rue21, inc. Announces Fourth Quarter and Fiscal Year 2011 Financial Results
2012年3月15日 - 5:01AM
EPS growth of 18.2% for the quarter
and 28.1% for the fiscal year Gross Margin expansion of 70 bps for
the quarter and the fiscal year Net Sales growth of 15.7% for the
quarter and 19.8% for the fiscal year
rue21, inc. (Nasdaq:RUE) today announced its financial results for
the fourth quarter and fiscal year ended January 28, 2012.
Highlights for the Fourth Quarter:
- Net sales increased 15.7% to $219.9 million from $190.1
million. Comparable store sales for the quarter were down 2.2%,
following a 1.5% increase for the fourth quarter of fiscal
2010.
- Gross margin increased 70 bps to 36.5% from 35.8%, driven by
improved merchandise margin.
- Selling, general and administrative expenses increased 17.6% to
$52.1 million from $44.3 million.
- The Company opened 17 new stores, closed 2 stores, and
converted an additional 4 stores to the larger rue21 etc! format
compared to opening 10 stores and closing 2 stores in the fourth
quarter of fiscal 2010.
- Operating income increased by 18.4% to $21.0 million from $17.7
million.
- Net income increased by 18.7% to $12.9 million from $10.9
million.
- Diluted earnings per share were $0.52 compared to diluted
earnings per share of $0.44 in the fourth quarter of fiscal
2010.
Highlights for Fiscal Year 2011:
- Net sales increased 19.8% to $760.3 million from $634.7
million. Comparable-store sales increased 0.4%, following a
2.1% increase for fiscal 2010.
- Gross margin increased 70 bps to 37.7% from 37.0%.
- The Company opened 120 new stores, closed 3 stores, and
converted 38 stores to the rue21 etc! format. The Company
ended the year with 755 stores.
- Operating income increased by 26.1% to $62.8 million and was
8.3% of net sales as compared to $49.8 million or 7.9% of net sales
in fiscal 2010.
- Net income increased 28.8% to $39.0 million from $30.2
million.
- Diluted earnings per share were $1.55 compared to diluted
earnings per share of $1.21 for fiscal 2010.
Balance sheet highlights as of January 28,
2012:
- Cash and short term investments increased 43.6% to $72.0
million. The Company did not borrow during the year and had no long
term debt as of January 28, 2012.
- In-store inventory per square foot was up 3.4% and total
company inventory per square foot was up 10.0% as compared to the
end of fiscal 2010.
Bob Fisch, rue21's President and CEO, stated: "In fiscal 2011 we
were again able to meet our short and long-term objectives despite
the promotional environment and economic pressures. We maintained
our planned promotional cadence throughout 2011, allowing us to
achieve margin expansion during a period when much of the sector
suffered from margin erosion. In 2012 we will continue to
drive profit growth by offering fashion at every day great value to
our customers, growing square footage, and driving comp store sales
with exciting initiatives."
Outlook:
For fiscal 2012, the Company currently expects diluted earnings
per share to be in the range of $1.74 to $1.79 as compared to $1.55
in fiscal 2011. This incorporates 25.4 million average diluted
shares expected for fiscal 2012 as compared to 25.1 million average
diluted shares in fiscal 2011. Diluted earnings per share for
the first quarter are expected to be in the range of $0.42 to
$0.44. The Company currently expects a low single digit
comparable store sales increase in the first quarter of fiscal 2012
and for fiscal 2012.
Mr. Fisch further stated: "We are confident that our 2012
financial performance will match the earnings growth we have
consistently delivered for our shareholders. Our spring
merchandise assortment has resonated well with our
customers. February has historically been a strong volume
month for rue, and we again achieved sales that support our
guidance for the quarter."
Conference Call Information:
A conference call to discuss fourth quarter and fiscal 2011
financial results is scheduled for today, March 14, 2012 at 4:30 PM
Eastern Time. To participate, dial toll-free (877) 719-9788 or
1-719-325-4756 (international). The conference call will also be
webcast live at www.rue21.com under the Investor Relations section.
A replay of this call will be available on the Investor Relations
section of the Company's website, www.rue21.com, within two hours
of the conclusion of the call and will remain on the website for
ninety days.
