Cost Plus, Inc.'s (CPWM: Quote) net loss for the first quarter of fiscal 2012 narrowed to $74,000 or breakeven per share from the net loss of $3.4 million or $0.15 per share in the first-quarter of fiscal 2011.
Net income from continuing operations for the quarter was $129,000 or $0.01 per share, compared to a net loss from continuing operations of $3.0 million or $0.14 per share in the year-ago quarter.
On average, 6 analysts polled by Thomson Reuters expected the company to lose $0.04 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose 7.4 percent to $214.6 million from $199.7 million a year ago. Same store sales for the quarter increased 7.9 percent. Analysts had expected revenues of $213.03 million.
Looking forward, the company forecasts second-quarter net loss from continuing operations ranging from $5.0 million to $3.4 million, or $0.22 to $0.15 per share, on net sales ranging from $210 million to $216 million.
Analysts currently expect the company to report a loss of $0.24 per share on revenues of $211.47 million for the second quarter.
For the full fiscal 2012, the Cost Plus has raised its outlook for net income from continuing operations to $28 million-$29 million, or $1.13- $1.16 per share. Previously the company had forecast full fiscal 2012 net income of $26 million-$28 million, or $1.07-$1.12 per share. The revenue outlook remained unchanged at $1.0 billion to $1.1 billion.
Analysts expect the company to earn $1.15 per share on revenues of $1.04 billion for the full fiscal 2012.
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by RTT Staff Writer
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