Welcome!

.NET Authors: Srinivasan Sundara Rajan, Pat Romanski, Jayaram Krishnaswamy, Elizabeth White, Nitin Bandugula

News Feed Item

Gordmans Stores, Inc. Announces Third Quarter 2012 Results

Third Quarter Net Sales Increased 8.7%; Third Quarter Diluted EPS of $0.21 Exceeded Revised Guidance

OMAHA, NE -- (Marketwire) -- 11/28/12 -- Gordmans Stores, Inc. (NASDAQ: GMAN), an Omaha-based apparel and home décor retailer, today announced results for its third quarter (thirteen weeks) and nine month period (thirty-nine weeks) ended October 27, 2012.

Third Quarter Highlights

  • Net sales increased 8.7% to $143.1 million compared to $131.6 million in the third quarter of fiscal 2011.
  • Two new stores were opened in the Denver MSA.
  • Diluted earnings per share were $0.21, which exceeded revised guidance.

Nine Month Highlights

  • Net sales increased 10.6% to $405.2 million compared to $366.3 million for the nine months ended October 29, 2011.
  • Comparable store sales increased 1.1% over the first three quarters of fiscal 2011.
  • Gross profit margin increased 20 basis points over the same period last year to 46.0%.
  • Net income increased 4.2% to $15.6 million compared to $15.0 million in the first nine months of fiscal 2011.

"Our total sales increase of 9% for the third quarter of 2012 was attributable to nine stores that we opened throughout the first nine months of the year, expanding our store base by 12%. We entered 4 new markets: Salt Lake City and Ogden, UT; Boise, ID; and Indianapolis, IN, as well as opened additional stores in Minneapolis and Denver," commented Jeff Gordman, President and Chief Executive Officer. "While our third quarter comparable store sales were slightly lower than last year, we were encouraged by the mid-single digit increase in our average sale for this timeframe and the growth in our women's and children's apparel areas. Moreover, we have a number of new initiatives in place to drive our operating performance going forward."

Third Quarter Financial Results
Net sales for the thirteen weeks ended October 27, 2012 increased 8.7% to $143.1 million from $131.6 million for the same period last year, while comparable store sales fell by 1.4%. Gross profit increased 8.5% to $64.3 million, or 44.9% of net sales, from $59.2 million, or 45.0% of net sales, in the third quarter of fiscal 2011. Selling, general and administrative expenses were $57.8 million, or 40.4% of net sales, compared to $51.4 million, or 39.1% of net sales, in the third quarter of fiscal 2011. Net income for the third quarter of fiscal 2012 was $4.0 million, or $0.21 per diluted share (based on 19.4 million weighted average shares outstanding), compared to net income of $4.7 million, or $0.25 per diluted share (based on 19.3 million weighted average shares outstanding) in the third quarter of fiscal 2011.

Nine Month Financial Results
Net sales for the thirty-nine weeks ended October 27, 2012 increased 10.6% to $405.2 million from $366.3 million for the same period last year, and comparable store sales increased by 1.1%. Gross profit increased by 11.2% to $186.5 million, or 46.0% of net sales, from $167.7 million, or 45.8% of net sales, in the prior year. Selling, general and administrative costs were $161.1 million, or 39.8% of net sales, compared to $143.1 million, or 39.1% of net sales, in the prior year. Net income increased by 4.2% to $15.6 million, or $0.80 per diluted share (based on 19.4 million weighted average shares outstanding), compared to net income of $15.0 million, or $0.77 per diluted share (based on 19.4 million weighted average shares outstanding) in the first thirty-nine weeks of fiscal 2011.

Outlook
Total sales for the fourth quarter, a fourteen week quarter compared to the thirteen week fourth quarter of fiscal 2011, are projected to be between $213 million and $215 million, reflecting sales at comparable stores that are equal to last year. The Company projects diluted earnings per share to be in the range of $0.58 to $0.61 per share (based on 19.5 million weighted average shares outstanding), compared with $0.53 in the prior year period.

For the fiscal year ending February 2, 2013, a fifty-three week fiscal year compared to fifty-two week fiscal year 2011, the Company currently expects net sales to be between $618 million and $620 million and diluted earnings per share to be in the range of $1.39 to $1.42 (based on 19.4 million weighted average shares outstanding).

Conference Call Information
A conference call to discuss third quarter financial results is scheduled for today, November 28, 2012 at 4:30 p.m. Eastern Time. The conference call will be webcast live at http://investor.gordmans.com/events.cfm. 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.

