Gordmans Reports Lower Q4 Profit
In a light docket of earnings on Monday, Gordmans Stores (NASDAQ: GMAN) released its fiscal fourth-quarter earnings results after the closing bell.
In late trading, shares of the small-cap retailer were down better than 4 percent. The stock climbed 1.50 percent on Monday heading into the report despite a lower market.
Gordmans has had a rough year, with the stock falling better than 30 percent over the last 52-weeks despite a robust market environment.
The company reported net income of $7.9 million or $0.41 per share, compared to $10.2 million or $0.53 per share, in last year's corresponding period. This came in ahead of Wall Street analysts' consensus EPS expectations of $0.37.
Total sales in the period were up 9.4 percent to $202.46 million from $185.15 million last year. This just missed Street consensus revenue expectations of $202.82 million.
Comparable store sales for the fourth-quarter fell 4.1 percent versus the year ago period.
"Our fourth quarter sales performance was driven primarily by contributions from the nine stores opened in fiscal 2012, partially offset by a comparable store sales decline of 4%," commented Jeff Gordman, President and Chief Executive Officer. "While we are disappointed with our recent results, including a slow start to fiscal 2013, we believe that the strategic initiatives that we have put in place, in concert with the change in our senior leadership team, will produce improved comparable sales as the year progresses. In addition, we will continue our expansion strategy with the opening of 10 new stores in a combination of new and existing markets."
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