Gordmans Net Falls 15.9 Percent in Q3
November 30, 2012,
OMAHA, Neb.-Increases in expenses offset a fairly healthy sales gain to drive down net income by 15.9 percent for Gordmans in its fiscal third quarter, to $4 million.
The retailer's selling, general and administrative expenses jumped 12.3 percent in dollars and 130 basis points as a percentage of sales, to 40.4 percent. In addition, an 8.8 percent pickup in cost of goods sold slimmed gross margin by eight basis points, to 44.9 percent.
Looking ahead to the fourth quarter, Gordmans has projected sales to total between $213 million and $215 million, with same-store sales roughly flat with last year's fourth quarter. For the fiscal year, sales are expected to finish between $618 million and $620 million.