Net sales for the fiscal second quarter of 2013 were approximately $2.824 billion, an increase of approximately 8.9% from net sales of approximately $2.593 billion reported in the fiscal second quarter of 2012. Comparable store sales in the fiscal second quarter of 2013 increased by approximately 3.7%, compared with an increase of approximately 3.5% in last year's fiscal second quarter.
During the fiscal second quarter of 2013, the Company repurchased approximately $257 million of its common stock, representing approximately 3.5 million shares. As of August 31, 2013, the remaining balance of the existing share repurchase program authorized in December 2012 was approximately $1.8 billion.
For the fiscal first half ended August 31, 2013, the Company reported net earnings of $2.09 per diluted share ($451.8 million), an increase of approximately 11.8% over net earnings of $1.87 per diluted share ($431.2 million) in the corresponding period a year ago.
Net sales for the fiscal first half of 2013 were approximately $5.436 billion, an increase of approximately 13.0% from net sales of approximately $4.811 billion in the corresponding period a year ago. Comparable store sales for the fiscal first half of 2013 increased by approximately 3.5%, compared with an increase of approximately 3.3% in last year's fiscal first half.
The Company is modeling net earnings per diluted share in 2013 to be approximately $1.11 to $1.16 for the fiscal third quarter, $1.70 to $1.77 for the fiscal fourth quarter, and to be approximately $4.88 to $5.01 for the full year, which will include Cost Plus, Inc. ("World Market") and Linen Holdings for all of fiscal 2013. The modeling of net earnings per diluted share is based upon a number of planning assumptions which will be described in the Company's second quarter of fiscal 2013 conference call.
The accompanying consolidated financial information for fiscal 2013 includes the accounts of Linen Holdings and World Market from the beginning of the fiscal year and for fiscal 2012, includes the accounts of Linen Holdings since the date of its acquisition on June 1, 2012 and World Market since the date of its acquisition on June 29, 2012.
Linen Holdings is excluded from the comparable store sales calculations and will continue to be excluded on an ongoing basis as long as it does not meet the Company's definition of comparable store sales. World Market is excluded from the comparable store sales calculations through the end of the fiscal first half of 2013 and will be included beginning with the fiscal third quarter of 2013.
During the fiscal second quarter, the Company opened one Bed Bath & Beyond store, one Christmas Tree Shops store, three buybuy BABY stores and one Harmon Face Values store. Consolidated store space, net of openings and closings for all our concepts, as of August 31, 2013 was approximately 42.3 million square feet.
Since the beginning of the fiscal third quarter of 2013 on September 1, 2013, one World Market store and two Bed Bath & Beyond stores have been opened. In addition, the Company is a partner in a joint venture which operates three stores in the Mexico City market under the name Bed Bath & Beyond.
Bed Bath & Beyond
| On 23rd Oct 2021
The Footwear Distributors and Retailers of America (FDRA) has sent...
| On 23rd Oct 2021
Calvin Klein, an iconic American brand that has existed since 1968,...
| On 23rd Oct 2021
After Austria (2017) and Switzerland (2019), fashion company...
Led by MMF, Indian apparel exports likely to double in next 3 years
India-EU FTA will provide EU with better access to a huge & rapidly...
Cannot see the world breaking away from cotton & polyester
Headquartered at Singapore, Crocodile is a global fashion and lifestyle...
Adaptive Control automates, controls and monitors machines, systems and...
Established in 2015, Once Upon A Trunk is a one-stop-shop with almost...
Jaanuu, a vertically integrated e-commerce company, has reimagined the...
Garware Technical Fibres
Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...
Wearable Technology Lab, University of Minnesota
A new study led by researchers at the University of Minnesota's Design of...
The creations by <b>Aprajita Toor</b> were born out of a deep desire to...
Label Anju Modi
Filmfare Award winner for best costume designer,<b> Anju Modi </b>is...
Shalini Sharma & Shweta Pundir Sharma
Six Yard Story
Six Yard Story is a premium artisanal brand with a focus to bring handloom ...
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.