Second Quarter Fiscal 2013 Operating Results
Comparative store sales increased 7.8% and total net sales increased 11.5% to $963.7 million for the three months ended August 3, 2013 compared with last year.
Adjusted EBITDA for the three months ended August 3, 2013 increased 68.1%, or $19.0 million, to $46.9 million compared with $27.9 million for the three months ended July 28, 2012. The increase in the Company’s Adjusted EBITDA was driven by our 11.5% total sales increase and a 60 basis point increase in gross margin rate.
Adjusted Net Loss improved $13.9 million during this year’s second quarter to a loss of $8.0 million. This improvement was driven by improved operating results during this year’s quarter, primarily our 7.8% comparative store sales gain and the gross margin rate increase.
Year to Date Fiscal 2013 Operating Results
Comparative store sales increased 5.5% and total net sales increased 9.9% to $2,028.7 million for the six months ended August 3, 2013 compared with last year.
Adjusted EBITDA increased 36.5%, or $33.8 million, to $126.5 million for the six months ended August 3, 2013 compared with last year. The increase was driven by the sales improvement realized during the quarter and a 50 basis point improvement in gross margin rate.
Adjusted Net Income amounted to $3.0 million for the six months period versus a $21.1 million Adjusted Net Loss last year. The improvement is reflective of our sales and margin gains.
Tom Kingsbury, President and Chief Executive Officer stated, “We are proud of our second quarter results including our 68.1% increase in Adjusted EBITDA during the quarter, 11.5% overall sales growth and, most importantly, our 7.8% comparative store sales increase. I would like to thank our store and corporate teams for contributing to these results.”
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