First Quarter Highlights
- Comparable store sales increased 1.2%.
- Gross margin rate increased 57 basis points to 34.8%, compared with 34.3% in the first quarter of fiscal 2012.
- Operating loss decreased $11.4 million to $7.1 million, compared with an operating loss of $18.5 million in the first quarter of fiscal 2012.
- Adjusted EBITDA increased $10.4 million to $15.2 million, compared with $4.8 million in the first quarter of fiscal 2012. Adjusted EBITDA is not a measure recognized under generally accepted accounting principles.
- Net loss totaled $26.6 million, or $1.41 per diluted share, compared with a net loss of $40.8 million, or $2.23 per diluted share, for the first quarter of fiscal 2012.
Brendan Hoffman, President and Chief Executive Officer, commented, “Our first quarter financial results reflect meaningful progress on our strategic initiatives. Comparable store sales increased in spite of inclement weather. Enhancements to our eCommerce business again yielded double-digit sales growth while we saw increased penetration of proprietary credit card sales due to concentrated efforts to drive this business. Our gross margin rate benefited from a better balanced merchandise mix and a more effective markdown strategy.”
Comparable store sales for the first quarter of fiscal 2013 increased 1.2% over the first quarter of fiscal 2012. Total sales increased 1.0% to $646.9 million, compared with $640.8 million for the first quarter of fiscal 2012.
Other income in the first quarter of fiscal 2013 was $15.0 million, compared with $13.5 million in the first quarter of fiscal 2012.
In the first quarter of fiscal 2013, gross margin increased $5.8 million to $225.3 million, compared with $219.6 million in the first quarter of fiscal 2012.
The gross margin rate for the first quarter of fiscal 2013 increased to 34.8% of net sales from 34.3% of net sales in the prior year period. The increase in the gross margin rate in the current year period is largely attributable to a reduced net markdown percentage and an increase in the cumulative markup percentage.
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