Scott Justin Bowman
Thank you, and good morning. In order for us to take advantage of Safe Harbor rules, I would like to remind you that any projections or statements made today reflect our current views with respect to future events and our financial performance. There is no assurance that such events will occur or that any projections will be achieved. Our actual results could differ materially from any projections due to various risk factors, which are described from time to time in our periodic reports with the SEC.
Michael J. Newsome
Thank you. Now our President and CEO, Jeff Rosenthal, will speak with you.Jeffry O. RosenthalGood morning. As you know from our press release this morning, our second quarter earnings per share were up $0.30 versus $0.21 a year ago, a 43% increase. Overall sales for the second quarter increased 8% to $165.4 million compared to $153.1 million a year ago. Comparable sales increased 4.8%. Comps by month are as follows: May, up 9.21%; June, up 1.91%; July, up 4.09%.From a real estate perspective, we opened 7 new stores, expanded 3 high-performing stores and closed 5 underperforming stores, bringing the store base to 837 stores in 26 states. We continue to have 400 additional markets identified in our existing 26-state area and can still easily grow to over 1,300 stores. We are on pace to open 55 to 60 new stores and expand approximately 15 high-performing stores. There is no reason that we cannot operate in all states over time.We have started very strong in comparable sales through yesterday, with sales up mid-single range. With back-to-school pushed back in our 5 largest store states, Alabama, Texas, Arkansas, South Carolina and Oklahoma, we expect even a better result. Our comps have excelled, being up double digits the last 3 days, and we expect more to come. Our company is confident moving forward in the back half of the year by moving our fiscal 2013 guidance to a range of $2.57 to $2.67 per share.
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