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Whitehall announces Q4 & fiscal 2007 operating results
19 May '08
4 min read
“We are disappointed in our fourth quarter results, as the challenging macro economic environment led to a slowdown in full-price selling, lower average ticket price and decreased unit sales,” said Chairman of the Board, Ed Dayoob.
“However, the current economic condition is creating opportunities for us to capitalize on our management expertise and infrastructure, demonstrated by our recent acquisition of certain assets of Friedman's and Crescent Jewelers, including 78 retail locations. This is an important component of our strategic plan to grow both organically by improving our same store sales as well as through opportunistic acquisitions.”
Mr. Dayoob continued, “Additionally, we closed 10 stores in the fourth quarter, bringing the total number of stores closed in fiscal 2007 to 18. We also opened one Whitehall store during the year. We closed 8 additional stores in the first quarter of fiscal 2008 and currently have 375 stores, including the 78 from our recent acquisition. In fiscal 2008, we will continue to evaluate our store base and close underperforming stores accordingly in an effort to position ourselves for long-term success.”
Fiscal 2007 Financial Results:
Net sales for fiscal 2007 were $242.9 million, down 8.8% from $266.2 million in fiscal 2006, due primarily to a decline in comparable stores sales of 7.5% as a result of a lower average price per item sold, as well as sales declines of $6.6 million and $1.8 million, due to store closings and stores closed for remodeling for limited periods, respectively.
These declines were partially offset by $1.8 million in sales from two additional days in fiscal 2007 from the change to 4-5-4 reporting periods and $2.2 million in sales from new stores.
Gross profit for fiscal 2007 was $68.1, million compared with $82.4 million in fiscal year 2006 as a result of overall lower sales and an initiative to reduce clearance inventory in the first half of the year. Gross profit as a percentage of was 28.0% in fiscal year 2007 compared to 31.0% in the prior year.
The net loss for fiscal 2007 was $74.1 million, or $2.25 per share, compared to a net loss of $45.9 million, $1.81 per share for fiscal 2006.
“However, the current economic condition is creating opportunities for us to capitalize on our management expertise and infrastructure, demonstrated by our recent acquisition of certain assets of Friedman's and Crescent Jewelers, including 78 retail locations. This is an important component of our strategic plan to grow both organically by improving our same store sales as well as through opportunistic acquisitions.”
Mr. Dayoob continued, “Additionally, we closed 10 stores in the fourth quarter, bringing the total number of stores closed in fiscal 2007 to 18. We also opened one Whitehall store during the year. We closed 8 additional stores in the first quarter of fiscal 2008 and currently have 375 stores, including the 78 from our recent acquisition. In fiscal 2008, we will continue to evaluate our store base and close underperforming stores accordingly in an effort to position ourselves for long-term success.”
Fiscal 2007 Financial Results:
Net sales for fiscal 2007 were $242.9 million, down 8.8% from $266.2 million in fiscal 2006, due primarily to a decline in comparable stores sales of 7.5% as a result of a lower average price per item sold, as well as sales declines of $6.6 million and $1.8 million, due to store closings and stores closed for remodeling for limited periods, respectively.
These declines were partially offset by $1.8 million in sales from two additional days in fiscal 2007 from the change to 4-5-4 reporting periods and $2.2 million in sales from new stores.
Gross profit for fiscal 2007 was $68.1, million compared with $82.4 million in fiscal year 2006 as a result of overall lower sales and an initiative to reduce clearance inventory in the first half of the year. Gross profit as a percentage of was 28.0% in fiscal year 2007 compared to 31.0% in the prior year.
The net loss for fiscal 2007 was $74.1 million, or $2.25 per share, compared to a net loss of $45.9 million, $1.81 per share for fiscal 2006.
Whitehall Jewelers Holdings Inc
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