Cost Plus, Inc. Reports First Quarter Fiscal 2012 Results And Provides Outlook For The Second Quarter Fiscal 2012

Cost Plus, Inc. (NASDAQ: CPWM) today announced financial results for its first quarter ended April 28, 2012 and provided its financial outlook for the second quarter and full year of fiscal 2012.

First Quarter Highlights

• Same store sales for the quarter increased 7.9% on top of a 5.5% increase for the quarter last year.
• Same store customer count for the quarter increased 2.7% and same store average ticket increased 5.0%.
• Sales for the quarter for the direct-to-consumer business were $7.3 million, a 36.9% increase, compared to $5.3 million for the quarter last year.
• Achieved net income from continuing operations for the first fiscal quarter, the first time since fiscal 2004. Net income from continuing operations was $129,000 compared to a net loss from continuing operations of $3.0 million for the first quarter of last year.
• Non-GAAP EBITDA from continuing operations for the quarter was $7.5 million compared to $5.0 million for the quarter last year.

First Quarter Results from Continuing Operations

Net sales for the first quarter of fiscal 2012 were $214.6 million, a 7.4% increase compared to $199.7 million for the first quarter of last year. Same store sales for the first quarter of fiscal 2012 increased 7.9% on top of a 5.5% increase for the first quarter of last year. The increase in same store sales for the first quarter was due to an increase in customer count of 2.7% and an increase in the average ticket per customer of 5.0%.

Gross profit as a percentage of net sales for the first quarter of fiscal 2012 increased 30 basis points to 32.0% compared to 31.7% for the first quarter of last year. The improvement in gross profit for the quarter was primarily due to the leveraging of occupancy costs on higher sales, offset by a slightly lower merchandise margin.

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