For the full fiscal year ending February 2, 2013, net sales are expected to be in the range of $290.0 million to $292.0 million assuming a low double digit comparable boutique sales increase and the opening of 76 new boutiques and an outlet boutique. Earnings per diluted share are expected to be in the range of $0.94 to $0.96 compared to earnings per diluted share in the prior year of $0.52. Excluding $0.7 million pretax ($0.4 million, net of tax) or $0.01 per diluted share for relocation costs of the Company's headquarters and distribution facilities and $0.7 million pretax ($0.4 million, net of tax) or $0.01 per diluted share for a secondary equity offering and option acceleration costs, adjusted earnings per diluted share are expected to be in the range of $0.96 to $0.98 an increase of 66% to 69% over the same prior year period adjusted earnings per diluted share of $0.58 excluding a $2.3 million pretax or $0.03 per diluted share ($1.4 million, net of tax) charge for the acceleration of stock options, a $1.6 million ($1.0 million, net of tax) or $0.02 per diluted share for the Company's initial public offering, and a $0.6 million ($0.4 million, net of tax) or $0.01 per diluted share for secondary equity offering costs. The Company uses the NRF calendar; therefore fiscal year 2012 will be a 53-week year. We estimate that the additional week will contribute approximately $3.0 million in net sales and $0.02 per diluted share in incremental earnings.
Senior Leadership Transition Plan
The Company also announced today a senior leadership transition plan. Effective December 31, 2012, Chief Executive Officer John De Meritt has decided to retire from the Company and the Board to pursue personal endeavors. The Board has appointed Neill P. Davis, current President and director since 2007, to serve as the Chief Executive Officer effective January 1, 2013. Additionally, the Board has promoted Theresa Backes, current Chief Operating Officer, to serve as the President effective January 1, 2013.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts