rue21, inc. Announces Third Quarter Fiscal Year 2012 Financial Results
2012年11月29日 - 6:01AM
Net Sales Up 15.6% for the
Quarter and 17.1% for the Year GAAP EPS $0.33; Adjusted EPS
$0.41
rue21, inc. (Nasdaq:RUE) today announced sales and earnings results
for the third quarter ended October 27, 2012.
Third Quarter and Fiscal Year-to-Date
Summary:
Net sales for the third quarter of fiscal 2012 increased 15.6%
to $225.2 million, driven by new store growth and comparable store
sales growth of 0.2%. Gross margin for the third quarter was 37.8%
of sales, compared to 36.7% in the same period last year. The
increase was driven by merchandise margin improvement of 120 bps.
Net income and diluted earnings per share for the third fiscal
quarter were impacted by a $2.9 million pre-tax litigation expense,
or approximately $0.08 per share, related to the prospective
settlement and related costs of wage and hour claims in California.
When excluding this item, adjusted net income for the third quarter
was $10.0 million and adjusted diluted earnings per share were
$0.41, a 17% increase over $0.35 per share in the third quarter of
2011. The Company opened 29 new stores in the third quarter of
fiscal year 2012.
For the first nine months of fiscal 2013, net sales were $632.8
million, a 17.1% increase over last year, and comparable store
sales increased 0.8% over the same period last year. Gross margin
for the first nine months was 38.6% of sales versus 38.2% for the
comparable period last year. Adjusted net income for the period
increased 17.9% to $30.7 million. The Company opened 108 new stores
in the first nine months of fiscal year 2012.
The Company ended the third quarter with approximately $44.3
million in cash and short term investments on its balance
sheet.
A reconciliation of GAAP to non-GAAP financial measures is
included in the schedules accompanying the consolidated financial
statements included with this release.
Bob Fisch, rue21's President and CEO, stated: "We executed our
plan for the third quarter and continued our history of quality top
and bottom line earnings growth, highlighted by a record third
quarter gross margin. We achieved solid comp store sales growth
above our plan in the junior's sportswear division, which is our
largest category and will benefit the overall business going
forward. Even more exciting for rue, our 2012 new stores have given
us some of the best performances of any stores in our history and
we have already secured store locations in 2013 in markets similar
to those that opened with such success this past year."
Stock Repurchase Program:
During the third quarter of fiscal 2012, the Company repurchased
332,200 shares for $9.2 million. The stock repurchase program had a
positive impact of $0.01 per share on diluted earnings per share in
the third quarter. At the end of the third quarter, $27.8 million
of the $50 million stock repurchase program remained available for
future share repurchases. Under the 2012 share repurchase program,
the Company may repurchase shares in the open market at current
market prices at the time of purchase or in 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. The Company may suspend or discontinue the
program at any time, and may thereafter reinstitute purchases, all
without prior announcement.
2012 Outlook:
The Company is raising its prior guidance and expects adjusted
diluted earnings per share to be in the range of $1.83 to $1.86 as
compared to $1.55 in fiscal 2011. This incorporates 25.0 million
average diluted shares expected for fiscal 2012 as compared to 25.1
million average diluted shares in fiscal 2011. This guidance is
based on low single digit comparable store sales in the fourth
quarter. Diluted earnings per share for the fourth quarter are
expected to be in the range of $0.60 to $0.63 compared to $0.52 in
the fourth quarter of fiscal 2011.
Mr. Fisch continued: "We are very focused on achieving our
results for the fourth quarter and we were excited by the record
sales gains we achieved over the Thanksgiving holiday weekend
without increasing our promotional cadence from last year. We have
great momentum going into December in addition to strong
opportunities and initiatives that we believe will bring us a very
happy holiday season and position us well for 2013."
Conference Call Information:
A conference call to discuss third quarter fiscal 2012 financial
results is scheduled for today, November 28, 2012 at 4:30 PM
Eastern Time. To participate, dial toll-free (877) 795-3648 or
1-719-325-4841 (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 879 stores in 47 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.
Non-GAAP Financial Measures:
Management has presented its operating results in accordance
with GAAP and on an "adjusted" (or non-GAAP) basis for the thirteen
week and thirty-nine week periods ended October 27, 2012. The
Company believes that the presentation of non-GAAP financial
measures provides useful supplementary information to and
facilitates additional analysis by investors. The Company uses
these non-GAAP financial measures in connection with assessing its
financial performance. These non-GAAP financial measures are in
addition to, not a substitute for, or superior to, measures of
financial performance prepared in conformity with GAAP.
