Cost Plus, Inc. Reports Record Fourth Quarter 2001 Results.Business Editors OAKLAND Oakland, city (1990 pop. 372,242), seat of Alameda co., W Calif., on the eastern side of San Francisco Bay; inc. 1852. Together with San Francisco and San Jose, the city comprises the fourth largest metropolitan area in the United States. , Calif.--(BUSINESS WIRE)--March 20, 2002 Cost Plus, Inc. (Nasdaq:CPWM CPWM Certified Public Works Manager (New Jersey state license) CPWM Controlled Pulsewidth Modulation ) today reported record sales and earnings for the fourth quarter ended February February: see month. 2, 2002. Net income increased to $19.8 million exceeding the prior quarterly record of $18.8 million reported in the fourth quarter of last year. Earnings per share were $0.91 in the fourth quarter compared with $0.87 for the fiscal 2000 fourth quarter. During the thirteen-week fourth quarter of fiscal 2001, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 11.2% to $229.9 million from $206.7 million in the fourteen-week fourth quarter of fiscal 2000. On a comparable thirteen-week to thirteen-week basis, total sales would be up 18.1%. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of for the fourth quarter increased 2.7% on top of 2.1% last year. Consistent with the National Retail Federation reporting calendar, fiscal 2000 was a fifty-three week year for the Company. Net income for fiscal 2001 was $20.2 million compared with net income of $21.7 million in the prior fiscal year. Earnings per share for fiscal 2001 were $0.93 vs. $1.00 in fiscal 2000. Net sales for the fifty-two Adj. 1. fifty-two - being two more than fifty 52, lii cardinal - being or denoting a numerical quantity but not order; "cardinal numbers" week year of fiscal 2001 were $568.5 million, a 15.2% increase over the fifty-three week prior fiscal year's net sales of $493.7 million, with same store sales increasing 0.3% on top of 4.6% in fiscal 2000. On a comparable fifty-two week basis, total sales would be up 16.6%. The Company opened five new stores during the fourth quarter as planned, taking the total of new stores opened for the year to 23. Murray Murray, river, Australia Murray, principal river of Australia, 1,609 mi (2,589 km) long, rising in the Australian Alps, SE New South Wales, and flowing westward to form the New South Wales–Victoria boundary. Dashe, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "Better than expected sales performance in our home furnishings furnishings the extra type or quantity of hair on the head, tail, ears or legs, specified for a particular breed. For example, the feathers in setters, the beard in Bearded collies, the eyebrows in Schnauzers. categories resulted in gross margin rates exceeding prior estimates, and with effective expense controls a substantial portion of those revenues flowed to the bottom line. As we look to fiscal 2002, we are confident that a combination of fresh new products, clean inventories and our powerful value proposition will allow us to continue to maximize our potential in the home furnishings area." Mr. Dashe, continued, "Our financial condition is strong and we finished the year with a record cash balance of $45 million, up 17% over the prior year. We effectively sold through the higher levels of inventory that were on hand at the end of the third quarter with minimal added markdowns, leaving our year end inventory in very good condition." The Company also announced four new stores opened thus far in the first quarter of fiscal 2002, one each in Arlington Arlington, county, United States Arlington, county (1990 pop. 170,936), N Va., across the Potomac River from Washington, D.C. Arlington is a residential and commercial suburb of Washington. , VA; Denver, CO; Greensboro, NC and Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , CA. One net additional new store is expected by the end of the quarter. Cost Plus, Inc. is a leading specialty retailer of casual home living and entertaining products. As of February 2, 2002, the Company operated 150 stores in 19 states compared to 127 stores in 19 states as of the end of last fiscal year. The above statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc financial results for fiscal 2002 are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " which are based on current expectations and are subject to various risks and uncertainties which could cause actual results to differ materially from those forecasted. Such risk factors include, but are not limited to: general economic