rue21, inc. Announces First Quarter Fiscal Year 2012 Financial Results
2012年5月25日 - 5:01AM
First Quarter EPS Increase of 21%
Management Raises Fiscal 2012
Earnings Guidance
Announces $50 Million Share
Repurchase Program
rue21, inc. (Nasdaq:RUE) today announced its financial results for
the first quarter ended April 28, 2012.
First Quarter Results:
- Net sales increased 18.9% to $205.6 million from $172.9
million. Comparable store sales for the quarter were up 1.7%,
on top of a 5.2% increase for the first quarter of fiscal 2011.
- Gross margin was 38.8% compared to 38.9% in the first quarter
of fiscal 2011.
- Selling, general and administrative expenses were $53.8 million
or 26.2% of net sales, compared to $45.4 million or 26.2% of net
sales.
- The Company opened 40 new stores and converted an additional 7
stores to the larger rue21 etc! format compared to opening 39
stores and converting 12 stores to the etc! format in the first
quarter of fiscal 2011.
- Net income increased 20.6% to $11.6 million from $9.6
million.
- The Company generated $9.9 million in cash as compared to $5.5
million in the first quarter of 2011. Cash and short term
investments were $81.8 million as of April 28, 2012.
- Diluted earnings per share were $0.46 compared to diluted
earnings per share of $0.38 in the first quarter of fiscal
2011.
Bob Fisch, rue21's President and CEO, stated: "We were
pleased to deliver strong results to our shareholders in the first
quarter of fiscal 2012, and are looking forward to continuing our
momentum into the second quarter and the remainder of the
year. We believe rue is well positioned to capitalize on the
current color and fashion trends in the industry. In addition to
seeing comparable store sales increases on top of strong
performance last year, our new stores continue to provide
consistent and predictable sales and profit growth. Through
our real estate expansion we are gaining market share in small and
mid-size markets around the country, and we believe rue is rapidly
becoming a favorite retail destination for both guys and girls who
want the latest looks at every day great value."
Stock Repurchase Program:
rue21's Board of Directors has authorized a share repurchase
program granting the Company authority to repurchase up to $50
million of the Company's common stock. Under the stock
repurchase program, the Company may repurchase shares in the open
market or through privately negotiated transactions. The
timing and actual number of shares repurchased under the program
will depend on a variety of factors including price, corporate and
regulatory requirements, and other market and business
conditions.
Mr. Fisch commented: "This announcement of a share repurchase
program reflects our financial strength and confidence in our
business. With our history of generating predictable
significant cash flow and our self-funding new store business
model, we are in a position to take advantage of profitable growth
opportunities while we also return capital to our shareholders in a
disciplined manner."
Outlook:
For fiscal 2012, the Company is raising its prior guidance based
on first quarter results and expects diluted earnings per share to
be in the range of $1.76 to $1.81 versus its previous guidance of
$1.74 to $1.79, and 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. For the second quarter of fiscal 2012, the
Company currently expects low single digit comparable store sales.
Diluted earnings per share for the second quarter are
expected to be in the range of $0.32 to $0.34.
Conference Call Information:
A conference call to discuss first quarter fiscal 2012 financial
results is scheduled for today, May 24, 2012 at 4:30 PM Eastern
Time. To participate, dial toll-free (888) 504-7966 or
1-719-325-2280 (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 809 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 27, 2012, 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.
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rue21, inc. and
subsidiaries |
Consolidated Balance
Sheets |
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April 28, |
January 28, |
April 30, |
|
2012 |
2012 |
2011 |
|
(Unaudited) |
|
(Unaudited) |
|
(in thousands, except
per share data) |
Assets |
|
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Current assets: |
|
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Cash and cash equivalents |
$ 51,845 |
$ 41,960 |
$ 55,587 |
Short term investments |
30,000 |
30,000 |
-- |
Accounts receivable |
9,864 |
6,675 |
10,222 |
Merchandise inventory, net |
131,892 |
131,136 |
105,630 |
Prepaid expenses and other current
assets |
14,877 |
14,338 |
12,463 |
Deferred tax assets |
6,064 |
5,121 |
6,699 |
Total current assets |
244,542 |
229,230 |
190,601 |
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|
|
|
Property and equipment, net |
126,650 |
117,798 |
97,977 |
|
|
|
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Other assets |
936 |
994 |
971 |
Total assets |
$ 372,128 |
$ 348,022 |
$ 289,549 |
Liabilities and stockholders'
equity |
|
|
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Current liabilities: |
|
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Accounts payable |
$ 104,321 |
$ 103,914 |
$ 89,791 |
Accrued expenses and other current
liabilities |
18,401 |
16,570 |
16,416 |
Accrued payroll and related taxes |
7,715 |
12,045 |
9,216 |
Deferred rent and tenant allowances, current
portion |
9,324 |
8,652 |
7,759 |
Accrued income and franchise taxes |
10,667 |
1,068 |
8,157 |
Total current liabilities |
150,428 |
142,249 |
131,339 |
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Non-current liabilities: |
|
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Deferred rent, tenant allowances and other
long-term liabilities |
53,190 |
46,965 |
40,705 |
Deferred tax liabilities |
7,523 |
11,585 |
4,684 |
Total non-current liabilities |
60,713 |
58,550 |
45,389 |
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Commitments and
Contingencies |
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Stockholders' equity: |
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Preferred stock--- par value $0.001 per
share, 10,000 shares authorized; none issued or outstanding |
– |
– |
– |
Common stock--- par value $0.001 per share;
200,000 shares authorized; 24,493, 24,476 and 24,394 shares issued
and outstanding, respectively. |
24 |
24 |
24 |
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Additional paid in capital |
39,858 |
37,696 |
32,626 |
Retained earnings |
121,105 |
109,503 |
80,171 |
Total stockholder's equity |
160,987 |
147,223 |
112,821 |
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|
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Total liabilities and stockholders'
equity |
$ 372,128 |
$ 348,022 |
$ 289,549 |
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rue21, inc. and
subsidiaries |
Consolidated Statements
of Income |
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Thirteen weeks
ended |
|
April 28, |
April 30, |
|
2012 |
2011 |
|
(Unaudited) |
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(in thousands, except
per share data) |
|
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Net sales |
$ 205,615 |
$ 172,875 |
Cost of goods sold (includes certain buying,
occupancy and distribution center expenses) |
125,934 |
105,629 |
Gross profit |
79,681 |
67,246 |
|
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Selling, general, and administrative
expense |
53,796 |
45,373 |
Depreciation and amortization expense |
7,528 |
6,103 |
Income from operations |
18,357 |
15,770 |
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Interest income, net |
(30) |
(22) |
Income before income taxes |
18,387 |
15,792 |
|
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Provision for income taxes |
6,785 |
6,173 |
Net income |
$ 11,602 |
$ 9,619 |
|
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Basic income per common share |
$ 0.47 |
$ 0.39 |
Diluted income per common share |
$ 0.46 |
$ 0.38 |
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Weighted average basic common shares
outstanding |
24,480 |
24,383 |
Weighted average diluted common shares
outstanding |
25,119 |
25,063 |
CONTACT: Joseph Teklits / Jill Gaul
ICR, Inc
203-682-8200
jteklits@icrinc.com
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