"We delivered a solid second quarter and are raising our 2013 forecast to reflect these strong earnings results," commented Jane Elfers, President and Chief Executive Officer. "With the state tax-free promotional events behind us, we are encouraged by the solid start to the back-to-school season."
Second Quarter 2013 Results
Net sales increased 6.0% to $382.4 million, compared to $360.8 million in the second quarter the prior year. Comparable retail sales declined 0.4%.
Net loss was $(23.6) million, or $(1.05) per share, in the second quarter of 2013, compared to $(17.9) million, or $(0.74) per share, the previous year. Adjusted net loss was $(9.4) million, or $(0.42) per share, compared to $(15.0) million, or $(0.62) per share the previous year.
Gross profit increased 10.0% to $126.2 million, and increased 120 basis points to 33.0% of sales.
Selling, general and administrative expenses increased 3.1% to $124.4 million. Adjusted SG&A increased 2.7% to $122.7 million, and leveraged 100 basis points to 32.1% of sales.
Operating loss was $(35.6) million, compared to $(26.8) million in the second quarter of 2012. Excluding unusual items, adjusted operating loss was $(12.5) million, compared to $(22.0) million the previous year.
During the second quarter, the Company recorded charges of $23.2 million for unusual items. These consisted primarily of store impairment and early closure expenses associated with its decision to close approximately 100 underperforming stores over the next three years, and asset impairment and SG&A expenses associated with the write-down of some development costs and obsolete systems associated with its long-term systems initiative.
Adjusted SG&A, adjusted operating income and adjusted net income are Non-GAAP measures. The Company believes the excluded transactions are not indicative of the performance of its core business and that by providing this supplemental disclosure to investors it will facilitate comparisons of its past and present performance.
The Company opened 15 stores and closed 10, ending the second quarter with 1,116 stores.
The Children's Place
Apparel/Garments | On 29th May 2017
The Bangladesh Garment Manufacturers and Exporters Association...
Textiles | On 29th May 2017
The special garment package of Rs 6,000 crore that was introduced by...
Textiles | On 29th May 2017
The textile company Tintex has joined hands with the system supplier...
Every market region has its own culture and trends
‘The terms eco-friendly and organic are common but everyone perceives them ...
We constantly communicate with employees at all levels
Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...
Technical Absorbents Ltd
Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...
Schlegel und Partner
Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...
Rupa Sood and Sharan Apparao
Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...
"We should not compare India and the West. There are things we do that...
Sonam and Paras Modi's Sva Couture is synonymous with head-turning...
Apparel/Garments | On 26th May 2017