Net Sales for the Fourth Quarter of 2010 Increased 22% to $190 million
Net Sales for Fiscal Year 2010 Increased 21% to $635 million
EPS of $0.44 for the Fourth Quarter of 2010 and $1.21 for Fiscal Year 2010WARRENDALE, Pa., March 15, 2011 (GLOBE NEWSWIRE) -- rue21, inc. (Nasdaq:RUE) today announced its financial results for the fourth quarter and fiscal year ended January 29, 2011. Highlights for the Fourth Quarter of Fiscal Year 2010:
- Net sales increased 22.3% to $190.1 million from $155.4 million in the fourth quarter of fiscal year 2009, which ended January 30, 2010.
- Comparable store sales increased 1.5% on top of an 8.6% increase for the same period in 2009.
- The Company opened 10 stores in the quarter versus 3 in the same period last year.
- Gross margin increased to 35.8% from 35.7% in the fourth quarter of fiscal year 2009.
- Fourth quarter net income increased 41% to $10.9 million from $7.7 million in the fourth quarter of fiscal year 2009.
- Diluted earnings per share were $0.44 compared to diluted earnings per share of $0.32 in the fourth quarter of fiscal year 2009.
- Average diluted shares outstanding were 25.0 million in the fourth quarter of fiscal 2010 versus 24.3 million in the comparable period last year.
- Net sales increased 20.8% to $634.7 million from $525.6 million in fiscal year 2009.
- Comparable-store sales increased 2.1% on top of a 7.8% increase in fiscal year 2009.
- The Company opened 105 stores, closed 2 stores, and converted 31 stores to the rue21 etc! format. The Company ended the year with 638 stores in 44 states.
- Gross margin increased 120 bps to 37.0% from 35.8% in fiscal year 2009.
- Operating margin increased to 7.9% of net sales from 7.0% of net sales in fiscal year 2009.
- Net income increased 37.4% to $30.2 million from $22.0 million in fiscal year 2009.
- Diluted earnings per share were $1.21 versus $0.96 for fiscal 2009.
- The Company ended fiscal 2010 with no long-term debt and $50.1 million in cash and cash equivalents compared to $26.8 million at the end of fiscal year 2009, an 87% increase.
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