Gordman's Stores (GMAN) Tops Q1 EPS by 2c; Guides Lower

Gordman's Stores (NASDAQ: GMAN) reported Q1 EPS of ($0.08), $0.02 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $142.2 million versus the consensus estimate of $147.55 million.

• Comparable store sales decreased 5.0%.
• Inventory was down 2.9% while operating four additional stores at quarter-end.

"We experienced challenging store traffic consistent with general retail trends during the week leading up to Easter through the end of the first quarter. Despite the pressure on sales, we were able to deliver a loss per share in-line with our guidance range due to proactive management of expenses. While we are disappointed in our overall first quarter performance, we believe we are making the right decisions to protect the bottom line in the face of current headwinds while positioning the company for longer term profitability," said Andy Hall, President and Chief Executive Officer.

"During the first quarter we commenced a comprehensive expense review with the assistance of a retail industry leading consulting firm," continued Hall. "We have identified significant potential cost saving opportunities throughout the organization. We will begin implementing these initiatives in the second quarter and expect to start realizing savings in the fall season. In addition to our expense review, we are focusing on merchandising improvements, driving guest traffic and eCommerce strategies."

GUIDANCE:

Gordman's Stores sees Q2 2016 revenue of $139-142 million, versus the consensus of $146.9 million.

For earnings history and earnings-related data on Gordman's Stores (GMAN) click here.

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