For the twenty-six weeks ended July 28, 2012:
- Total net sales for the first two quarters were $201.6 million, an increase of 18.3% compared to the first two quarters of the prior year. Comparable store sales, which include e-commerce sales, increased 4.7%. E-commerce sales were $20.7 million, an increase of 26% compared to the first two quarters of the prior year.
- Gross profit increased 18.6% to $61.6 million. Gross margin was 30.5%, similar to the prior year period.
- Operating income on a GAAP basis was $2.7 million, including the non-cash compensation charge triggered by the Company’s consummation in the second quarter of its initial public offering.
- On a GAAP basis, net income was $4.8 million, or $0.20 per diluted share, based on a weighted average diluted share count of 24.1 million shares, which included the one-time, non-cash compensation charge to SG&A as well as a one-time net tax provision benefit which totaled $3.0 million for the two quarters year to date. This compares to net income of $8.3 million or $0.41 per diluted share based upon 20.4 million weighted average diluted shares in the prior year period.
- Adjusted net income increased 31.9% to $6.2 million, or $0.26 per weighted average diluted share, compared to an adjusted net income of $4.7 million or $0.23 per weighted average diluted share in the prior year period. These results adjust GAAP net income for the one-time, non-cash compensation charge to SG&A incurred in the second quarter of 2012, assume an expected long-term effective tax rate of 40% for both this year and last year periods, and add a charge for on-going non-cash compensation expense for stock options of $0.6 million, before tax, to the second quarter of 2011, which equals the charge for on-going non-cash compensation expense in the second quarter of 2012.
- At the conclusion of this press release is a reconciliation of GAAP to non-GAAP results.