Gordmans Same-Store Sales Dive in Q4
OMAHA, Neb.-In a preliminary report on its fourth-quarter performance, Gordmans said same-store sales for the quarter through Jan. 12 were down 4.6 percent.
Jeff Gordman, the department-store retailer's president and CEO, attributed the decline to sales decreases in seasonal and "merchandise offerings in several categories that lacked sufficient breadth of selection. We are aggressively managing inventories to ensure that we are well positioned as we transition into the first quarter of fiscal 2013, which will negatively impact our margins for the fourth quarter."
Based on the same-store sales drop, Gordmans said it now expects net revenue for the quarter to finish at $203 million, representing an increase of 9.7 percent over the fourth quarter of last year. Gordmans opened nine new stores in this fiscal year, the most it has opened since 2005, and is planning on 10 new store openings next fiscal year.