Second Quarter Highlights
- Net sales increased 9.6% to $128.2 million compared to $117.0 million in the second quarter of fiscal 2011.
- Comparable store sales increased 0.1% over the second quarter of fiscal 2011.
- Gross profit margin increased 90 basis points over the second quarter of fiscal 2011 to 45.8%.
- Net income increased 20.7% to $3.5 million compared to $2.9 million in the second quarter of fiscal 2011.
- Diluted earnings per share were $0.18.
Six Month Highlights
- Net sales increased 11.7% to $262.2 million compared to $234.7 million for the six months ended July 30, 2011.
- Comparable store sales increased 2.5% over the first half of fiscal 2011.
- Gross profit margin increased 40 basis points over the same period last year to 46.6%.
- Net income increased 13.5% to $11.6 million compared to $10.2 million in the first six months of fiscal 2011.
"We delivered an increase in net income in excess of 20% for the second quarter of fiscal 2012, fueled by strong gross profit margins that increased by 90 basis points over the same period last year," commented Jeff Gordman, President and Chief Executive Officer.
"We opened three stores and entered one new market, Indianapolis, during the second quarter. We will open two more stores next month in the Denver MSA for a total of 9 new stores for the year representing a 12% expansion of our store base.
“With our comparable store sales performance of 0.1% for the second quarter and 2.5% year-to-date, we remain confident in our ability to achieve our existing earnings per share guidance of $1.46 to $1.51 for fiscal 2012, which will be driven by a modest single digit comparable store sales increase consistent with the level that we generated for the first half of the year."
Second Quarter Financial Results
Net sales for the thirteen weeks ended July 28, 2012 increased 9.6% to $128.2 million from $117.0 million for the same period last year, with comparable store sales increasing by 0.1%. Gross profit increased by 90 basis points, or 11.8%, to $58.7 million, or 45.8% of net sales, from $52.5 million, or 44.9% of net sales, in the second quarter of fiscal 2011. Selling, general and administrative costs were $52.9 million, or 41.3% of net sales, compared to $47.6 million, or 40.7% of net sales, in the second quarter of fiscal 2011.
The Company reported a 20.7% increase in net income to $3.5 million, or $0.18 per diluted share (based on 19,470,133 weighted average dilutive shares outstanding), compared to net income of $2.9 million, or $0.15 per diluted share (based on 19,390,752 weighted average dilutive shares outstanding), in the second quarter of fiscal 2011.
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