The Company’s effective income tax rate for the three months ended June 30, 2012 increased to 40.8% from 17.2% in the comparable prior year period. The increase in the effective income tax rate is primarily the result of a charge to reduce deferred tax assets in the comparable prior year period which reduced the income tax benefit recognized. The reduction in the deferred state income tax rate in the comparable prior year period was the result of a scheduled reduction in Indiana’s corporate income tax rate beginning July 1, 2012.
During the fiscal quarter ended June 30, 2012, the Company repurchased 1,076,074 shares of its common stock at a total cost of $11.2 million. The shares were repurchased under the Company’s $50 million share repurchase program that was authorized by the Company’s Board of Directors on May 24, 2012 and expires on May 23, 2013. As of June 30, 2012, the Company had approximately $38.8 million authorized to repurchase shares of common stock remaining under the current share repurchase program.
GuidanceConsistent with the Company’s pre-release on July 10, 2012, the Company expects net income per diluted share will be within a range of $0.90 to $1.05 for fiscal 2013. Included in the Company's guidance are the following annual assumptions:
- fiscal 2013 comparable store sales of negative 6% to negative 4%
- fiscal 2013 net sales increase of 3% to 6%
- 20 to 22 new store openings in fiscal 2013
- the impact of fiscal first quarter share repurchase activity of 1.1 million shares at a cost of $11.2 million
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV