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Gross profit margin up at Gordmans Stores
08 Dec '11
5 min read
Net income for the third quarter of fiscal 2011 was $4.7 million, or $0.25 per diluted share (based on 19,328,278 diluted shares outstanding), compared to a net loss of $2.5 million, or $0.13 per diluted share (based on 18,869,339 diluted shares outstanding), in the third quarter of fiscal 2010. Excluding the one-time, pre-tax charges of $10.6 million related to the Company's initial public offering, non-GAAP adjusted net income was $4.3 million, or $0.22 per diluted share (based on 19,034,912 diluted shares outstanding), in the third quarter of fiscal 2010.
Nine Month Financial Results
Net sales for the thirty-nine weeks ended October 29, 2011 increased 5.1% to $366.3 million from $348.6 million for the same period last year while comparable store sales were even with that of the previous year.
Gross profit increased by 70 basis points to $167.7 million during the nine months ended October 29, 2011, or 45.8% of net sales, from $157.2 million, or 45.1% of net sales, in the prior year. Selling, general and administrative costs were $143.1 million for the nine months ended October 29, 2011, or 39.1% of net sales, compared to $145.0 million, or 41.6% of net sales, in the prior year.
Selling, general and administrative costs for the thirty-nine weeks ended October 30, 2010 include one-time, pre-tax charges of $10.6 million related to the Company's initial public offering in August 2010. Excluding these one-time expenses, non-GAAP adjusted selling, general and administrative costs were $134.4 million, or 38.6% of net sales, for the thirty-nine weeks ended October 30, 2010.
Net income for the thirty-nine weeks ended October 29, 2011 was $15.0 million, or $0.77 per diluted share (based on 19,392,178 diluted shares outstanding), compared to net income of $7.2 million in the prior year. Excluding the one-time, pre-tax charges of $10.6 million related to the initial public offering, non-GAAP adjusted net income was $13.9 million, or $0.82 per diluted share (based on 16,960,722 diluted shares outstanding), in the first thirty-nine weeks of fiscal 2010.
Outlook
The Company expects the sales trend it has experienced for the first nine months of the year to continue through the fourth quarter. Total sales are projected to be between $185 million and $187 million and earnings per share is projected in the range of $0.48 to $0.52 (using a diluted share count of approximately 19.4 million shares), including a shift of forecasted selling, general and administrative expenses primarily related to marketing and hiring of $0.04 per share from the third quarter into the fourth quarter, compared to the previous earnings per share guidance of $0.51 to $0.55.
For the fiscal year ending January 28, 2012, the Company expects net sales to be between $551 million and $553 million, and diluted earnings per share to be in the range of $1.25 to $1.29 (using a diluted share count of approximately 19.4 million), compared to the previous guidance of $1.22 to $1.27.
Gordmans features a large selection of the latest name brands, fashions and styles at up to 60 percent off department and specialty store prices every day.
Nine Month Financial Results
Net sales for the thirty-nine weeks ended October 29, 2011 increased 5.1% to $366.3 million from $348.6 million for the same period last year while comparable store sales were even with that of the previous year.
Gross profit increased by 70 basis points to $167.7 million during the nine months ended October 29, 2011, or 45.8% of net sales, from $157.2 million, or 45.1% of net sales, in the prior year. Selling, general and administrative costs were $143.1 million for the nine months ended October 29, 2011, or 39.1% of net sales, compared to $145.0 million, or 41.6% of net sales, in the prior year.
Selling, general and administrative costs for the thirty-nine weeks ended October 30, 2010 include one-time, pre-tax charges of $10.6 million related to the Company's initial public offering in August 2010. Excluding these one-time expenses, non-GAAP adjusted selling, general and administrative costs were $134.4 million, or 38.6% of net sales, for the thirty-nine weeks ended October 30, 2010.
Net income for the thirty-nine weeks ended October 29, 2011 was $15.0 million, or $0.77 per diluted share (based on 19,392,178 diluted shares outstanding), compared to net income of $7.2 million in the prior year. Excluding the one-time, pre-tax charges of $10.6 million related to the initial public offering, non-GAAP adjusted net income was $13.9 million, or $0.82 per diluted share (based on 16,960,722 diluted shares outstanding), in the first thirty-nine weeks of fiscal 2010.
Outlook
The Company expects the sales trend it has experienced for the first nine months of the year to continue through the fourth quarter. Total sales are projected to be between $185 million and $187 million and earnings per share is projected in the range of $0.48 to $0.52 (using a diluted share count of approximately 19.4 million shares), including a shift of forecasted selling, general and administrative expenses primarily related to marketing and hiring of $0.04 per share from the third quarter into the fourth quarter, compared to the previous earnings per share guidance of $0.51 to $0.55.
For the fiscal year ending January 28, 2012, the Company expects net sales to be between $551 million and $553 million, and diluted earnings per share to be in the range of $1.25 to $1.29 (using a diluted share count of approximately 19.4 million), compared to the previous guidance of $1.22 to $1.27.
Gordmans features a large selection of the latest name brands, fashions and styles at up to 60 percent off department and specialty store prices every day.
Gordmans Stores Inc
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