Gordmans Projects Up Sales, Down Earnings for Third Quarter
OMAHA, Neb.-Department-store retailer Gordmans said it expects sales for its fiscal third quarter, ending on Oct. 27, to finish at between $142 million and $144 million, an increase of from 7.9 to 9.4 percent.
At the same time, the retailer said earnings per share are now projected to fall from 23.1 to 30.8 percent, to between 18 and 20 cents. Gordmans said it based these predictions on a 2.1 percent decrease in same-store sales for the quarter through Sept. 29.
Jeff Gordman, president and CEO, said the retailer's same-store sales have been trending downward since Labor Day. "However, we remain confident in our overall strategy and that our merchandising, marketing and store-operations initiatives will produce improved sales performance in the fourth quarter and beyond," Gordman said.
Gordmans also revised its fourth-quarter outlook to reflect reduced sales performance. For the quarter, which will end on Feb. 2, 2013, sales are expected to total from $213 million to $215 million up from 15.1 to 16.2 percent. Earnings per share should reach between 58 cents and 61 cents, up from 9.4 to 15.1 percent from the fourth quarter of last year.