Home / Knowledge / News / Apparel/Garments / Apparel retailer Rue21 sales surge 22.4% in Q4 FY'13
Apparel retailer Rue21 sales surge 22.4% in Q4 FY'13
25
Mar '13
Rue21, inc. announced its financial results for the fourth quarter and full fiscal year ended February 2, 2013.

Fourth Quarter Fiscal 2012 Summary:

For the fourth quarter of fiscal 2012, net sales increased 22.4% to $269.1 million from $219.9 million a year ago, including a comparable store sales increase for the quarter of 0.7% following a 2.2% decrease in the fourth quarter of fiscal 2011. The Company opened 17 new stores and closed 2 stores in the fourth quarter of fiscal 2012. Gross margin increased 110 bps to 37.6% for the quarter, driven by improved merchandise margin of 70 basis points and leverage of expenses.

Net income and diluted earnings per share (EPS) for the fourth quarter were impacted by non-recurring professional fees of $1.2 million. On a GAAP basis, net income increased 16.4% and EPS were $0.62 versus $0.52 in the fourth quarter of 2011. Adjusting out non-recurring professional fees in this year's fourth quarter, net income increased by 22.4% and adjusted EPS were $0.65 versus $0.52 in the fourth quarter of fiscal 2011. A reconciliation of GAAP to non-GAAP financial measures is included in the schedules accompanying the consolidated financial statements.

Bob Fisch, rue21's President and CEO, stated: "Fiscal 2012 was another year of consistent top and bottom line growth for rue21, including record gross margin and double-digit growth in net income. We continue to focus on the qualities that make rue21 appealing to our customers and our financial returns attractive for our shareholders: offering current fashion at every day great value, executing on our strategic square footage growth, and methodically delivering productivity and profitability gains every quarter."

Fiscal Year 2012 Summary:

For fiscal 2012, net sales increased 18.6% to $901.9 million, and comparable-store sales increased 0.7%. Gross margin increased 60 bps to 38.3% from 37.7%, driven primarily by merchandise margin improvement.  The Company opened 125 new stores, closed 3 stores, and ended the year with 877 stores. On a GAAP basis, net income increased 12.7% and EPS were $1.76 versus $1.55 in fiscal year 2011.

Net income and EPS for fiscal 2012 were impacted by non-recurring professional fees and non-recurring litigation expense associated with the settlement and related costs of wage and hour claims in California. Adjusted net income increased 19.4% for the year, to $46.5 million from $39.0 million. Adjusted EPS were $1.87 in fiscal 2012 as compared to $1.55 in fiscal 2011.  For the year, cash and short term investments decreased 11.7% to $63.5 million. During fiscal 2012, the Company repurchased 925,668 shares of its stock for $25 million. The Company did not borrow during the year and had no long term debt as of February 2, 2013. Total Company inventory per square foot was up 2.3% from the prior year end.

About rue21, Inc.

rue21 is a leading specialty apparel retailer offering exclusive branded merchandise and the newest trends at a great value. Rue21 currently operates 900 stores in 47 states.

Rue21, Inc


Must ReadView All

UNIDO, eWTP discuss strengthening ties to back e-commmerce

Textiles | On 25th Apr 2018

UNIDO, eWTP discuss strengthening ties to back e-commmerce

United Nations Industrial Development Organisation director general...

Courtesy: HueTrap

Apparel/Garments | On 25th Apr 2018

Making sustainability affordable is a big challenge

In a lot of instances, being sustainable comes with an additional...

Courtesy: Formosa Petrochemical Corporation

Textiles | On 25th Apr 2018

Formosa to set up petrochemical plant in Louisiana

Formosa Petrochemical Corporation has selected St. James Parish in...

Interviews View All

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search