In addition, the Company will focus its Investor Event, on its increased long-term store growth potential and the Company’s key strengths that underscore its confidence in these estimates. Ahead of the event, the Company also confirmed its long-term EPS growth model.
Company Raises View of Third Quarter and Full Year Fiscal 2014
With strong sales and profit margins quarter-to-date, the Company is raising its third quarter Fiscal 2014 earnings per share and comparable store sales guidance. The Company now expects third quarter diluted earnings per share to be in the range of $.84 to $.85, compared with last year’s $.62 per share.
This guidance now reflects an estimated $.11 tax benefit, due to reversals of state and foreign tax reserves and allowances, that was not contemplated in the Company’s previous guidance.
Excluding the tax benefit, on an adjusted basis, this guidance would be $.73 to $.74, an 18% to 19% increase over the prior year. The Company now expects third quarter consolidated comparable store sales growth to be approximately 4% over last year’s reported 7% increase.
The Company is also raising its full year earnings per share outlook to reflect its increased third quarter guidance. For the fiscal year ending February 1, 2014, the Company now expects diluted earnings per share of $2.89 to $2.93 versus $2.55 in Fiscal 2013.
On an adjusted basis, excluding the $.11 tax benefit discussed above, this guidance would be $2.78 to $2.82. Excluding the approximately $.08 benefit from the 53rd week in the Company’s Fiscal 2013 calendar, this adjusted EPS guidance would represent a 13% to 14% increase over the prior year’s adjusted EPS of $2.47. This outlook continues to be based on estimated consolidated comparable store sales growth of 2% to 3%.
The Company is maintaining its fourth quarter earnings per share guidance of $.77 to $.80, compared to $.82 last year, which also included the approximately $.08 benefit from the extra week in Fiscal 2013.
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