Gordmans sees strong 1Q profit, raises outlook
Home Textiles Today Staff -- Home Textiles Today, 5/27/2011 9:56:24 AM
Omaha, Neb. - Regional apparel and home décor retailer Gordmans Stores saw its net income jump 14.2% during the first quarter as gross profit margin fattened by 50 basis points.
Net income for the period ended April 30 was $7.3 million, or 38 cents per share, while gross profit margin came in at 47.5%.
Sales rose 5.2% to $117.7 million, with comps up 0.9% on top of a 15.4% same-store sales increase in the year-ago period.
"Our total sales increase of 5.2% was primarily attributable to two new stores that we opened this year in Minneapolis, a new market for Gordmans, as well as two new stores that opened in fiscal 2010," said Jeff Gordman, president and ceo.
The company has stepped up its expansion plan for this year and will open five more stores in the remainder of 2011.
Gordmans now expects fiscal year earnings per share in the range of $1.18 to $1.23, with sales of $553 million to $557 million.
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