First Quarter Highlights:
-Revenues increased 12% to $564.1 million, with comparable company sales increasing 5%. When realigning the weeks of the first quarter last year to be consistent with the current year retail calendar, comparable company sales increased 3% on top of an increase of 16% in the first quarter last year.
Store sales increased 7% to $380.2 million on top of an increase of 26% in the first quarter last year. Direct sales increased 23% to $176.2 million on top of an increase of 19% in the first quarter last year.
- Gross margin decreased to 44.7% from 47.6% in the first quarter last year.
- Selling, general and administrative expenses were $178.4 million, or 31.6% of revenues, compared to $164.2 million, or 32.6% of revenues, in the first quarter last year.
- Operating income was $73.6 million, or 13.1% of revenues, compared to $75.7 million, or 15.0% of revenues, in the first quarter last year.
- Net income was $29.3 million compared to $30.7 million in the first quarter last year.
- Adjusted EBITDA was $101.0 million compared to $101.6 million in the first quarter last year.
Balance Sheet Highlights:
Cash and cash equivalents decreased to $91.9 million from $216.1 million at the end of the first quarter last year, primarily due to a one-time special dividend of $197.5 million that was paid in the fourth quarter last year.
Total debt was $1,576 million, consisting of the senior secured term loan of $1,176 million, maturing in 2018, and the senior unsecured notes of $400 million, maturing in 2019; compared to $1,591 million at the end of the first quarter last year.
Inventories were $308.3 million compared to $250.6 million at the end of the first quarter last year. Inventories and inventories per square foot increased 23% and 13%, respectively.
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