8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): May 26, 2011

GORDMANS STORES, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-34842	26-3171987
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

12100 West Center Road

Omaha, Nebraska 68144

(Address of principal executive offices, zip code)

(402) 691-4000

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On May 26, 2011, Gordmans Stores, Inc. (the “Company”) issued a press release providing information regarding earnings for the thirteen week period ended April 30, 2011. A copy of the press release is attached hereto as Exhibit 99.1.

The information, including Exhibit 99.1, in this Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this Form 8-K shall not be incorporated by reference into any filing under the Securities Act of 1933, except as shall otherwise be expressly set forth by specific reference in such filing.

Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

99.1 Press Release of Gordmans Stores, Inc. dated May 26, 2011.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	GORDMANS STORES, INC.
Date: May 26, 2011	By:	/s/ Michael D. James
		Name:	Michael D. James
		Title:	Vice President, Chief Financial Officer and Treasurer

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EXHIBIT INDEX

99.1 Press Release of Gordmans Stores, Inc. dated May 26, 2011.

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EX-99.1

Exhibit 99.1

Gordmans Stores, Inc. Announces First Quarter 2011 Results

First Quarter – Net sales up 5.2%; Net income increased 14.2% to $7.3 million;

Diluted EPS of $0.38

Omaha, Nebraska (May 26, 2011) – Gordmans Stores, Inc. (NASDAQ: GMAN), an Omaha-based apparel and home décor retailer, today announced results for its first quarter (thirteen weeks) ended April 30, 2011.

First Quarter Highlights

• Net sales increased 5.2% to $117.7 million compared to $111.9 million in the first quarter of fiscal 2010.

• Gross profit margin increased 50 basis points over the first quarter of fiscal 2010 to 47.5%.

• Net income increased 14.2% to $7.3 million compared to $6.4 million in the first quarter of fiscal 2010.

• Diluted earnings per share of $0.38 exceeded the high end of the Company’s guidance by $0.02.

Jeff Gordman, President and Chief Executive Officer, stated: “We are pleased with our solid net income increase of 14.2%, a 50 basis point improvement in gross margin, and management of expenses during the first quarter of 2011. However, our comparable store sales increase of 0.9%, which came on top of a very strong 15.4% comparable store sales increase in the first quarter of 2010, was short of our expectations primarily due to soft Easter sales and macro issues impacting our regional, primarily Midwest concentration. Our total sales increase of 5.2% was primarily attributable to two new stores that we opened this year in Minneapolis, a new market for Gordmans, as well as two new stores that opened in fiscal 2010. As we previously announced, we accelerated our expansion plans for fiscal 2011 and will be opening five additional stores, including one relocation, over the remainder of this year.”

First Quarter Financial Results

Net sales for the thirteen weeks ended April 30, 2011 increased 5.2% to $117.7 million from $111.9 million for the same period last year, which translated into a 0.9% comparable store sales increase. Gross profit increased by 6.5% to $55.9 million, or 47.5% of net sales, from $52.5 million, or 47.0% of net sales, in the first quarter of fiscal 2010. Selling, general and administrative costs were $44.1 million, or 37.5% of net sales, compared to $42.2 million, or 37.8% of net sales, in the first quarter of fiscal 2010. The Company reported a 14.2% increase in net income to $7.3 million, or $0.38 per diluted share (based on 19,266,694 dilutive shares outstanding), compared to net income of $6.4 million, or $0.39 per diluted share (based on 16,167,302 dilutive shares outstanding), in the first quarter of fiscal 2010.

Outlook

Based on current comparable store sales trends, the Company has revised its full year outlook. For the fiscal year ending January 28, 2012, management now expects net sales to be between $553 and $557 million, which reflects the current comparable store sales trend. On that basis, diluted earnings per share are projected to be in the range of $1.18 to $1.23 (using a diluted share count of approximately 19.2 million), which includes approximately $1.0 million of additional stock compensation expense. For the second quarter of fiscal 2011 ending July 30, 2011, Gordmans currently expects net sales to be between $116 million and $117 million, which also reflects the current comparable stores sales trend. The Company projects diluted earnings per share in the range of $0.10 to $0.11 (using a diluted share count of approximately 19.4 million).

