Gordmans Stores has announced results for its first quarter ended May 2, 2015. Net sales for the first quarter increased 2% to $145.9 million from $143 million for the first quarter ended May 3, 2014.
Comparable store sales on an owned and licensed basis, decreased 1%. On an owned basis, comparable store sales declined 1.7%, in line with guidance, the retailer said. Net income for the first quarter of fiscal 2015 was $0.4 million, or $0.02 per diluted share, compared to a net loss of $0.7 million, or $0.04 per diluted share, in the first quarter of fiscal 2014.
“We are pleased with our first quarter financial results and progress regarding our goal to return the company to consistent annual comparable store sales growth and profitability. Our first quarter earnings per share exceeded our guidance range due to stronger gross margin performance, combined with favorable operating expense performance,” said Andy Hall, president and CEO, Gordmans. “First quarter net sales increased 2% and our comparable store sales trend improved versus our 2014 trend. We are also very happy with our end of quarter inventory position from a quantitative and qualitative perspective. Our inventory is significantly more current than last year while we continue to operate with less comparable store inventory.”
Hall added, “We are seeing the guest respond to newness and we are continuing to markdown slower moving goods in season. We continue to work towards a mid-year launch of our e-commerce platform and expect to rollout our new marketing campaign late in the second quarter. Both of these initiatives are key building blocks for long term results.”
The company opened two new stores in Cleveland, Ohio, during the first quarter of 2015 and plans to open four additional new stores in 2015, two of which will open in the second quarter. The company also plans to close one store later this year when the lease term expires.
Gordmans currently operates 99 stores in 22 states.