Apparel and home decor retailer Gordmans Stores Inc. (GMAN) Friday said its profit for the first quarter increased 10.6 percent, driven by 4.7 percent rise in comparable sales and a double-digit growth in revenues.
The Omaha, Nebraska-based company reported a first-quarter net profit of $8.05 million or $0.41 per share, compared to $7.28 million or $0.38 per share last year. On average, five analysts polled by Thomson Reuters expected the company to earn $0.41 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 13.8 percent to $133.92 million from $117.68 million in the prior-year quarter. Four analysts had a consensus revenue estimate of $131.56 million for the quarter.
For the quarter, comparable store sales for the thirteen weeks increased 4.7 percent from last year.
Looking ahead, the company expects second quarter earnings in the range of $0.17 to $0.18 per share. Revenues for the second quarter are anticipated in the range of $130 million and $131 million. Analysts currently expect the company to earn $0.18 per share for the quarter, with revenues of $132.94 million.
Further, the company said it remains confident to realize its sales and profit guidance for fiscal 2012. The company expects full-year 2013 earnings to range between $1.46 and $1.51 per share. Revenues for the year are projected in the range of $629 million and $634 million. Analysts currently expect earnings of $1.51 per share for the year, with revenues of $630.46 million.
by RTT Staff Writer
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