The Company recently signed 12 new leases averaging 41,000 square feet in size in Little Rock, AR; Dublin, CA; Los Angeles, CA; Walnut Creek, CA; Davie, FL; Augusta, GA; Lake Forest, IL; East Lansing, MI; St. Paul, MN; Lake Norman, NC; Columbus, OH; and Houston, TX. These stores currently are scheduled to open in fiscal year 2014 and beyond.
The following table provides additional information about the Company's store openings in fiscal years 2012 and 2013 year to date; leases currently tendered but unopened; and total development pipeline (including leases currently tendered) for stores scheduled to open through fiscal year 2017.
|New Store Information||FY12||FY13 YTD||Tendered||Signed|
|Number of stores (including relocations)||25||24||21||94|
|Number of relocations||1||4||3||11|
|Number of lease acquisitions, ground leases, & owned properties||0||3||6||6|
|Average store size (gross square feet)||35,500||35,700||37,300||37,800|
|Total square footage||887,400||855,700||784,000||3,569,000|
|Average tender period in months||7.9||9.3|
|Average pre-opening expense per store (incl. rent)||$1.7 mil|
|Average pre-opening rent per store||$0.6 mil|
Outlook for Fiscal Years 2013 and 2014
The following table provides information on the Company's updated outlook for fiscal year 2013. The Company notes that fiscal year 2013 is a 52-week year comparing against 53 weeks last year, with the extra week last year falling in the fourth quarter, making it a 13-week quarter.
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