Gordmans Stores Falls 14% on Q4 Results

Shares of Omaha-based specialty retailer

were trading sharply lower on Tuesday after the company released its fiscal fourth-quarter earnings results after the closing bell on Monday. In the final hour of trade, the stock was down more than 14 percent to $12.12. At one point, the stock approached a new 52-week low, before rebounding back above $12. After the steep plunge in the stock price on Tuesday, Gordmans has now fallen almost 42 percent over the last year. The company's market cap has dwindled to just under $236 million. 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."