Cost Plus, Inc. Reports Third Quarter Results and Provides Fourth Quarter Financial Guidance.OAKLAND, Calif. -- 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 ) today announced financial results for its third quarter ended October 28, 2006 and provided financial guidance for its fiscal fourth quarter. Net loss for the third quarter of fiscal 2006 was $11.7 million versus a net loss of $2.7 million last year. Net loss per diluted share was $0.53 for the third quarter compared to the prior year's third quarter net loss of $0.12 per diluted share. During the third quarter, total revenue increased 7.3% to $215.4 million from $200.7 million last year. 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 quarter decreased 1.3% compared to a 4.7% decrease last year. Year-to-date, total revenue was $643.6 million, a 6.7% increase from $603.5 million for the same period last year, with same store sales decreasing 2.9% compared to a decrease of 2.8% last year. Barry Feld, 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: "We are pleased that our turnaround initiatives have resulted in both improved customer traffic and same store sales trends this year. A key driver to these improving trends has been our consumables business. Our focus for the near term will be to continue to strengthen the home decor and 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. side of our business and implement initiatives to improve profitability." The Company opened 11 new stores in the quarter. As of November 16, 2006, the Company operated 286 stores in 34 states, compared to 262 stores in 32 states at the same time last year. Earnings guidance for the fourth quarter of fiscal 2006 is in the range of $0.84 per diluted share to $1.03 per diluted share. The following are the major assumptions contained in the guidance: * Opening 4 new stores versus opening 9 in the fourth quarter last year. * Same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. between negative 4% and flat compared to a negative 2.1% in the fourth quarter last year. * Total sales between $393 million and $408 million. * Gross profit rate between 32.6% and 33.2% compared to 34.0% last year. * SG&A rate between 24.2% and 23.4%, versus 23.6% last year. * Pre-tax income between $30 million and $37 million versus $34.6 million in the fourth quarter last year. * Net income between $18 million and $23 million versus $21.5 million in the fourth quarter last year. * Weighted average diluted shares outstanding of 22.1 million versus 22.1 million last year. The Company's third quarter earnings conference call will be today, November 16, 2006, at 1:30 p.m. PT. It will be in a "listen-only" mode for all participants other than the sell-side and buy-side investment professionals who regularly follow the Company. The phone number for the call is (800) 683-5439, Access Code: 21585330. Callers should dial in approximately 15 minutes prior to the scheduled start time. A telephonic replay will be available at (888) 286-8010, Access Code: 28371952, from 3:30 p.m. PT Thursday to 3:30 p.m. PT on Friday, November 17, 2006. Investors may also access the live call or the replay over the internet at www.worldmarket.com. The replay will be available approximately one hour after the live call concludes. The above statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc anticipated fourth quarter results 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. " that 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: changes in economic conditions that affect consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. ; changes in the competitive environment; interruptions in the flow of merchandise; changes in the cost of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. purchased including fuel, transportation and insurance; a material unfavorable outcome with respect to litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , claims and assessments; the effects associated with terrorist acts; and changes in accounting rules and 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. [TABLE OMITTED] [TABLE OMITTED] |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion