Gordmans 2Q Net Up 21 Percent
OMAHA, Neb.-Rising sales and margins boosted Gordmans' second-quarter net income by 20.7 percent, to $3.5 million.
Net sales in the quarter, which ended on July 28, finished at $128.2 million, up 9.6 percent in total and including a 0.1 percent pickup in same-store sales. Gross margin was 45.8 percent, an increase of 92 basis points over the second quarter of last year. Jeff Gordman, the retailer's president and CEO, cited the gross-margin improvement as key to Gordmans' healthier bottom line in the quarter.
Selling, general and administrative expenses gained 11.2 percent in dollars and 60 basis points as a percentage of sales, to 41.2 percent.
For the remainder of the fiscal year, Gordmans said it expects same-store sales to rise in the low single digits. Net sales are projected to reach between $624 million and $628 million for the year as a whole.