Gordmans' Net Falls for FY, Q4; CEO Gordman to Retire
March 25, 2014,
OMAHA, Neb.-Gordmans posted drops of 66 percent and 65.6 percent in its fiscal-year and fourth-quarter net income, respectively. The retailer has also announced that its president and CEO, Jeff Gordman, is retiring.
Gordman has also resigned from the company's board of directors. T. Scott King, Gordmans' chairman, will serve as interim CEO while a search for Gordman's permanent successor takes place.
Net income for the fourth quarter ending on Feb. 1 totaled $2.7 million, bringing the bottom line for the year to $8 million. Net sales in the quarter were down 1.2 percent to $200 million, and for the year picked up 2 percent to finish at $619.6 million. Same-store sales in the quarter fell 7.4 percent and were up 3 percent for the year.
Gross margin in the quarter was down 39 basis points to 38.3 percent. Selling, general and administrative expenses increased 8.7 percent in dollars and 326 basis points as a percentage of sales, to 35.6 percent.
Gordman, great-grandson of Gordmans' founder, Dan Gordman, joined the company in 1990. He has been president and CEO since 1996. During his leadership, Gordmans expanded from 32 stores and annual sales of slightly more than $200 million to its current count of 95 stores in 55 markets and 20 states.
Other Articles By Author
Von Tobel Cites Brass Textures Among Top Trends
HFN's DIGITAL EDITION
2017 State of the Industry Report
Cautious Optimism, Mixed Results
Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.
ALSO IN THIS ISSUE:
- TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
- Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
- N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.