Cost Plus, Inc. reports first 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)--May 20, 1997--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 record first quarter financial results for the period ended May 3, 1997. For the first quarter ended May 3, 1997, the Company reported net income of $107,000 or $.01 per share, compared with a net loss of $395,000, or $.06 per share, for the prior year's first quarter. 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 for the first quarter of 1997 increased 24.0%, to $48.5 million, from $39.1 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 7.9% for the first quarter, compared to 4.7% reported last year. "Coming on the heels of record results for fiscal 1996, we are very pleased to report a profit in the first quarter of fiscal 1997," said Ralph D. Dillon Dillon may refer to: People
, chairman and chief executive officer. "Last year, for the first time, we achieved our strategic goal of generating net income early in the year, even with $440,000 in new store preopening expenses. We were able to As of May 3, 1997, Cost Plus operated 60 stCost Plus World Market" in 11 states. -0-
COST PLUS, INC.
STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS
(In thousands 31,806 65.5 25,552 65.3
Gross profit 16,726 34.5 13,575 34.7
Selling, general and
administrative expenses 15,786 32.5 13,055 33.4
Preopening store expenses 440 .9 284 .7
Income from operations 500 1.1 236 .6
Interest expense 321 .7 905 2.3
Income (loss) before income taxes 179 .4 (669) (1.7)
Income tax provision (benefit) 72es 40,611 34,436
Other current assets 2,406 2,179
Total current assets 48,308 20,750
Capital lease obligations :
Common stock 73,426 65,044
Total liabilities and shareholders'
equity $116,444 $106,971
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