Net sales for the first quarter of Fiscal 2013 increased 48% to $1.138 billion, compared to $768 million for last year’s first quarter on a reported basis. Such increase was largely driven by the inclusion of sales from the newly acquired Lane Bryant and Catherines businesses, along with a 9% increase in sales from the Company’s legacy family of brands.
Consolidated comparable store sales, which include stores open for at least one year but do not include e-commerce sales results, increased by 1% for the period, led by Justice and Catherines each at 4%. E-commerce sales increased by 156% to $83 million on a consolidated basis, and 42% on a comparable basis. On a combined basis, comparable store and e-commerce sales increased by 4%.
On a reported basis, income from continuing operations for the first quarter of Fiscal 2013 was $46.2 million, representing a decrease to the year-ago quarter’s income from continuing operations of $47.5 million. Earnings per share from continuing operations for the first quarter of Fiscal 2013 decreased to $0.29 per diluted share, compared to $0.30 of earnings per diluted share from continuing operations for the first quarter of Fiscal 2012.
Including the discontinued operations of the newly acquired Fashion Bug and Figi’s businesses, which are intended to be disposed of, net income for the first quarter of Fiscal 2013 was $43.1 million and earnings per diluted share were $0.27.
On an adjusted basis, income from continuing operations for the first quarter of Fiscal 2013 was $62.8 million, representing an increase to the year-ago quarter’s income from continuing operations of $51.7 million. Adjusted earnings per share from continuing operations for the first quarter of Fiscal 2013 increased to $0.39 per diluted share, compared to $0.33 of earnings per diluted share for the first quarter of Fiscal 2012.
On a reported basis, gross margin for the first quarter of Fiscal 2013 increased to $655.6 million, or 57.6% of sales, compared to $439.8 million, or 57.2% of sales last year. Gross margin on a reported basis for Fiscal 2013 includes an approximate $20 million non-recurring purchase accounting cost resulting from adjusting the acquired inventory of Charming to fair value as of the date of the acquisition.
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