About Gordmans Stores, Inc.
Gordmans (NASDAQ: GMAN) features a large selection of the latest name brands, fashions and styles at up to 60 percent off department and specialty store prices every day. The wide range of merchandise includes apparel for all ages, accessories, footwear, home décor, gifts, designer fragrances, fashion jewelry, bedding and bath, accent furniture and toys. Founded in 1915, Gordmans operates 83 stores in 18 states. For more information about Gordmans, visit www.gordmans.com.

Safe Harbor Statement
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, comparable store sales, diluted earnings 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; and (6) 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 28, 2012, 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.



                   GORDMANS STORES, INC. AND SUBSIDIARIES
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                        (in 000's except share data)

                                                 October 27,    January 28,
                                                     2012           2012
                                                 ------------  -------------
ASSETS                                             (Unaudited)
CURRENT ASSETS:
    Cash and cash equivalents                    $     32,212  $      35,413
    Accounts receivable                                 2,031          1,787
    Landlord receivable                                 7,883          9,939
    Income taxes receivable                             2,742          2,805
    Merchandise inventories                           131,151         65,335
    Deferred income taxes                               1,919          2,964
    Prepaid expenses and other current assets           3,796          5,239
                                                 ------------  -------------
        Total current assets                          181,734        123,482
PROPERTY AND EQUIPMENT, net                            45,411         34,507
INTANGIBLE ASSETS, net                                  2,013          2,078
OTHER ASSETS, net                                       2,743          2,546
                                                 ------------  -------------

TOTAL ASSETS                                     $    231,901  $     162,613
                                                 ============  =============


LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
    Accounts payable                             $     85,723  $      36,034
    Accrued expenses                                   25,466         26,464
    Current portion of long-term debt                     301            655
                                                 ------------  -------------

        Total current liabilities                     111,490         63,153
                                                 ------------  -------------

NONCURRENT LIABILITIES:
    Long-term debt, less current portion                   --            189
    Deferred rent                                      19,738         14,914
    Deferred income taxes                               6,280          6,604
    Other liabilities                                     191             30
                                                 ------------  -------------

        Total noncurrent liabilities                   26,209         21,737
                                                 ------------  -------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
    Preferred stock                                        --             --
    Common stock                                           19             19
    Additional paid-in capital                         52,216         51,327
    Retained earnings                                  41,967         26,377
                                                 ------------  -------------

        Total stockholders' equity                     94,202         77,723
                                                 ------------  -------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY       $    231,901  $     162,613
                                                 ============  =============



                   GORDMANS STORES, INC. AND SUBSIDIARIES
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                        (in 000's except share data)

                          13 Weeks     13 Weeks      39 Weeks     39 Weeks
                           Ended         Ended        Ended        Ended
                        October 27,   October 29,  October 27,  October 29,
                            2012         2011          2012         2011
                        (Unaudited)   (Unaudited)  (Unaudited)  (Unaudited)
                        -----------  ------------  -----------  -----------
Net sales               $   143,072  $    131,629  $   405,232  $   366,328
License fees from
 leased departments           1,917         1,800        5,474        4,878
Cost of sales               (80,716)      (74,196)    (224,249)    (203,540)
                        -----------  ------------  -----------  -----------
Gross profit                 64,273        59,233      186,457      167,666
Selling, general and
 administrative
 expenses                   (57,763)      (51,425)    (161,147)    (143,072)
                        -----------  ------------  -----------  -----------
Income from operations        6,510         7,808       25,310       24,594
Interest expense               (118)         (148)        (366)        (455)
                        -----------  ------------  -----------  -----------
Income before taxes           6,392         7,660       24,944       24,139
Income tax expense           (2,397)       (2,911)      (9,354)      (9,173)
                        -----------  ------------  -----------  -----------
Net income              $     3,995  $      4,749  $    15,590  $    14,966
                        ===========  ============  ===========  ===========

Basic earnings per
 share                  $      0.21  $       0.25  $      0.81  $      0.78
Diluted earnings per
 share                  $      0.21  $       0.25  $      0.80  $      0.77

Basic weighted average
 shares outstanding      19,188,340    19,070,949   19,139,880   19,109,361
Diluted weighted
 average shares
 outstanding             19,437,988    19,328,278   19,387,080   19,392,178

Company Contact:
Mike James
Chief Financial Officer
(402) 691-4126

Investor Relations:
ICR, Inc.
Brendon Frey
(203) 682-8200

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP and chief architect at BSQUARE Corporation; Seth Proctor, CTO of NuoDB, Inc.; and Andris Gailitis, C...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by mining large volumes of unstructured data, and how data tracking delivers uptime when it matters most.
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it's a mix of architectural styles ...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science from the University of California, Berkeley.
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness, and in-car entertainment and this excitement will bleed into other areas. On the commercial side, m...
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!