Home / Knowledge / News / Apparel/Garments / Gross profit margin up at Omaha-based apparel retailer
Gross profit margin up at Omaha-based apparel retailer
03
Sep '11
Gordmans Stores Inc announced results for its second quarter (thirteen weeks) and six month period (twenty-six weeks) ended July 30, 2011.

Second Quarter Highlights:
• Net sales increased 3.4% to $117.0 million compared to $113.1 million in the second quarter of fiscal 2010.
• Gross profit margin increased 70 basis points over the second quarter of fiscal 2010 to 44.9%.
• Diluted earnings per share of $0.15.
• Six Month Highlights
• Net sales increased 4.3% to $234.7 million compared to $225.0 million for the six months ended July 31, 2010.
• Gross profit margin increased 70 basis points over the same six month period last year to 46.2%.
• Net income increased 5.9% to $10.2 million compared to $9.7 million in the first six months of fiscal 2010.

Jeff Gordman, President and Chief Executive Officer, stated: "Our comparable store sales increase of 0.4% for the second quarter of fiscal 2011, which came on top of an 8.3% comparable store sales increase in the second quarter of 2010, was in line with the guidance that we provided in our last earnings call. Our total sales increase of 3.4% for the second quarter of 2011 was primarily attributable to two new stores that we opened in Minneapolis, a new market for our Company, in the first quarter of this year. Our bottom line benefited versus our guidance from strong gross profit margins, which were 70 basis points greater than last year, as well as solid management of store level expenses. However, net income fell short of last year's level by approximately $0.3 million due in large part to pre-opening expenses for stores that opened late in the second quarter or will open in the third quarter."

Second Quarter Financial Results
Net sales for the thirteen weeks ended July 30, 2011 increased 3.4% to $117.0 million from $113.1 million for the same period last year, which translated into a 0.4% comparable store sales increase. Gross profit increased by 70 basis points to $52.5 million, or 44.9% of net sales, from $49.9 million, or 44.2% of net sales, in the second quarter of fiscal 2010. Selling, general and administrative costs were $47.6 million, or 40.7% of net sales, compared to $44.3 million, or 39.2% of net sales, in the second quarter of fiscal 2010. Net income for the second quarter of fiscal 2011 of $2.9 million, or $0.15 per diluted share (based on 19,390,752 dilutive shares outstanding), compares to net income of $3.3 million, or $0.20 per diluted share (based on 16,173,746 dilutive shares outstanding), in the second quarter of fiscal 2010.

Six Month Financial Results

Net sales for the twenty-six weeks ended July 30, 2011 increased 4.3% to $234.7 million from $225.0 million for the same period last year, which translated into a 0.7% comparable store sales increase. Gross profit increased by 70 basis points to $108.4 million, or 46.2% of net sales, from $102.5million, or 45.5% of net sales, in the prior year. Selling, general and administrative costs were $91.6 million, or 39.0% of net sales, compared to $86.6 million, or 38.4% of net sales, in the prior year. The Company reported a 5.9% increase in net income to $10.2 million, or $0.53 per diluted share (based on 19,320,445 dilutive shares outstanding), compared to net income of $9.7 million, or $0.60 per diluted share (based on 16,185,238 dilutive shares outstanding), in the first twenty-six weeks of fiscal 2010.

Must ReadView All

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search