This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Orchard Supply Hardware Stores Corporation Announces Fourth Quarter And Full-Year Fiscal 2011 Financial Results; Reiterates Store Opening Plans And Positive Comparable Store Sales Outlook For Fiscal 2012

Orchard Supply Hardware Stores Corporation (Nasdaq:OSH), a specialty retailer focused on the consumer segment of the home improvement market, today announced financial results for the fourth quarter and fiscal year ended January 28, 2012.

Fiscal Year 2011 Highlights

  • Completed spin-off from Sears, becoming an independent, publicly-traded company
  • Strengthened the Company’s financial position by reducing long-term debt
  • Began implementation of a turnaround strategy to restore growth
  • Opened a new, productive store format that will be expanded in 2012

Fiscal Year 2011 Financial Results

Full-year net sales were $660.5 million compared to $660.7 million in fiscal 2010. Comparable store sales (1) decreased 0.6%, reflecting an increase in comparable average ticket, which was offset by a decline in comparable transaction volume.

Full year net loss was $14.5 million and includes $18.1 million of pre-tax, non-cash loss on sale of real property and store impairment charges. This compares to net income of $8.7 million in fiscal year 2010.

Fiscal 2011 Non-GAAP Adjusted EBITDA (see reconciliation of Non-GAAP Adjusted EBITDA to net loss, below) was $45.0 million compared to $69.4 million in fiscal 2010. The year-over-year decline was primarily driven by reductions in gross margin and investments in the Company’s turnaround strategy, including costs associated with establishing and expanding its corporate support infrastructure and strengthening its financial position.

Mark Baker, President and Chief Executive Officer, stated, “During fiscal 2011, we initiated a turnaround strategy designed to restore growth and increase Orchard’s market share. As part of our strategy, we enhanced our organizational structure with key additions to the management team, we improved our in-stock inventory levels on core products while reducing overall inventory levels, and we strengthened the service and shopping environment in our stores. We also took actions to improve the Company’s financial position, including the strategic decision to execute sale-leaseback transactions on five Orchard properties, which generated $57.8 million of proceeds that were used to pay down debt.”

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,039.49 +60.36 0.36%
S&P 500 1,992.37 +5.86 0.30%
NASDAQ 4,532.1040 +5.6220 0.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs