Mr. May continued, “Our appliance business, which is now our largest product category, along with our computing and mobile phones category continue to perform well. We are pleased with the results of our initiatives to drive continued market share gains in the appliance category, resulting in our sixth consecutive quarter of appliance comparable store sales increases. In addition, we are pleased with the consumer acceptance of our new products, particularly the roll-out of the furniture category and the introduction of Apple ™ products. We believe that our service-oriented sales force along with our ability to both offer attractive financing options and deliver big box product to our consumers' home, gives us the flexibility to adapt our business around today's dynamic retail environment.”
All figures in this release are preliminary and remain subject to the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these preliminary results. Further details of these results will be provided in the Company’s earnings release and conference call discussed in more detail in this release.
Updated Fiscal 2013 Guidance
In light of the preliminary third fiscal quarter sales and earnings results and our revised outlook for the fourth fiscal quarter, the Company now anticipates that annual net income per diluted share will be within a range of $0.70 to $0.80 for fiscal 2013. This compares to previous guidance of net income per diluted share of $0.90 to $1.05 for fiscal 2013. The Company’s revised fiscal 2013 guidance includes the following assumptions:
- fiscal 2013 comparable store sales of negative 8.5% to negative 7.5%, as compared to previous guidance of negative 6.0% to negative 4.0%
- fiscal 2013 net sales increase of flat to 1.0%, as compared to previous guidance of net sales increase of 3.0% to 6.0%
- net capital expenditures of $35.0 million to $40.0 million, as compared to previous guidance of $50.0 million to $55.0 million
- the impact of fiscal year-to-date share repurchases of 3.6 million shares at a cost of $30.0 million