Gordmans Stores, Inc., an Omaha-based apparel and home décor retailer, announced results for its fourth quarter (thirteen weeks) and fiscal year (fifty-two weeks) ended February 1, 2014.
Fourth Quarter Highlights
-Net sales increased 2.0% to $200.0 million compared to $196.2 million in the thirteen weeks ended January 26, 2013.
-Diluted earnings per share were $0.14, at the high end of our guidance range of $0.11 to $0.14.
Fiscal Year 2013 Highlights
-Net sales increased 3.0% to $619.6 million compared to $601.4 million in the fifty-two weeks ended January 26, 2013 (2.0% increase compared to fifty-three week fiscal 2012).
-Ten new stores were opened in six new and two existing markets, including one new state.
"Our fourth quarter sales performance was driven by the ten new stores that we opened throughout the fiscal year, partially offset by a comparable store sales decline of 7.4% on a comparable calendar basis," commented Mike James, Chief Financial Officer. "While we are disappointed with our results in the fourth quarter, sales were disadvantaged by six fewer shopping days between Thanksgiving and Christmas this year. In addition, weather had a negative impact in December and January.
During the past several years, we have increased our store count by over 40%. We have also accomplished a number of strategic initiatives to prepare the Company for continued growth, including implementation of a new Oracle enterprise merchandising system and a new business intelligence system, launch of our gRewards loyalty program and, in 2014, we recently completed a headquarters office move and we are in the process of completing our second distribution center and the re-engineering of associated business processes."