Gordmans' 4Q Sales Up, Comps Down
April 8, 2013,
Sales for the quarter ended Feb. 2 climbed 9.4% to $202.5 million, but comps fell 4.1%. Earnings per share were 41 cents - outpacing the apparel and home retailer's revised guidance of 35 to 37 cents.
"While we are disappointed with our recent results, including a slow start to fiscal 2013, we believe that the strategic initiatives that we have put in place, in concert with the change in our senior leadership team, will produce improved comparable sales as the year progresses," said Jeff Gordman, president and ceo. "In addition, we will continue our expansion strategy with the opening of 10 new stores in a combination of new and existing markets."
For the full fiscal year, sales rose 10.2% to $607.7 million, while comps slipped 0.7%. Gordmans opened in four new markets and two new states during the year, and now operates 86 stores in 18 states. Net income fell 6.5% to $23.5 million, or $1.21 per share.