Gordmans Keen On Store Count Growth In '12 And ‘13

OMAHA, NEB. - Gordmans Stores credited strong sales at its six new stores, a modest comp increase and continued expansion of the retailer's gross profit margins for propelling its fourth quarter and fiscal 2011 results.
     For the quarter, ended Jan. 28, the company reported a 21.2% increase in net income to $10.2 million, or 53 cents per diluted share, compared to $8.4 million, or 44 cents per diluted share in the year-ago period.
     Net sales for the 13 weeks increased 10.0% to $185.1 million from $168.4 million last year, and comparable store sales were up 2.1%.
     Fiscal 2011 net income jumped by 61.5% to $25.2 million, or $1.30 per diluted share, compared $15.6 million in fiscal 2010. Excluding the one-time, pre-tax expenses of $10.6 million related to the initial public offering, non-GAAP adjusted net income for fiscal year 2010 was $22.4 million, or $1.28 per diluted share.
     Net sales for the year increased 6.7% to $551.5 million from $517.0 million in fiscal 2010 as a result of the opening of six new stores, and a comparable store sales increase of 0.7%.
    New store growth has been a key growth vehicle for Gordmans. The regional chain plans to open nine new stores this year as well as "at least" nine more new sites in 2013, explained Jeff Gordman, president and ceo.
     "We are aggressively focused on our store expansion plan for 2013," he said.
     The company is currently in negotiations for many of these sites, set to open in existing markets such as Salt Lake City, Minneapolis, Indianapolis, Colorado Springs, Kansas City and Albuquerque, as well as new markets of Columbus, Dayton, and Cincinnati in Ohio.
     Including the new stores slated for 2013, Gordmans will have grown its store count by 35% over three years -- from 68 units by end of fiscal 2010 to 92 by the end of fiscal 2013, he noted.
     "We begin 2012 with sound strategies in place to maintain our positive comparable store sales growth momentum and we are well positioned to successfully execute our aggressive store expansion plan."
     Gordmans' outlook for the first quarter, which ends April 28, calls for: net sales between $132 million and $133 million, which reflect a low-single digit comparable store sales increase; and diluted earnings per share in the range of 40 to 41 cents, using a diluted share count of approximately 19.4 million shares.
     For the 53-week fiscal year ending February 2, 2013, the company said it expects: net sales to be between $629 million and $634 million, which reflects the opening of nine new stores and a low single digit comparable store sales increase; and diluted earnings per share to be in the range of $1.46 to $1.51, using a diluted share count of approximately 19.4 million.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.


HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!