Please fill in your details to download the Table of Contents of this report for free. We also do customization of these reports so you can write to us at email@example.com in case you need any other additional information.
Overview of Results
Net income for the second quarter of 2013 was $3.4 million or $0.08 per diluted share compared to net income of $2.3 million or $0.05 per diluted share in 2012. Second quarter 2012 adjusted net income was $1.0 million or $0.02 per diluted share.
For the first six months of 2013, net income was $18.1 million or $0.41 per diluted share compared to $13.1 million or $0.30 per diluted share in the same period in 2012. First half 2012 adjusted net income was $11.8 million or $0.27 per diluted share.
EBITDA for the second quarter was $12.8 million compared to $9.4 million ($7.3 million as adjusted - see Note 2) in 2012. EBITDA for the first six months of 2013 was $44.0 million compared to $33.5 million ($31.4 million as adjusted) in 2012.
Comments on Results
"Our second quarter same store sales increase of 6.4 percent was driven by our great merchandise, brands and pricing" said Jay Stein, Chief Executive Officer. "We've said for a long while that increases in sales and margin will leverage against our lean expense structure resulting in higher earnings growth. This is now happening."
Total sales for the second quarter of 2013 increased 3.8 percent to $291.0 million, while comparable store sales increased 6.4 percent. For the first six months of 2013, total sales increased 3.8 percent to $612.3 million, while comparable store sales increased 3.6 percent.
Gross profit for the second quarter increased to $80.3 million or 27.6 percent of sales from $73.8 million or 26.3 percent of sales in 2012. Gross profit for the first six months of 2013 increased $12.6 million to $178.3 million or 29.1 percent of sales from $165.7 million or 28.1 percent of sales in 2012. The increase in the gross profit rate was primarily the result of lower markdowns and slightly higher markup.
Selling, general and administrative ("SG&A") expenses for the second quarter were $74.5 million or 25.6 percent of sales compared to $70.0 million or 25.0 percent of sales in 2012. Second quarter 2012 adjusted SG&A expense was $72.1 million or 25.7 percent of sales.
The $2.4 million increase over 2012 adjusted SG&A expenses were primarily due to higher depreciation expense, higher compensation costs, including $0.8 million in incentive compensation paid based on our higher stock price, and $0.7 million of start-up costs for our e-commerce launch and supply chain transition. These increases were partially offset by lower healthcare costs, due to favorable claims experience, and slightly higher credit card program income.
For the first six months, SG&A expenses were $148.0 million or 24.2 percent of sales compared to $142.9 million or 24.2 percent of sales last year. Adjusted SG&A expenses for the first six months of 2012 were $145.0 million and 24.6 percent of sales.
| On 3rd Jul 2020
The US National Institute of Standards and Technology and a...
| On 3rd Jul 2020
International fashion house Esprit recently announced it will lay off ...
A team of researchers at Australia's Commonwealth Scientific and...
Fashion houses, India
With technology, it has become easier to ensure IPR
'Worsted wool is the ideal fabric for menswear'
Overall, Union budget 2018-19 is very balanced
Farheen B Rahman & Priti Jain
Founded by business-designer duo <b>Priti Jain and Farheen Rahman</b>,...
With more than 60
years of experience in the textile industry, Ideal...
A leading manufacturer of automated machinery and equipment for the...
Twinery Innovations by MAS
Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...
Sensoria is a leading developer of smart garments and IoMe (Internet of...
Trützschler Nonwovens & Man-Made Fibers
Trützschler Nonwovens & Man-Made Fibers, a part of the Trützschler Group,...
Sarah Denise Cordery
Sarah Denise Studio
Manchester, England-based Sarah Denise Studio provides relevant fashion...
Twee In One
Best known for convertible clothing, Indian brand Twee In One by designer...
Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.