conditions; changes in the competitive environment; interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. in the flow of merchandise; increases in utility costs in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and other states where the Company has operations; increases in fuel and transportation costs; potential adjustments from the Company's fiscal year audit; store construction delays; changes in the anticipated start-up Start-up The earliest stage of a new business venture. of the Company's new distribution center in Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). ; further terrorist attacks and the nation's response thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. ; labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience fluctuations; unseasonable un·sea·son·a·ble adj. 1. Not suitable to or appropriate for the season. 2. Not characteristic of the time of year: unseasonable weather. 3. Poorly timed; inopportune. weather conditions and changes in accounting rules and other regulations. Please refer to documents on file with the Securities and Exchange Commission for a more detailed discussion of the Company's risk factors. The Company does not undertake any obligation to update its forward-looking statements. The Company's fourth quarter earnings conference call will be today, March 20, 2002 at 8:00 a.m. PST PST Paroxysmal supraventricular tachycardia, see there . It will be held in a "listen-only" mode for all participants other than the Company's current sell-side and buy-side investment professionals. Phone numbers for the call are (415) 908-4725 or (212) 346-7474. Callers are advised to dial in approximately 15 minutes prior to the scheduled start time. A telephonic replay will be available at (800) 633-8284, Access Code: 20219907, from 10:00 a.m. to 5:00 p.m. PST on Wednesday, March 20. Investors may also access the live call or the replay over the internet at www.streetevents.com; www.companyboardroom.com and www.costplus.com. The replay will be available approximately 30 minutes after the live call concludes.
COST PLUS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
Fourth Quarter Ended Fourth Quarter Ended
February 2, 2002 February 3, 2001
(Thirteen-week) (Fourteen-week)
(Unaudited) (Unaudited)
Net sales $229,912 100.0 % $206,745 100.0 %
Cost of sales and occupancy 145,285 63.2 128,341 62.1
Gross profit 84,627 36.8 78,404 37.9
Selling, general and
administrative expenses 50,759 22.1 46,263 22.4
Store preopening expenses 1,077 0.4 1,114 0.5
Income from operations 32,791 14.3 31,027 15.0
Net interest expense 363 0.2 195 0.1
Income before income taxes 32,428 14.1 30,832 14.9
Income taxes 12,647 5.5 12,025 5.8
Net income $ 19,781 8.6 % $ 18,807 9.1 %
Net income per share
- diluted $ 0.91 $ 0.87
Weighted average shares
outstanding - diluted 21,845 21,615
New stores opened 5 5
Fiscal Year Ended Fiscal Year Ended
February 2, 2002 February 3, 2001
(Fifty-two week) (Fifty-three week)
Net sales $568,472 100.0 % $493,661 100.0 %
Cost of sales and occupancy 372,948 65.6 316,500 64.1
Gross profit 195,524 34.4 177,161 35.9
Selling, general and
administrative expenses 156,832 27.6 135,923 27.5
Store preopening expenses 4,612 0.8 5,044 1.0
Income from operations 34,080 6.0 36,194 7.3
Net interest expense 962 0.2 666 0.1
Income before income taxes 33,118 5.8 35,528 7.2
Income taxes 12,916 2.2 13,856 2.8
Net income $ 20,202 3.6 % $ 21,672 4.4 %
Net income per share
- diluted $ 0.93 $ 1.00
Weighted average shares
outstanding - diluted 21,756 21,568
New stores opened 23 24
COST PLUS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
February 2, 2002 February 3, 2001
ASSETS
Current assets:
Cash and cash equivalents $45,420 $38,815
Merchandise inventories 131,344 109,829
Other current assets 16,789 11,107
Total current assets 193,553 159,751
Property and equipment, net 110,922 78,694
Other assets, net 13,465 14,420
Total assets $317,940 $252,865
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities:
Accounts payable $43,990 $31,592
Income taxes payable 10,082 9,933
Accrued compensation 8,305 8,506
Other current liabilities 13,795 11,719
Total current liabilities 76,172 61,750
Capital lease obligations 33,216 13,474
Other long-term obligations 9,843 8,520
Shareholders' equity:
Common stock 215 210
Additional paid-in capital 131,730 122,349
Retained earnings 66,764 46,562
Total shareholders' equity 198,709 169,121
Total liabilities and shareholders'
equity $317,940 $252,865
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