Gordmans Stores, Inc. Announces Fourth Quarter 2015 Results
Fourth Quarter Net Sales Increased 0.9%; Fourth Quarter Diluted EPS of $0.06, In-Line With Revised Guidance
(firmenpresse) - OMAHA, NE -- (Marketwired) -- 03/18/16 -- Gordmans Stores, Inc. (NASDAQ: GMAN), an Omaha-based apparel and home décor retailer, today announced results for its fourth quarter (thirteen weeks) and fiscal year (fifty-two weeks) ended January 30, 2016.
Net sales increased 0.9% to $205.7 million compared to $203.9 million.
Gross profit increased 30 bps to 38.0%.
Net sales increased 2.3% to $649.0 million compared to $634.6 million.
Gross profit increased 60 bps to 42.3%.
Six new stores were opened in three new markets, including one new state.
"During fiscal 2015 we made important progress on several strategic initiatives which contributed to a meaningful improvement in our three year comp sales trend. This included successfully launching our eCommerce channel, growing our guest loyalty program to over 5 million members and introducing a new branding campaign," commented Andy Hall, President and Chief Executive Officer. "In addition to building on these accomplishments, our focus in fiscal 2016 is on driving guest traffic, identifying expense savings, optimizing our supply chain, implementing a new point-of-sale system and strategically expanding our store base. There is still work to be done to position the Company for consistent top and bottom line growth, but we are confident we are on the right path."
Hall continued, "Our fourth quarter sales performance was more volatile than we expected due in part to unfavorable weather conditions in December and late January. This created a temporary inventory build at year end that we are clearing through during the first quarter. Our teams did a good job managing expenses in a challenging environment to deliver earnings per share towards the high end of our revised guidance. While gross margin increased year-over-year driven by better merchandise assortments and our refined promotional strategy, higher than expected shrinkage results in January partially offset the improvement."
Net sales for the fourth quarter ended January 30, 2016 increased 0.9% to $205.7 million from $203.9 million for the fourth quarter ended January 31, 2015. Comparable store sales on an owned basis decreased 2.3%. On an owned plus licensed basis, comparable store sales decreased 2.2%.
Gross profit increased by 1.9% to $78.3 million, or 38.0% of net sales, from $76.8 million, or 37.7% of net sales, in the fourth quarter of fiscal 2014. The 30 basis point increase in gross margin was primarily due to lower markdowns, partially offset by a 60 basis point fourth quarter impact from higher than expected shrinkage.
Selling, general and administrative costs were $75.7 million, or 36.8% of net sales, compared to $72.0 million, or 35.3% of net sales, in the fourth quarter of fiscal 2014. The increase in expenses was primarily due to the launch of eCommerce, increased investment in fourth quarter marketing, an increased store count, and higher depreciation expense, partially offset by lower distribution center costs.
Net income for the fourth quarter of fiscal 2015 was $1.1 million, or $0.06 per diluted share, compared to net income of $2.3 million, or $0.12 per diluted share, in the fourth quarter of fiscal 2014.
Net sales for the fifty-two week fiscal year ended January 30, 2016 increased 2.3% to $649.0 million compared to net sales of $634.6 million for the fifty-two week fiscal year ended January 31, 2015. Comparable store sales for fiscal year 2015 decreased 1.3% on an owned basis and decreased 1.2% on an owned plus licensed basis. Gross profit increased by 3.8% to $274.4 million, or 42.3% of net sales, from $264.3 million, or 41.7% of net sales last year which represents a 60 bps increase. The net loss for fiscal year 2015 was $4.3 million, or a loss of $0.22 per diluted share, compared to a net loss of $3.5 million, or $0.18 per diluted share, in fiscal year 2014. The 2015 net loss on an adjusted basis, excluding charges related to debt extinguishment was $3.1 million, or ($0.16) per diluted share, a 10% improvement over last year's net loss of $3.5 million, or ($0.18) per diluted share.
