Cost Plus, Inc. Reports Second Quarter Profit.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)--Aug. 18, 1998--Cost Plus, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CPWM CPWM Certified Public Works Manager (New Jersey state license) CPWM Controlled Pulsewidth Modulation ) announced today a profit for the second quarter ended August 1, 1998. This is the second consecutive year that the Company has achieved such a result. During the quarter, the Company opened three new stores and absorbed Absorbed 1. In a general business sense, when a cost is treated as an expense instead of being passed on to the customer in the form of higher prices. 2. In underwriting, when an issue has been completely sold to the public. 3. $598,000 in related expenses. No stores were opened in the prior year's second quarter. Net income for the second quarter of fiscal 1998 was $105,000, or $0.01 per share, compared with $187,000, or $0.02 per share, for the prior year's second quarter. Total sales for the second quarter of 1998 increased 23.0%, to $58.2 million, from $47.3 million a year ago. 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 increased 6.9% for the second quarter, compared to 6.8% reported last year. 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, 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. and President, said, "Attaining profitability again this quarter, while opening our new stores in a timely manner, was the result of crisply crisp adj. crisp·er, crisp·est 1. Firm but easily broken or crumbled; brittle: crisp potato chips. 2. disciplined execution, especially in the areas of marketing and expense control". Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , Cost Plus, Inc. reported net income of $397,000, or $0.04 per share, compared with last year's net income of $294,000, or $0.03 per share. Total sales increased 20.0% to $115.0 million, from $95.8 million, for the six periods ended August 2, 1997. Same store sales for the first six periods of the fiscal year increased 6.5%. As of August 1, 1998, the Company operated 74 stores compared to 60 stores as of August 2, 1997. Today, the Company opened its second St. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. store in the suburb suburb, a community in an outlying section of a city or, more commonly, a nearby, politically separate municipality with social and economic ties to the central city. In the 20th cent. of Sunset “Sundown” redirects here. For other uses, see Sundown (disambiguation). Sunset, also called sundown in some American English dialects, is the time at which the Sun disappears below the horizon in the west. Hills. Cost Plus, Inc. is a leading specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retailer of casual home living and entertaining products. The Company currently operates 75 stores in 14 states under the name "Cost Plus World Market". -0-
COST PLUS, INC.
CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS
(In thousands except per share amounts, unaudited)
Second Quarter Ended
August 1, 1998 August 2, 1997
Net sales $58,168 100.0% $47,287 100.0%
Cost of sales and
occupancy 38,079 65.5 30,558 64.6
Gross profit 20,089 34.5 16,729 35.4
Selling, general and
administrative expenses 19,066 32.8 15,758 33.3
Store preopening
expenses 598 1.0 200 0.4
Income from operations 425 0.7 771 1.7
Interest expense 254 0.4 460 1.0
Income before
income taxes 171 0.3 311 0.7
Income tax provision 66 0.1 124 0.3
Net income $ 105 0.2 $ 187 0.4
Net income per common
and common equivalent
share (diluted) $ 0.01 -- $ 0.02 --
Weighted average common
and common equivalent
shares outstanding 9,062 -- 8,563 --
New stores opened 3 -- 0 --
Six Periods Ending
August 1, 1998 August 2, 1997
Net sales $115,007 100.0% $95,819 100.0%
Cost of sales and
occupancy 75,851 66.0 62,364 65.1
Gross profit 39,156 34.0 33,455 34.9
Selling, general and
administrative expenses 37,396 32.5 31,544 32.9
Store preopening
expenses 678 0.6 640 0.7
Income from operations 1,082 0.9 1,271 1.3
Interest expense 432 0.3 781 0.8
Income before
income taxes 650 0.6 490 0.5
Income tax provision 253 0.3 196 0.2
Net income $ 397 0.3 $ 294 0.3
Net income per common
and common equivalent
share (diluted) $ 0.04 -- $ 0.03 --
Weighted average common
and common equivalent
shares outstanding 9,045 -- 8,489 --
New stores opened 4 -- 2 --
COST PLUS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
August 1, 1998 August 2, 1997
ASSETS
Current assets:
Cash and cash equivalents $ 11,998 $ 786
Merchandise inventories 61,330 50,557
Other current assets 4,431 2,609
Total current assets 77,759 53,952
Property and equipment, net 54,023 61,459
Other assets 11,085 8,271
Total assets $142,867 $123,682
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 12,024 $ 10,943
Accrued compensation 5,454 5,927
Other current liabilities 8,685 12,122
Total current liabilities 26,163 28,992
Capital lease obligations 15,401 13,980
Deferred income taxes 1,969 3,548
Other long-term obligations 4,953 2,854
Shareholders' equity:
Common stock 88 82
Additional paid-in capital 101,927 91,970
Deficit (7,634) (17,744)
Total shareholders' equity 94,381 74,308
Total liabilities and
shareholders' equity $142,867 $123,682
CONTACT: Cost Plus, Inc., Oakland Murray Dashe, 510/893-7300 ext. 3002 John Hoffner, 510/893-7300 ext. 3006 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion