Third Quarter Highlights
Nine Month Highlights
"Our total sales increase of 9% for the third quarter of 2012 was attributable to nine stores that we opened throughout the first nine months of the year, expanding our store base by 12%. We entered 4 new markets: Salt Lake City and Ogden, UT; Boise, ID; and Indianapolis, IN, as well as opened additional stores in Minneapolis and Denver," commented Jeff Gordman, President and Chief Executive Officer.
"While our third quarter comparable store sales were slightly lower than last year, we were encouraged by the mid-single digit increase in our average sale for this timeframe and the growth in our women's and children's apparel areas. Moreover, we have a number of new initiatives in place to drive our operating performance going forward."
Third Quarter Financial Results
Net sales for the thirteen weeks ended October 27, 2012 increased 8.7% to $143.1 million from $131.6 million for the same period last year, while comparable store sales fell by 1.4%.
Gross profit increased 8.5% to $64.3 million, or 44.9% of net sales, from $59.2 million, or 45.0% of net sales, in the third quarter of fiscal 2011. Selling, general and administrative expenses were $57.8 million, or 40.4% of net sales, compared to $51.4 million, or 39.1% of net sales, in the third quarter of fiscal 2011.
Net income for the third quarter of fiscal 2012 was $4.0 million, or $0.21 per diluted share (based on 19.4 million weighted average shares outstanding), compared to net income of $4.7 million, or $0.25 per diluted share (based on 19.3 million weighted average shares outstanding) in the third quarter of fiscal 2011.
Nine Month Financial Results
Net sales for the thirty-nine weeks ended October 27, 2012 increased 10.6% to $405.2 million from $366.3 million for the same period last year, and comparable store sales increased by 1.1%. Gross profit increased by 11.2% to $186.5 million, or 46.0% of net sales, from $167.7 million, or 45.8% of net sales, in the prior year.
Selling, general and administrative costs were $161.1 million, or 39.8% of net sales, compared to $143.1 million, or 39.1% of net sales, in the prior year. Net income increased by 4.2% to $15.6 million, or $0.80 per diluted share (based on 19.4 million weighted average shares outstanding), compared to net income of $15.0 million, or $0.77 per diluted share (based on 19.4 million weighted average shares outstanding) in the first thirty-nine weeks of fiscal 2011.
Textiles | On 20th May 2018
American & Efird (A&E), a global leader in industrial sewing thread...
Textiles | On 20th May 2018
Archroma, a leader in colour and specialty chemicals, has joined...
Palod Himson Machines
Fabric processing machines are picking up
Studio Priyanka Rajiv
‘To reinvent the age-old tradition of embroidery to suit demographics and...
‘Indian footwear market is nascent and largely a trend follower’
<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...
<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...
Fynd is the central online shopping destination for fashion, offering...
Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...
Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...
Swerea IVF AB
Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...
Divvya and Nidhhi Gambhir
<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...
Bani Batra’s couture wedding collection is inspired by traditional Indian...
Aditi Somani specialises in luxury fusion wear with international cuts and ...