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Cost Plus, Inc. Reports Fourth Quarter And Fiscal 2011 Results And Provides Outlook For The First Quarter And Full Year Fiscal 2012

First Quarter and Full Year Fiscal 2012 Outlook from Continuing Operations

The Company is providing its outlook for the first quarter of fiscal 2012 as follows:
  • Net sales in the range of $210 million to $214 million, based on a same store sales increase in the range of 6% to 8% compared to a same store sales increase of 5.5% for the first quarter of fiscal 2011.
  • Gross profit as a percentage of net sales in the range of 31.8% to 31.9% compared to 31.7% for the first quarter of fiscal 2011.
  • Net loss from continuing operations in the range of $1.6 million to $0.8 million, or $0.07 to $0.03 per diluted share, compared to a net loss from continuing operations of $3.0 million for the first quarter of fiscal 2011.
  • EBITDA from continuing operations in the range of $5.4 million to $6.5 million compared to EBITDA from continuing operations of $5.0 million for the first quarter of fiscal 2011.
  • The Company plans to open one new store during the first quarter of fiscal 2012, and no store closures, compared to no new stores and four store closures during the first quarter of fiscal 2011.

The Company is providing its outlook for the full year of fiscal 2012 as follows:
  • Net sales in the range of $1.0 billion to $1.1 billion, based on a same store sales increase in the range of 5% to 6% compared to a same store sales increase of 5.4% for fiscal 2011. Comparable store sales for fiscal 2012 were measured on a 53 to 53 week basis, while comparable store sales for fiscal 2011 were measured on a 52 to 52 week basis.
  • Gross profit as a percentage of net sales in the range of 32.6% to 32.7% compared to 32.1% for fiscal 2011.
  • Income tax expense in the range of $7 million to $8 million compared to $1.6 million for fiscal 2011.
  • Net income from continuing operations in the range of $26 million to $28 million, or $1.07 to $1.12 per diluted share, compared to net income from continuing operations of $17.7 million for fiscal 2011.
  • EBITDA from continuing operations in the range of $63 million to $66 million compared to EBITDA from continuing operations of $51.3 million for fiscal 2011.
  • The Company is targeting to open five to ten new stores and the outlook includes an estimate of eight new stores, including two relocations, compared to five store closures and one relocation during fiscal 2011.

Cost Plus, Inc. is a leading specialty retailer of casual home living and entertaining products. As of March 22, 2012, the Company operated 258 stores in 30 states.

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