Gordmans kicks off fiscal 2012 with strong Q1

HTT Staff -- Home Textiles Today, 5/11/2012 12:05:04 PM

Omaha - Regional department store chain Gordmans Stores Inc. reaped double digit increases in sales and net income in its first quarter, catapulting the company's confidence for a strong 2012 fiscal year.

"Our first quarter operating results represent a solid start to fiscal 2012," said Jeff Gordman, president and ceo. "We are pleased with our overall performance and remain confident in our ability to realize our sales and profit guidance for fiscal 2012."

Net income for the quarter ended April 28 rose 10.6% $8.1 million, or 41 cents per share.

Net sales increased 13.8% to $133.9 million, with comps up 4.7%.

During the first quarter, the Gordmans opened four stores and entered three new markets : Salt Lake City; Ogden, Utah; and Boise. Five more locations are schedule to open over the remainder of the year.

The retailer's second quarter outlook calls for net sales of between $130 million and $131 million, with a low single-digit comp increase. Earnings per share are expected to range from 17 cents to 18 cents.

For the full fiscal year - which is a fifty-three week fiscal year compared to 2011's fifty-two weeks - Godmans expects sales to be between $629 million and $634 million and a low single-digit comparable store sales increase. The company projects EPS from $1.46 to $1.51.