Gordmans reduces earnings outlook
Staff Staff -- Furniture Today, October 1, 2012
Omaha, Neb. - Apparel and home retailer Gordmans Stores cut its earnings forecasts for the third and fourth quarters in the face of comp declines.
Same-store sales fell 2.1% through Sept. 29, according to the company. For the third quarter, which ends Oct. 27, Gordmans expects earnings per share between 18 to 20 cents, down from an earlier projection of 24 to 26 cents. The company dropped its third quarter revenue forecast to $142 million to $144 million from a previous estimate of $145 million to $147 million. Revenue in the year-ago 3Q was $131.6 million.
For the fourth quarter, Gordmans lowered its outlook for sales and earnings. It now expects sales of $213 million to $215 million compared to an earlier forecast of $217 million to $219 million. Sales in last year's fourth quarter were $185.1 million. EPS was knocked down to 58 cents to 61 cents from an earlier forecast of 62 cents to 65 cents.
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