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Mr. Gordman added, “While our second quarter comparable store sales trend is consistent with that of the first quarter, it continues to be below our previous expectations. Although we are implementing a number of merchandising, marketing and inventory management initiatives to drive comparable store sales growth, we believe it is prudent to lower our expectations for fiscal 2011 until improved trends begin to materialize.”

Conference Call Information

A conference call to discuss first quarter financial results is scheduled for today, May 26, 2011 at 4:30 p.m. Eastern Time. The conference call will be webcast live at http://investor.gordmans.com/events.cfm. A replay of this call will be available within two hours of the conclusion of the call and will remain on the website for one year.

About Gordmans Stores, Inc.

Gordmans (NASDAQ: GMAN) features a large selection of the latest name brands, fashions and styles at up to 60 percent off department and specialty store prices every day. The wide range of merchandise includes apparel for all ages, accessories, footwear, home décor, gifts, designer fragrances, fashion jewelry, bedding and bath, accent furniture and toys. Founded in 1915, Gordmans operates 70 stores in 16 Midwestern and surrounding states. For more information about Gordmans, visit www.gordmans.com.

Safe Harbor Statement

Certain statements in this release are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “guidance,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding expected net sales, net income, comparable store sales, diluted earnings per share, and store expansion, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are (1) changes in consumer spending and general economic conditions; (2) our ability to identify and respond to new and changing fashion trends, guest preferences and other related factors; (3) fluctuations in our sales and profitability on a seasonal basis; (4) intense competition from other retailers; (5) our ability to maintain or improve levels of comparable store sales; and (6) our successful implementation of advertising, marketing and promotional strategies.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including other risks, relevant factors and uncertainties identified in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2011, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

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GORDMANS STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands)

	April 30, 2011		January 29, 2011
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	28,478	$	29,368
Accounts receivable		1,519		1,557
Landlord receivable		1,386		2,077
Income tax receivable		—		1,375
Merchandise inventories		69,347		59,775
Deferred income taxes		2,573		2,417
Prepaid expenses		6,028		5,394
Total current assets		109,331		101,963
PROPERTY AND EQUIPMENT, net		25,001		18,240
INTANGIBLE ASSETS, net		2,143		2,166
DEFERRED INCOME TAXES		—		486
OTHER ASSETS		2,270		2,279
TOTAL ASSETS	$	138,745	$	125,134
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	42,356	$	36,833
Income taxes payable		2,216		—
Accrued expenses		23,112		26,672
Notes payable, current portion		1,459		1,508
Capital lease obligations, current portion		428		424
Total current liabilities		69,571		65,437
NONCURRENT LIABILITIES:
Notes payable, net of current portion		—		326
Capital lease obligations, net of current portion		521		630
Deferred rent		8,428		6,655
Deferred income taxes		498		—
Other liabilities		31		33
Total noncurrent liabilities		9,478		7,644
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock		—		—
Common stock		19		19
Additional paid-in capital		51,192		50,830
Retained earnings		8,485		1,204
Total stockholders’ equity		59,696		52,053
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	138,745	$	125,134

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GORDMANS STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in Thousands Except Share Data)

	13 Weeks Ended April 30, 2011 (Unaudited)			13 Weeks Ended May 1, 2010 (Unaudited)
Net sales	$	117,679		$	111,891
License fees from leased departments		1,667			1,596
Cost of sales		(63,397	)		(60,938	)
Gross profit		55,949			52,549
Selling, general and administrative expenses		(44,088	)		(42,248	)
Income from operations		11,861			10,301
Interest expense		(118	)		(179	)
Income before taxes		11,743			10,122
Income tax expense		(4,462	)		(3,745	)
Net income	$	7,281		$	6,377
Basic earnings per share	$	0.38		$	0.41
Diluted earnings per share	$	0.38		$	0.39
Basic weighted average shares outstanding		19,076,884			15,488,800
Dilutive weighted average shares outstanding		19,266,694			16,167,302

Company Contact:

Mike James

Chief Financial Officer

(402) 691-4126

Investor Relations:

ICR, Inc.

Brendon Frey / James Palczynski

(203) 682-8200

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