With me on the call today are Gary Winterhalter, President and Chief Executive Officer; and Mark Flaherty, Senior Vice President and Chief Financial Officer.
Now, I would like to turn the call over to Gary.
Thank you, Karen, and good morning, everyone. Thank you for joining us for our fiscal 2012 third quarter earnings call. Although we released third quarter results a couple of weeks ago, Mark and I will provide more color on those results and review some of our current quarter accomplishments. I'll start with consolidated results.Same-store sales growth for the third quarter was 5.2%. For the first nine months of fiscal 2012, same-store sales grew 7.1%. We believe that over the long-term, same-store sales will grow over 4% to 5% versus our historical run rate of 3% to 4%.Consolidated sales were $887 million, a growth of 6% over last year. Sales growth is primarily due to same-store sales and new store opening. The negative impact of foreign currency exchange offset sales growth by 132 basis points.Adjusted net earnings in the third quarter increased by 28.3% to $71.6 million or $0.38 per share, after adjusting for $2.1 million net of tax in unamortized deferred financing costs. Fiscal 2011 third quarter net earnings are adjusted for an after-tax credit of $13.4 million from a litigation settlement net of non-recurring expenses.In the third quarter, GAAP net earnings were $69.5 million, a 0.5% increase when compared to 2011 third quarter earnings. GAAP earnings per share were $0.37, flat when compared to prior year GAAP earnings per share.And finally, adjusted EBITDA in the third quarter was $155.7 million, strong growth of 17.3% over the prior year. We ended the quarter with a store count of 4,434, an increase of 172 stores or growth of 4% over last year.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV