opening expenses primarily includes inventory transportation costs , employee travel expenses and occupancy costs . ( 3 ) in september 2012 we were acquired by affiliates of ccmp , along with certain members of management ( the ccmp acquisition ) . includes purchase accounting impact from unfavorable lease liabilities related to the ccmp acquisition . ( 4 ) represents professional services and one-time compensation expenses related to the ipo . ( 5 ) represents fees and expenses related to amendments to our senior secured credit facilities . fiscal year 2015 compared to fiscal year 2014 net sales net sales increased to $ 762.4 million for the fiscal year ended january 30 , 2016 from $ 638.0 million for the fiscal year ended january 31 , 2015 , an increase of $ 124.4 million , or 19.5 % . the increase was the result of a comparable store sales increase of $ 36.5 million , or 6.0 % and a non-comparable store sales increase of $ 87.9 million . our increase in non-comparable store sales was primarily driven by the timing of new stores , which opened during the fiscal year ended january 31 , 2015 , but were not open for a full 15 months during the fiscal year ended january 30 , 2016 , as well as 28 new stores which opened during the fiscal year ended january 30 , 2016. comparable store sales increased 6.0 % for the fiscal year ended january 30 , 2016 compared to a 4.4 % increase for the fiscal year ended january 31 , 2015. the increase in comparable store sales during the fiscal year ended january 30 , 2016 was driven by increased sales volume and increased customer visits at our locations . on a department basis the increase was primarily driven by strong results in the food and candy , electronic accessories and the books and stationary departments , slightly offset by decreases in our housewares department as predominately mild weather during the last months of the fiscal year negatively impacted the sales of heaters . 46 cost of sales cost of sales increased to $ 459.5 million for the fiscal year ended january 30 , 2016 from $ 384.5 million for the fiscal year ended january 31 , 2015 , an increase of $ 75.0 million , or 19.5 % . the increase in cost of sales was primarily a result of increased net sales and to a lesser extent increased transportation and distribution expenses . gross profit and gross margin gross profit increased to $ 302.9 million for the fiscal year ended january 30 , 2016 from $ 253.5 million for the fiscal year ended january 31 , 2015 , an increase of $ 49.4 million , or 19.5 % . the increase in gross profit was primarily the result of new store growth and increases in comparable store sales . our gross margin remained at 39.7 % for the fiscal years ended january 30 , 2016 and january 31 , 2015. the consistency in gross margin was primarily attributable to favorable increases in our merchandise margin for the fiscal year ended january 30 , 2016 and was partially offset by increased distribution center costs . selling , general and administrative expenses selling , general and administrative expenses increased to $ 209.8 million for fiscal year ended january 30 , 2016 from $ 178.8 million for the fiscal year ended january 31 , 2015 , an increase of $ 31.0 million , or 17.3 % . as a percentage of net sales , selling , general and administrative expenses decreased 50 basis points to 27.5 % for the fiscal year ended january 30 , 2016 compared to 28.0 % for the fiscal year ended january 31 , 2015. the increase in selling , general and administrative expenses was primarily the result of increases in store-related expenses of $ 26.2 million to support new store growth . these increased expenses consisted primarily of store payroll and benefits , store occupancy costs , and other store related expenses , as well as , investments in general and administration infrastructure to support continued growth in the business , public company expenses and costs related to our ipo . depreciation and amortization expense depreciation and amortization expenses increased to $ 7.2 million for the fiscal year ended january 30 , 2016 , from $ 7.0 million for the fiscal year ended january 31 , 2015 , an increase of $ 0.2 million , or 2.7 % . the increase is primarily a result of new store growth and the annualized impact of the opening of the commerce , ga distribution center in april 2014. pre-opening expenses pre-opening expenses increased to $ 6.3 million for the fiscal year ended january 30 , 2016 from $ 4.9 million for the fiscal year ended january 31 , 2015 , an increase of $ 1.4 million , or 29.1 % . the increase primarily relates to the pre-opening expenses incurred in opening 28 stores and closing one store during the fiscal year ended january 30 , 2016 compared to 22 store openings during the fiscal year ended january 31 , 2015. the increase in pre-opening expenses was partially offset by reductions in the expense from the commerce , ga distribution center which opened in april 2014. interest expense , net net interest expense decreased to $ 15.4 million for the fiscal year ended

loss on extinguishment of debt loss on extinguishment of debt increased to $ 6.7 million for the fiscal year ended january 30 , 2016 from $ 0.7 million for the fiscal year ended january 31 , 2015 , an increase of $ 6.0 million . the loss on extinguishment of debt for the fiscal year ended january 30 , 2016 represents the write off of debt issuance costs and original issue discount due to the pay down of a portion of the term loan facility using the proceeds from the ipo in july 2015 and the refinancing on january 29 , 2016. the loss on extinguishment of debt for the fiscal year ended january 31 , 2015 relates to the debt issuance cost and original issue discount which was written off as a result of the second amendment to the term loan facility which occurred in april 2014. income tax expense income tax expense increased to $ 21.6 million for the fiscal year ended january 30 , 2016 from $ 16.8 million for the fiscal year ended january 31 , 2015 , an increase of $ 4.8 million , or 28.9 % . this increase in income tax expense was primarily the result of the $ 13.8 million increase in pre-tax net income , or 31.5 % . our effective tax rate decreased to 37.6 % for the fiscal year ended january 30 , 2016 from 38.4 % for the fiscal year ended january 31 , 2015. the effective tax rate for the fiscal year ended january 30 , 2016 was lower than the prior year effective tax rates primarily as a result of a discrete tax benefit related to the impact from the finalization of employment-based tax credits associated with fiscal 2015 and fiscal 2014 and the impact from a slight reduction in the projected state effective tax on the net deferred income tax liabilities .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```loss on extinguishment of debt loss on extinguishment of debt increased to $ 6.7 million for the fiscal year ended january 30 , 2016 from $ 0.7 million for the fiscal year ended january 31 , 2015 , an increase of $ 6.0 million . the loss on extinguishment of debt for the fiscal year ended january 30 , 2016 represents the write off of debt issuance costs and original issue discount due to the pay down of a portion of the term loan facility using the proceeds from the ipo in july 2015 and the refinancing on january 29 , 2016. the loss on extinguishment of debt for the fiscal year ended january 31 , 2015 relates to the debt issuance cost and original issue discount which was written off as a result of the second amendment to the term loan facility which occurred in april 2014. income tax expense income tax expense increased to $ 21.6 million for the fiscal year ended january 30 , 2016 from $ 16.8 million for the fiscal year ended january 31 , 2015 , an increase of $ 4.8 million , or 28.9 % . this increase in income tax expense was primarily the result of the $ 13.8 million increase in pre-tax net income , or 31.5 % . our effective tax rate decreased to 37.6 % for the fiscal year ended january 30 , 2016 from 38.4 % for the fiscal year ended january 31 , 2015. the effective tax rate for the fiscal year ended january 30 , 2016 was lower than the prior year effective tax rates primarily as a result of a discrete tax benefit related to the impact from the finalization of employment-based tax credits associated with fiscal 2015 and fiscal 2014 and the impact from a slight reduction in the projected state effective tax on the net deferred income tax liabilities .
