WARRENDALE, Pa., Aug. 23, 2012 (GLOBE NEWSWIRE) -- rue21, inc. (Nasdaq:RUE) today announced its financial results for the second quarter ended July 28, 2012.
Second Quarter Highlights:
- Net sales increased 17% to $202.1 million from $172.8 million in the second quarter of fiscal 2011. Comparable store sales for the quarter were up 0.5%.
- Gross margin improved to 39.4% of net sales compared to 39.1% in the second quarter of fiscal 2011.
- Selling, general and administrative expenses were $57.8 million or 28.6% of net sales, compared to $48.9 million or 28.3% of net sales. Selling, general and administrative expenses included an incremental $1.8 million in stock compensation expenses in the quarter.
- The Company opened 39 new stores compared to opening 34 stores in the second quarter of fiscal 2011.
- Net income increased 18.5% to $9.1 million from $7.7 million.
- The Company ended the quarter with cash and short term investments of $56.8 million.
- Inventory at cost per square foot was down 2.8% as compared to the end of the second quarter of 2011.
- Diluted earnings per share were $0.36 compared to diluted earnings per share of $0.31 in the second quarter of fiscal 2011.
Year-to-Date Fiscal 2012 Highlights:
- Net sales increased 17.9% to $407.7 million from $345.6 in the first half of 2011. Comparable store sales increased 1.1% following a 2.4% increase in the comparable period in 2011.
- Gross margin improved to 39.1% of net sales from 39.0% in the first half of 2011.
- Selling, general and administrative expenses were 27.4% of net sales compared to 27.3% in 2011.
- The Company opened 79 new stores.
- Net income increased 19.7% to $20.7 million from $17.3 million.
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