Gordmans Posts Loss for Fiscal Year
March 20, 2015,
OMAHA, Neb.-Rising expenses offset a modest sales gain to produce a $3.5 million net loss for Gordmans’ fiscal year, which ended on Jan. 31. Last year, Gordmans posted net income of $8 million for the fiscal year.
Net sales totaled $634.6 million, up 2.4 percent and including a drop of 4.8 percent in same-store sales. Selling, general and administrative expenses rose 7.4 percent, and interest expense more than doubled for the year.
For the fourth quarter, Gordmans’ net income totaled $2.3 million, down 16 percent from the fourth quarter of last year. Net sales rose 1.9 percent to $203.9 million, with same-store sales down 2.7 percent.
However, Hall added, “we still have significant improvement to make to return the company to consistent positive comparable-store sales growth and profitability.” He said Gordmans is working on a number of initiatives, including the launch of its e-commerce in the middle of this year, reconfiguring its marketing focus to leverage its “guest loyalty program,” optimizing the supply chain and continuing to expand its store base.
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