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 Suspicious Activity Report : new stores opened from fiscal year 2010 to fiscal year 2014 produced average cash-on-cash returns of 63 % in their first 12 months of operations . while we are focused on driving comparable store sales and managing our expenses , our revenue and profitability growth will primarily come from opening new stores . the core elements of our business model are procuring great deals , offering extreme values to our customers and creating consistent , predictable store growth and margins . in addition , our new stores generally open strong , immediately contributing to the growth in net sales and profitability of our business . our new stores traditionally reach normalized sales after three years of full operations . from 2010 to 2015 , net sales grew at a cagr of 17.5 % . we plan to achieve continued net sales growth , including comparable stores sales , by adding additional stores to our store base and by continuing to provide quality merchandise at a value for our customers as we scale and gain more access to purchase directly from major manufacturers . we also plan to leverage and expand our ollie 's army database marketing strategies . in addition , we plan to continue to manage our selling , general and administrative expenses by continuing to make process improvements and by maintaining our standard policy of reviewing our operating costs . 38 our ability to grow and our results of operations may be impacted by additional factors and uncertainties , such as consumer spending habits , which are subject to macroeconomic conditions and changes in discretionary income . our customers ' discretionary income is primarily impacted by gas prices , wages and consumer trends and preferences , which fluctuate depending on the environment . the potential consolidation of our competitors or other changes in our competitive landscape could also impact our results of operations or our ability , even though we compete with a broad range of retailers . our key competitive advantage is our direct buying relationships with many major manufacturers , wholesalers , distributors , brokers and retailers for our brand name and closeout products and unbranded goods . we also augment our product mix with private label brands . as we continue to grow , we believe our increased scale will provide us with even greater access to brand name and closeout products as major manufacturers seek a single buyer to acquire an entire deal . how we assess the performance of our business and key line items we consider a variety of financial and operating measures in assessing the performance of our business . the key measures we use are number of new stores , net sales , comparable store sales , gross profit and gross margin , selling , general and administrative expenses , pre-opening expenses , operating income , ebitda and adjusted ebitda . number of new stores the number of new stores reflects the number of stores opened during a particular reporting period . before we open new stores , we make initial capital investments in fixtures , equipment and inventory , which we amortize over time , and we incur pre-opening expenses described below under pre-opening expenses. we opened 28 new stores and closed one store in fiscal year 2015. we expect new store growth to be the primary driver of our sales growth . our initial lease terms are typically between five to seven years with options to renew for two or three successive five-year periods . our portable and predictable real estate model focuses on backfilling existing markets and entering new markets in contiguous states . our new stores often open with higher sales levels as a result of greater advertising and promotional spend in connection with grand opening events , but decline shortly thereafter to our new store model levels . net sales net sales constitute gross sales net of returns and sales tax . net sales consist of sales from comparable stores and non-comparable stores , described below under comparable store sales. growth of our net sales is primarily driven by expansion of our store base in existing and new markets . as we continue to grow , we believe we will have greater access to brand name and closeout merchandise and an increased deal selection , resulting in more potential offerings for our customers . net sales are impacted by product mix , merchandise mix and availability , as well as promotional activities and the spending habits of our customers . our broad selection of offerings across diverse product categories supports growth in net sales by attracting new customers , which results in higher spending levels and frequency of shopping visits from our customers , including ollie 's army members . the spending habits of our customers are subject to macroeconomic conditions and changes in discretionary income . our customers ' discretionary income is primarily impacted by gas prices , wages , and consumer trends and preferences , which fluctuate depending on the environment . however , because we offer a broad selection of merchandise at extreme values , we believe we are less impacted than other retailers by economic cycles . these cycles correspond with declines in general consumer spending habits and we benefit from periods of increased consumer spending . 