Gordmans Stores announced results for its fourth quarter and fiscal year ended January 30, 2016.
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Net sales for the fourth quarter ended January 30, 2016 increased 0.9% to $205.7 million from $203.9 million for the fourth quarter ended January 31, 2015.
Comparable store sales on an owned basis decreased 2.3%. On an owned plus licensed basis, comparable store sales decreased 2.2%.
Gross profit increased by 1.9% to $78.3 million, or 38.0% of net sales, from $76.8 million, or 37.7% of net sales, in the fourth quarter of fiscal 2014.
The 30 basis point increase in gross margin was primarily due to lower markdowns, partially offset by a 60 basis point fourth quarter impact from higher than expected shrinkage.
Selling, general and administrative costs were $75.7 million, or 36.8% of net sales, compared to $72.0 million, or 35.3% of net sales, in the fourth quarter of fiscal 2014.
The increase in expenses was primarily due to the launch of eCommerce, increased investment in fourth quarter marketing, an increased store count, and higher depreciation expense, partially offset by lower distribution center costs.
Net income for the fourth quarter of fiscal 2015 was $1.1 million, or $0.06 per diluted share, compared to net income of $2.3 million, or $0.12 per diluted share, in the fourth quarter of fiscal 2014.
Fiscal year 2015
Net sales for the fifty-two week fiscal year ended January 30, 2016 increased 2.3% to $649.0 million compared to net sales of $634.6 million for the fifty-two week fiscal year ended January 31, 2015.
Comparable store sales for fiscal year 2015 decreased 1.3% on an owned basis and decreased 1.2% on an owned plus licensed basis.
Gross profit increased by 3.8% to $274.4 million, or 42.3% of net sales, from $264.3 million, or 41.7% of net sales last year which represents a 60 bps increase.
The net loss for fiscal year 2015 was $4.3 million, or a loss of $0.22 per diluted share, compared to a net loss of $3.5 million, or $0.18 per diluted share, in fiscal year 2014.
The 2015 net loss on an adjusted basis, excluding charges related to debt extinguishment was $3.1 million, or ($0.16) per diluted share, a 10% improvement over last year's net loss of $3.5 million, or ($0.18) per diluted share.
At the conclusion of this press release is a reconciliation of GAAP to Non-GAAP adjusted financial measures. ■