“The first quarter of fiscal 2012 has been challenging, reflecting softer than expected sales in our seasonal and outdoor products. Despite the difficult start to the year, we expect to achieve positive comp store sales in fiscal 2012,” concluded Baker.
The Company will have 53 weeks of operating results in fiscal 2012 and provided the following guidance for expected financial results and store plans:
- Positive comparable store sales on a 52-week basis. The Company currently expects that comp store sales will be negative low single digits for the first quarter of fiscal 2012
- Plans to open up to three new stores and remodel up to six locations
Conference Call Information
A listen-only conference call will be available on Thursday, April 26, 2012 at 1:30 p.m. pacific time/4:30 p.m. eastern time. Mark Baker, Chief Executive Officer and Chris Newman, Chief Financial Officer, will discuss fiscal 2011 fourth quarter and full-year financial results, as well as the Company’s outlook for fiscal 2012. To listen to the call, please dial (800) 295-4740 and provide passcode 21439806. A telephone replay will be available from April 26, 2012 at 3:30 p.m. pacific time/6:30 p.m. eastern time through May 3, 2012. To access the replay, please dial (888) 286-8010 and enter passcode 94729134. The call will also be broadcast live at http://ir.osh.com and will be archived on the web site for 90 days.About Orchard Orchard Supply Hardware Stores Corporation is a specialty retailer primarily focused on homeowners with repair, maintenance and improvement needs. Founded as a purchasing cooperative in San Jose in 1931, as of January 28, 2012, the Company operated 87 full-service hardware stores in California. The stores average approximately 44,000 square feet of enclosed retail space and approximately 8,000 square feet of exterior nursery and garden space, carrying a broad assortment of merchandise across three primary categories: repair and maintenance, lawn and garden and in-home products.