At the conclusion of this press release is a reconciliation of GAAP to Non-GAAP adjusted financial measures.
In 2015, the Company opened six new stores and closed one store ending the year operating 102 stores. In 2016, the Company plans to open 5 new stores, the first of which is scheduled to open in Omaha, Nebraska in April of 2016.
In August, the Company expanded its presence from 22 states to a national footprint with the addition of online shopping. Now guests from across the country may access savings of up to 60% off department store prices every day. Gordmans.com provides shoppers with a wide array of merchandise found in Gordmans stores including apparel and footwear for men, women and children in addition to home décor, designer fragrances, fashion jewelry, bedding and bath and toys.
For the first quarter of fiscal year 2016, the Company expects net sales to be between $146 and $150 million, which reflect comparable store sales in the range of down 2% to flat. The Company expects gross profit margin to be lower than last year as we clear fall inventory. The guidance also includes $0.02 of expense associated with the Company's engagement of an outside party to assist in identifying expense savings opportunities. The Company is projecting a diluted loss per share for the first quarter in the range of ($0.10) and ($0.06), using a weighted average diluted share count of approximately 19.4 million.
A conference call to discuss fourth quarter financial results is scheduled for today, March 18, 2016 at 11:00 a.m. Eastern Time. The conference call will be webcast live at . A replay of this call will be available within two hours of the conclusion of the call and will remain on the website for one year.
Gordmans (NASDAQ: GMAN) is an everyday value priced department store featuring a large selection of name brands and the latest fashions and styles at up to 60 percent off department and specialty store prices. The wide range of merchandise includes apparel and footwear for men, women and children, as well as accessories, home décor, gifts, designer fragrances, fashion jewelry, bedding and bath, accent furniture and toys. Founded in 1915, Gordmans guests can shop in any of our 102 stores in 22 states or at . For more information about Gordmans, please visit .
Certain statements in this release are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "guidance," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding expected net sales, net income (loss), comparable store sales, diluted earnings (loss) per share, and store expansion, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are (1) changes in consumer spending and general economic conditions; (2) our ability to identify and respond to new and changing fashion trends, guest preferences and other related factors; (3) fluctuations in our sales and profitability on a seasonal basis; (4) intense competition from other retailers; (5) our ability to maintain or improve levels of comparable store sales; (6) our ability to attract and retain talent and (7) our successful implementation of advertising, marketing and promotional strategies.
Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including other risks, relevant factors and uncertainties identified in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2015, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
To supplement our condensed consolidated statements of operations presented in accordance with generally accepted accounting principles ("GAAP"), we are providing non-GAAP adjusted financial measures of operating results that exclude certain items. Loss on extinguishment of debt, loss before taxes, income tax benefit, net loss, and both basic and diluted loss per share are presented below both as reported on a GAAP and non-GAAP adjusted basis related to the loss on extinguishment of debt associated with refinancing our term debt during the second quarter of fiscal 2015. We believe these items should be presented separately to enhance a reader's overall understanding of the Company's ongoing operations. These non-GAAP adjusted financial measures should be considered in conjunction with the GAAP financial measures. We believe these non-GAAP adjusted financial measures provide useful supplemental information to investors regarding the underlying business trends and performance of our ongoing operations and are useful for period-over-period comparisons of such operations. In addition, we evaluate results using GAAP and non-GAAP adjusted financial measures. These non-GAAP adjusted financial measures should not be considered in isolation or as a substitute for GAAP financial measures. The following table reconciles the GAAP to Non-GAAP adjusted financial measures for the period presented.
Company Contact:
James Brown
Chief Financial Officer
(402) 691-4126
Investor Relations:
ICR, Inc.
Brendon Frey
(203) 682-8200
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Datum: 18.03.2016 - 11:00 Uhr
Sprache: Deutsch
News-ID 458441
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OMAHA, NE
Kategorie:
Apparel
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