|By Marketwired .||
|November 28, 2012 04:00 PM EST||
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.
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
Chief Financial Officer
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jan. 19, 2017 01:15 AM EST Reads: 6,084
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 19, 2017 12:45 AM EST Reads: 4,621
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Jan. 18, 2017 09:45 PM EST Reads: 6,510
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Jan. 18, 2017 09:30 PM EST Reads: 7,620
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
Jan. 18, 2017 09:30 PM EST Reads: 5,738
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Jan. 18, 2017 07:30 PM EST Reads: 3,146
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus o...
Jan. 18, 2017 06:15 PM EST Reads: 4,194
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
Jan. 18, 2017 05:30 PM EST Reads: 4,882
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Jan. 18, 2017 04:45 PM EST Reads: 4,595
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
Jan. 18, 2017 04:30 PM EST Reads: 4,800
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 18, 2017 03:30 PM EST Reads: 3,686
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 18, 2017 02:45 PM EST Reads: 1,597
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Jan. 18, 2017 02:00 PM EST Reads: 420
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 18, 2017 01:00 PM EST Reads: 5,616
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 18, 2017 01:00 PM EST Reads: 5,105
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
Jan. 18, 2017 12:15 PM EST Reads: 1,552
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Jan. 18, 2017 12:00 PM EST Reads: 1,962
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Jan. 18, 2017 12:00 PM EST Reads: 4,235
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Jan. 18, 2017 12:00 PM EST Reads: 5,768
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Jan. 18, 2017 10:30 AM EST Reads: 3,119