The following table shows the Company's comparable store sales results for the last two quarters and for the first three weeks of the current second quarter. Sales of a store are deemed to be comparable commencing in the 53rd full week after the store opened.
|Comparable Store Sales Growth||Change in Transactions||Change in Basket Size|
|Q4 ended September 29, 2013||5.9%||3.5%||2.5%|
|Q1 ended January 19, 2014||5.4%||3.1%||2.3%|
|Q2 through February 9, 2014||5.6%||--||--|
For the quarter, gross profit increased six basis points to 35.0% of sales due to lower occupancy costs as a percentage of sales, which partially offset a slight increase in cost of goods sold as a percentage of sales. Direct store expenses increased three basis points to 25.4% of sales, with leverage in wages offset by an increase in healthcare costs as a percentage of sales. As a result, store contribution improved three basis points to 9.6% of sales.
For identical stores, gross profit improved 18 basis points to 35.2% of sales, direct store expenses improved 31 basis points to 25.0% of sales, and store contribution improved 49 basis points to 10.1% of sales.
G&A increased 11 basis points to 3.1% of sales due primarily to increased investments in technology.Additional information on the quarter for comparable stores and all stores is provided in the following table.
|Comparable Stores||Comps||ROIC*||# of Stores||Average Size||Total Square Feet|
|Over 15 years old (19 years old, s.f. weighted)||3.2%||115%||90||28,000||2,536,000|
|Between 11 and 15 years old||3.2%||92%||69||34,000||2,333,000|
|Between eight and 11 years old||3.0%||88%||48||42,000||2,022,000|
|Between five and eight years old||7.3%||44%||54||54,000||2,905,000|
|Between two and five years old||6.6%||26%||49||44,000||2,139,000|
|Less than two years old (including six relocations)||19.5%||12%||34||36,000||1,234,000|
|All comparable stores (9.6 years old, s.f. weighted)||5.4%||56%||344||38,000||13,169,000|
|All stores (8.9 years old, s.f. weighted)||47%||371||38,000||14,155,000|
|* Defined as annualized store-level income after taxes divided by average invested capital; does not reflect any as-if effect of capitalizing operating leases|