Karen L. Luey
Thank you, James. Before I review our highlights for the first quarter of fiscal 2012, I'd like to remind you that we switched the dates of our quarter end to more conform with the calendar quarter end. The press release that was issued today has comparisons against prior-year GAAP results and prior-year pro forma results. The 10-Q, which will be filed on or around May 8, 2012, will only include comparisons against prior-year GAAP results. And today, I'll focus most of my comments on the pro forma comparisons.
We continue to make progress on strengthening the financial health of our business, and it's reflected in our first quarter results. Quarter-over-quarter comparisons on a GAAP and pro forma basis reflects significant improvement in comparable same-store sales and total revenue, 4-wall store margins, adjusted operating profit, and we continue to improve on our bottom line results.
On a pro forma basis, for the first 13 weeks in 2012 compared to the first 13 weeks in 2011, we reduced our net loss from $7.7 million to $1.5 million or $0.03 loss per share, a reduction of more than 76% due to the increase in revenue and continued operational efficiencies in overall store operating expenses, primarily labor. Our 4-wall store margins improved to 15.4% from 4.8%, and our adjusted operating profit increased by $6 million to $10.7 million in the first quarter of 2012 from $4.7 million in the first quarter of 2011. Total pro forma revenue for the first quarter increased 4.9% to $53 million, and company store revenue increased 3.7% to $50 million as compared to the prior-year same quarter. Across our entire system, we showed increases in comparable store sales for the first quarter. Our company comparable store sales increased 12.7%, and franchise comparable store sales increased 10.5%. And for the second consecutive quarter, we are reflecting an increase in traffic. The results of our company comparable store sales increase of 12.7% for the quarter includes an 880-basis point increase in traffic, and a 390-basis point increase due to average check. The increase in traffic consists of approximately 510 basis points related to the weather impact and 370 basis points related to more frequent and repeat business.Read the rest of this transcript for free on seekingalpha.com
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