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

The Company’s outlook for the second quarter of fiscal 2012 is as follows:

  • Net sales in the range of $210 million to $216 million, based on a same store sales increase in the range of 6% to 8% compared to a same store sales increase of 2.8% for the second quarter of fiscal 2011.
  • Gross profit as a percentage of net sales in the range of 31.4% to 31.6% compared to 29.8% for the second quarter of fiscal 2011.
  • Net loss from continuing operations in the range of $5.0 million to $3.4 million, or $0.22 to $0.15 per diluted share, compared to a net loss from continuing operations of $7.8 million for the second quarter of fiscal 2011.
  • EBITDA from continuing operations in the range of $1 million to $3 million compared to EBITDA from continuing operations of $13,000 for the second quarter of fiscal 2011.
  • The Company does not plan to open any new stores during the second quarter of fiscal 2012 and plans to close one store, compared to no new stores and one store closure during the second quarter of fiscal 2011.

The Company’s outlook for the full year of fiscal 2012 is as follows:

  • Net sales in the range of $1.0 billion to $1.1 billion, based on a same store sales increase in the range of 5% to 6% compared to a same store sales increase of 5.4% for fiscal 2011. Comparable store sales for fiscal 2012 were measured on a 53 to 53 week basis, while comparable store sales for fiscal 2011 were measured on a 52 to 52 week basis.
  • Gross profit as a percentage of net sales in the range of 32.6% to 32.7% compared to 32.1% for fiscal 2011.
  • Income tax expense in the range of $7 million to $8 million compared to $1.6 million for fiscal 2011.
  • Net income from continuing operations in the range of $28 million to $29 million, or $1.13 to $1.16 per diluted share, compared to net income from continuing operations of $17.7 million for fiscal 2011.
  • EBITDA from continuing operations in the range of $65 million to $67 million compared to EBITDA from continuing operations of $51.3 million for fiscal 2011.
  • The Company is targeting to open five to ten new stores and the outlook includes an estimate of eight new stores, including two relocations and one store closure, compared to one relocation and five store closures during fiscal 2011.

Cost Plus, Inc. is a leading specialty retailer of casual home living and entertaining products. As of May 16, 2012, the Company operated 259 stores in 30 states.

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