Store Optimization Plan
The Company closed four premium retail stores during the fiscal 2012 first quarter, ending the quarter with 359 premium retail stores. The Company closed 15 stores in fiscal 2011 and plans to close approximately 15 premium retail stores in fiscal 2012 as part of its ongoing store optimization plan that calls for a total of 35 to 45 premium store closures through fiscal 2013.
Outlook for Fiscal 2012 Second Quarter
For the three-month period ending July 28, 2012, the Company expects:
• Net loss per share in the range of $0.15 to $0.20 based on 121.8 million weighted average shares, compared to a net loss of $0.30 per share on 92.6 million weighted average shares outstanding for the second quarter of fiscal 2011.
• Total inventory at the end of the second quarter of fiscal 2012 to be down in the mid to high teens on a percentage basis as compared to the second quarter of fiscal 2011.
• Cash and cash equivalents in the range of $20 to $25 million, which assumes borrowings under our revolving line of credit remain essentially unchanged from the end of the first quarter of fiscal 2012. This compares to cash and cash equivalents at the end of the second quarter of fiscal 2011 of $31.5 million.
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
