This Day On The Street
Continue to site
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

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs