The Company's diluted earnings per share for its first quarter fiscal 2013 increased significantly versus the prior year, and were near the middle of its November 15, 2012 earnings guidance range. On January 30, 2013 the Company announced that its Board of Directors declared a regular quarterly cash dividend of $0.175 per share payable March 28, 2013.
First Quarter Fiscal 2013 Financial Results
- Net income for the first quarter of fiscal 2013 was $3.8 million, an increase of 70% compared to net income of $2.3 million for the first quarter of fiscal 2012.Diluted earnings per share for the first quarter of fiscal 2013 was $0.29, an increase of 71% compared to $0.17 for the first quarter of fiscal 2012. This first quarter fiscal 2013 diluted earnings per share performance was near the middle of the Company's prior guidance range of $0.25-$0.32 provided in its November 15, 2012 press release.
- Adjusted EBITDA was $10.7 million for the first quarter of fiscal 2013, a 29% increase compared to the $8.3 million of Adjusted EBITDA for the first quarter of fiscal 2012.
- Net sales for the first quarter of fiscal 2013 decreased 0.8% to $135.3 million from $136.4 million for the first quarter of fiscal 2012. The decrease in sales for the first quarter of fiscal 2013 compared to fiscal 2012 resulted primarily from decreased sales related to the Company's continued efforts to close underperforming stores, partially offset by an increase in comparable sales. The net sales of $135.3 million for the first quarter were within the Company's guidance range of $132.5 to $136.5 million provided in November 2012.
- Comparable sales (which include Internet sales) for the first quarter of fiscal 2013 increased 1.9% versus a comparable sales decrease of 4.1% for the first quarter of fiscal 2012. The comparable sales increase of 1.9% during the first quarter of fiscal 2013 was within the Company's guidance range for a comparable sales change of between flat and an increase of 3%.
The Company's first quarter reported comparable sales increase of 1.9% was adversely impacted by approximately 1 percentage point due to having one less Saturday in the first quarter of fiscal 2013 than in the first quarter of fiscal 2012. Thus, adjusting for this "days shift," the Company's adjusted comparable sales increased approximately 2.9% for the first quarter.
In addition, the Company estimates that its first quarter comparable sales, both as reported and as adjusted above, were hurt by approximately 0.5 percentage points due to the impact on stores affected by Superstorm Sandy in late October and early November 2012. The Company's Internet sales, which are included in the Company's reported comparable sales, increased 18% for the first quarter of fiscal 2013, on top of a 32% increase in the first quarter of fiscal 2012.
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