About rue21, inc.
rue21 is a leading specialty apparel retailer offering exclusive
branded merchandise and the newest trends at a great
value. rue21 currently operates 770 stores in 46
states. Learn more at www.rue21.com
Forward Looking Statements:
Certain statements herein, including statements relating to
future store openings and growth strategies, are "forward-looking
statements" made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements reflect the Company's current
expectations or beliefs concerning future events and actual results
of operations may differ materially from historical results or
current expectations. Any such forward-looking statements are
subject to various risks and uncertainties, including the strength
of the economy, consumer spending, our ability to effectively
identify and respond to changing fashion trends, our ability to
compete with other retailers, our strategy and expansion plans,
implementation of systems upgrades, reliance on key personnel,
trade restrictions, events that may affect our vendors or their
ability to finance their operations, availability of suitable new
store locations and other factors which are set forth in the
Company's Annual Report on Form 10-K filed March 29, 2011, and
in all filings with the SEC made by the Company subsequent to the
filing of the Form 10-K. The Company does not undertake to publicly
update or revise its forward-looking statements, whether as a
result of new information, future events or otherwise.
|
rue21,
inc. |
Consolidated Statements
of Income |
|
|
|
|
|
|
Thirteen Weeks
Ended |
Fifty-two Weeks
Ended |
|
January 28, |
January 29, |
January 28, |
January 29, |
|
2012 |
2011 |
2012 |
2011 |
|
(Unaudited) |
|
(in thousands,
except per share data) |
|
|
|
|
|
Net sales |
$ 219,896 |
$ 190,093 |
$ 760,302 |
$ 634,728 |
Cost of goods sold (includes certain buying,
occupancy and distribution center expenses) |
139,531 |
122,090 |
473,662 |
399,896 |
Gross profit |
80,365 |
68,003 |
286,640 |
234,832 |
|
|
|
|
|
Selling, general, and administrative
expense |
52,130 |
44,337 |
197,176 |
163,006 |
Depreciation and amortization expense |
7,262 |
5,947 |
26,618 |
21,980 |
Income from operations |
20,973 |
17,719 |
62,846 |
49,846 |
|
|
|
|
|
Interest expense, net |
16 |
(2) |
(9) |
74 |
Income before income taxes |
20,957 |
17,721 |
62,855 |
49,772 |
|
|
|
|
|
Provision for income taxes |
8,036 |
6,831 |
23,905 |
19,528 |
Net income |
$ 12,921 |
$ 10,890 |
$ 38,950 |
$ 30,244 |
|
|
|
|
|
Basic income per common share |
$ 0.53 |
$ 0.45 |
$ 1.60 |
$ 1.25 |
Diluted income per common share |
$ 0.52 |
$ 0.44 |
$ 1.55 |
$ 1.21 |
|
|
|
|
|
Weighted average basic common shares
outstanding |
24,467 |
24,335 |
24,417 |
24,277 |
Weighted average diluted common shares
outstanding |
25,054 |
25,029 |
25,051 |
25,002 |
|
|
|
|
|
|
|
|
|
|
rue21,
inc. |
Consolidated Balance
Sheets |
|
|
|
|
January 28, |
January 29, |
|
2012 |
2011 |
|
(Unaudited) |
|
(in thousands, except
per share data) |
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 41,960 |
$ 50,111 |
Short term investments |
30,000 |
-- |
Accounts receivable |
6,675 |
6,285 |
Merchandise inventory, net |
131,136 |
96,051 |
Prepaid expenses and other current
assets |
14,338 |
10,580 |
Deferred tax assets |
5,121 |
5,024 |
Total current assets |
229,230 |
168,051 |
Property and equipment, net |
117,798 |
91,371 |
Other assets |
994 |
921 |
Total assets |
$ 348,022 |
$ 260,343 |
Liabilities and stockholders'
equity |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 103,914 |
$ 81,627 |
Accrued expenses and other current
liabilities |
16,570 |
15,616 |
Accrued payroll and related taxes |
12,045 |
12,053 |
Deferred rent and tenant allowances, current
portion |
8,652 |
7,033 |
Accrued income and franchise taxes |
1,068 |
1,999 |
Total current liabilities |
142,249 |
118,328 |
|
|
|
Non-current liabilities: |
|
|
Deferred rent, tenant allowances and other
long-term liabilities |
46,965 |
34,235 |
Deferred tax liabilities |
11,585 |
5,651 |
Total non-current liabilities |
58,550 |
39,886 |
|
|
|
Commitments and Contingencies |
– |
– |
|
|
|
Stockholders' equity: |
|
|
Common stock -- par value $0.001 per share;
200,000 shares authorized; 24,476 and 24,380 shares issued and
outstanding, respectively |
24 |
24 |
Additional paid in capital |
37,696 |
31,552 |
Retained earnings |
109,503 |
70,553 |
Total stockholder's equity |
147,223 |
102,129 |
Total liabilities and stockholders'
equity |
$ 348,022 |
$ 260,343 |
CONTACT: Joseph Teklits / Jill Gaul
ICR, Inc
203-682-8200
jteklits@icrinc.com
Rue21, Inc. (MM) (NASDAQ:RUE)
過去 株価チャート
から 6 2024 まで 7 2024
Rue21, Inc. (MM) (NASDAQ:RUE)
過去 株価チャート
から 7 2023 まで 7 2024