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rue21, inc. and
subsidiaries |
Consolidated Statements
of Income |
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Thirteen weeks
ended |
Thirty-nine weeks
ended |
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October 27, |
October 29, |
October 27, |
October 29, |
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2012 |
2011 |
2012 |
2011 |
|
(Unaudited) |
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(in thousands, except
per share data) |
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Net sales |
$ 225,158 |
$ 194,761 |
$ 632,832 |
$ 540,406 |
Cost of goods sold (includes certain buying,
occupancy and distribution center expenses) |
140,052 |
123,361 |
388,514 |
334,130 |
Gross profit |
85,106 |
71,400 |
244,318 |
206,276 |
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Selling, general, and administrative
expense |
63,738 |
50,805 |
175,333 |
145,045 |
Depreciation and amortization expense |
8,522 |
6,843 |
24,067 |
19,356 |
Income from operations |
12,846 |
13,752 |
44,918 |
41,875 |
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Interest (income) expense, net |
(12) |
16 |
(64) |
(25) |
Income before income taxes |
12,858 |
13,736 |
44,982 |
41,900 |
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Provision for income taxes |
4,693 |
4,995 |
16,124 |
15,870 |
Net income |
$ 8,165 |
$ 8,741 |
$ 28,858 |
$ 26,030 |
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Basic income per common share |
$ 0.34 |
$ 0.36 |
$ 1.18 |
$ 1.07 |
Diluted income per common share |
$ 0.33 |
$ 0.35 |
$ 1.15 |
$ 1.04 |
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Weighted average basic common shares
outstanding |
23,939 |
24,461 |
24,371 |
24,407 |
Weighted average diluted common shares
outstanding |
24,555 |
25,066 |
24,990 |
25,057 |
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rue21, inc. and
subsidiaries |
Consolidated Balance
Sheets |
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October 27, |
January 28, |
October 29, |
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2012 |
2012 |
2011 |
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(Unaudited) |
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(Unaudited) |
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(in thousands, except
per share data) |
Assets |
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Current assets: |
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Cash and cash equivalents |
$ 7,347 |
$ 41,960 |
$ 36,071 |
Short term investments |
37,000 |
30,000 |
– |
Accounts receivable |
10,634 |
6,675 |
10,961 |
Merchandise inventory, net |
180,609 |
131,136 |
142,869 |
Prepaid expenses and other current
assets |
13,660 |
11,767 |
11,062 |
Deferred tax assets |
6,079 |
5,121 |
6,527 |
Total current assets |
255,329 |
226,659 |
207,490 |
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Property and equipment, net |
139,443 |
117,798 |
115,109 |
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Other assets |
3,505 |
3,565 |
3,661 |
Total assets |
$ 398,277 |
$ 348,022 |
$ 326,260 |
Liabilities and stockholders'
equity |
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Current liabilities: |
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Accounts payable |
$ 129,410 |
$ 103,914 |
$ 104,618 |
Accrued expenses and other current
liabilities |
21,304 |
16,570 |
16,020 |
Accrued payroll and related taxes |
9,939 |
12,045 |
10,099 |
Deferred rent and tenant allowances, current
portion |
9,945 |
8,652 |
8,630 |
Accrued income and franchise taxes |
– |
1,068 |
2,252 |
Total current liabilities |
170,598 |
142,249 |
141,619 |
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Non-current liabilities: |
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Deferred rent, tenant allowances and other
long-term liabilities |
57,850 |
46,965 |
46,212 |
Deferred tax liabilities |
7,006 |
11,585 |
5,599 |
Total non-current liabilities |
64,856 |
58,550 |
51,811 |
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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; 24,651, 24,476 and 24,463 shares issued;
23,811, 24,476 and 24,463 outstanding, respectively. |
25 |
24 |
24 |
Additional paid in capital |
46,950 |
37,696 |
36,224 |
Treasury stock, 840, -0-, and -0-
shares, respectively |
(22,512) |
– |
– |
Retained earnings |
138,360 |
109,503 |
96,582 |
Total stockholder's equity |
162,823 |
147,223 |
132,830 |
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Total liabilities and stockholders'
equity |
$ 398,277 |
$ 348,022 |
$ 326,260 |
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rue21, inc. and
subsidiaries |
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Reconciliation of GAAP Earnings to
Adjusted Earnings |
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(In thousands, except per share
data) |
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(Unaudited) |
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Thirteen Weeks
Ended October 27, 2012 |
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GAAP |
Legal Costs (1) |
As Adjusted |
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Income from Operations |
$ 12,846 |
$ 2,900 |
$ 15,746 |
Interest (income),
net |
(12) |
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(12) |
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Income before income
taxes |
12,858 |
|
15,758 |
Provision for income taxes |
4,693 |
1,059 |
5,752 |
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Net income |
$ 8,165 |
|
$ 10,006 |
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Basic income per common share |
$ 0.34 |
|
$ 0.42 |
Diluted income per common share |
$ 0.33 |
|
$ 0.41 |
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Weighted average basic common shares
outstanding |
23,939 |
|
23,939 |
Weighted average diluted common shares
outstanding |
24,555 |
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24,555 |
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Thirty-Nine Weeks
Ended October 27, 2012 |
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GAAP |
Legal Costs (1) |
As Adjusted |
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Income from Operations |
$ 44,918 |
$ 2,900 |
$ 47,818 |
Interest (income),
net |
(64) |
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(64) |
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Income before income
taxes |
44,982 |
|
47,882 |
Provision for income taxes |
16,124 |
1,059 |
17,183 |
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Net income |
$ 28,858 |
|
$ 30,699 |
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Basic income per common share |
$ 1.18 |
|
$ 1.26 |
Diluted income per common share |
$ 1.15 |
|
$ 1.23 |
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Weighted average basic common shares
outstanding |
24,371 |
|
24,371 |
Weighted average diluted common shares
outstanding |
24,990 |
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24,990 |
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1 Estimated
adjusted basic and diluted earnings per common share represents
management's estimate of basic and diluted earnings per common
share for the periods presented, before expenses associated with
our legal settlement for California wage and hour litigation in
October 2012. Adjusted basic and diluted earnings per common
share is presented because management believes it is a useful
adjunct to basic and diluted earnings per common share under
accounting principles generally accepted in the United States since
it is a meaningful measure of the Company's ongoing operating
performance excluding the non-recurring costs for our California
wage and hour litigation costs. Adjusted basic and diluted earnings
per common share is not a measure of financial performance under
accounting principles generally accepted in the United States and
should not be considered as an alternative to basic and diluted
earnings per common share. |
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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