39 comparable store sales comparable store sales measure performance of a store during the current reporting period against the performance of the same store in the corresponding period of the previous year . comparable store sales consists of net sales from our stores beginning on the first day of the sixteenth full fiscal month following the store 's opening , which is when we believe comparability is achieved . comparable store sales are impacted by the same factors that impact net sales . as of january 30 , 2016 and january 31 , 2015 , there were 169 and 147 stores , respectively , in our comparable store base . story_separator_special_tag 45 the following table provides a reconciliation of our net income to adjusted ebitda for the periods presented : replace_table_token_7_th ( 1 ) includes depreciation and amortization relating to our distribution centers , which is included within cost of sales on our consolidated statements of income . ( 2 ) represents expenses of opening new stores and distribution centers . for new stores , pre-opening expenses includes grand opening , advertising costs , payroll expenses , travel expenses , employee training costs , rent expenses and store setup costs . for distribution centers , pre-opening expenses primarily includes inventory transportation costs , employee travel expenses and occupancy costs . ( 3 ) in september 2012 we were acquired by affiliates of ccmp , along with certain members of management ( the ccmp acquisition ) . includes purchase accounting impact from unfavorable lease liabilities related to the ccmp acquisition . ( 4 ) represents professional services and one-time compensation expenses related to the ipo . ( 5 ) represents fees and expenses related to amendments to our senior secured credit facilities . fiscal year 2015 compared to fiscal year 2014 net sales net sales increased to $ 762.4 million for the fiscal year ended january 30 , 2016 from $ 638.0 million for the fiscal year ended january 31 , 2015 , an increase of $ 124.4 million , or 19.5 % . the increase was the result of a comparable store sales increase of $ 36.5 million , or 6.0 % and a non-comparable store sales increase of $ 87.9 million . our increase in non-comparable store sales was primarily driven by the timing of new stores , which opened during the fiscal year ended january 31 , 2015 , but were not open for a full 15 months during the fiscal year ended january 30 , 2016 , as well as 28 new stores which opened during the fiscal year ended january 30 , 2016. comparable store sales increased 6.0 % for the fiscal year ended january 30 , 2016 compared to a 4.4 % increase for the fiscal year ended january 31 , 2015. the increase in comparable store sales during the fiscal year ended january 30 , 2016 was driven by increased sales volume and increased customer visits at our locations . on a department basis the increase was primarily driven by strong results in the food and candy , electronic accessories and the books and stationary departments , slightly offset by decreases in our housewares department as predominately mild weather during the last months of the fiscal year negatively impacted the sales of heaters . 46 cost of sales cost of sales increased to $ 459.5 million for the fiscal year ended january 30 , 2016 from $ 384.5 million for the fiscal year ended january 31 , 2015 , an increase of $ 75.0 million , or 19.5 % . the increase in cost of sales was primarily a result of increased net sales and to a lesser extent increased transportation and distribution expenses . gross profit and gross margin gross profit increased to $ 302.9 million for the fiscal year ended january 30 , 2016 from $ 253.5 million for the fiscal year ended january 31 , 2015 , an increase of $ 49.4 million , or 19.5 % . the increase in gross profit was primarily the result of new store growth and increases in comparable store sales . our gross margin remained at 39.7 % for the fiscal years ended january 30 , 2016 and january 31 , 2015. the consistency in gross margin was primarily attributable to favorable increases in our merchandise margin for the fiscal year ended january 30 , 2016 and was partially offset by increased distribution center costs . selling , general and administrative expenses selling , general and administrative expenses increased to $ 209.8 million for fiscal year ended january 30 , 2016 from $ 178.8 million for the fiscal year ended january 31 , 2015 , an increase of $ 31.0 million , or 17.3 % . as a percentage of net sales , selling , general and administrative expenses decreased 50 basis points to 27.5 % for the fiscal year ended january 30 , 2016 compared to 28.0 % for the fiscal year ended january 31 , 2015. the increase in selling , general and administrative expenses was primarily the result of increases in store-related expenses of $ 26.2 million to support new store growth . these increased expenses consisted primarily of store payroll and benefits , store occupancy costs , and other store related expenses , as well as , investments in general and administration infrastructure to support continued growth in the business , public company expenses and costs related to our ipo . depreciation and amortization expense depreciation and amortization expenses increased to $ 7.2 million for the fiscal year ended january 30 , 2016 , from $ 7.0 million for the fiscal year ended january 31 , 2015 , an increase of $ 0.2 million , or 2.7 % . the increase is primarily a result of new store growth and the annualized impact of the opening of the commerce , ga distribution center in april 2014. pre-opening expenses pre-opening expenses increased to $ 6.3 million for the fiscal year ended january 30 , 2016 from $ 4.9 million for the fiscal year ended january 31 , 2015 , an increase of $ 1.4 million , or 29.1 % . the increase primarily relates to the pre-opening expenses incurred in opening 28 stores and closing one store during the fiscal year ended january 30 , 2016 compared to 22 store openings during the fiscal year ended january 31 , 2015. the increase in pre-opening expenses was partially offset by reductions in the expense from the commerce , ga distribution center which opened in april 2014. interest expense , net net interest expense decreased to $ 15.4 million for the fiscal year ended

