Net sales for the nine-month period ended November 3, 2007 were $1.30 billion versus $1.25 billion in the prior year. Same-store sales increased 3.5% for the nine-month period versus a 5.8% decrease for the same period last year.
Large-format stores net sales for the nine-month period increased 10.6% to $661.3 million from $597.9 million last year. Same-store sales for large-format stores increased 4.6%, versus an 8.4% decrease in the prior year. Small-format stores net sales for the nine-month period decreased 3.1% to $631.6 million from $651.9 million last year. Same-store sales performance for small-format stores increased 2.6% versus a 3.7% decrease in the prior year.
Operating Results: Gross margins for the third quarter increased 60 basis points to 48.0% from 47.4%, largely due to the timing of plan-o-gram resets and clearance markdowns taken in the second quarter this year versus the third and fourth quarter last year.
Selling, general and administrative expenses for the quarter increased to $199.1 million from $198.5 million last year. Selling, general and administrative expenses improved by 150 basis points to 41.5% of net sales from 43.0% of net sales, in the prior year's third quarter.
Operating profit for the third quarter was $16.7 million, versus $5.0 million for the prior year's third quarter.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
