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): January 14, 2013
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
(Registrants 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 January 14, 2013, Gordmans Stores, Inc. (the Company) issued a press release providing updated earnings guidance for the fourth quarter of fiscal 2012 ending February 2, 2013. 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 January 14, 2013. |
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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: January 14, 2013 | By: | /s/ Michael D. James | ||||
Name: | Michael D. James | |||||
Title: | Chief Financial Officer, Senior Vice President, Treasurer and Assistant Secretary |
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EXHIBIT INDEX
99.1 | Press Release of Gordmans Stores, Inc. dated January 14, 2013. |
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Exhibit 99.1
Gordmans Stores, Inc. Updates Outlook
Company to Participate in 15th Annual ICR XChange Conference
OMAHA, NE January 14, 2013 Gordmans Stores, Inc. (NASDAQ: GMAN), an Omaha-based apparel and home décor retailer, today updated its outlook for the fourth quarter ending February 2, 2013.
The Company announced that fourth quarter comparable sales through January 12, 2013 declined 4.6%. Based on this performance, the Company now expects net revenue for the fourth quarter of fiscal 2012, a fourteen week quarter compared to the thirteen week fourth quarter of fiscal 2011, to be approximately $203 million, compared with $185 million in the prior year period and previous guidance of $213 to $215 million. In addition, the Company expects diluted earnings per share to be in the range of $0.35 to $0.37, compared with $0.53 in the prior year period and previous guidance of $0.58 to $0.61.
Jeff Gordman, President and Chief Executive Officer of Gordmans, stated, Our comparable store sales declined due in part to our seasonal businesses, which suffered disproportionately greater sales decreases, as well as merchandise offerings in several categories that lacked sufficient breadth of selection. We are aggressively managing inventories to ensure that we are well positioned as we transition into the first quarter of fiscal 2013, which will negatively impact our margins for the fourth quarter.
Gordman added, Comparable store sales for January month to date are up mid-single digits. In addition, we are encouraged by the performance of our new stores opened in 2008 through 2012, as in the aggregate they continue to perform above our new store model in both sales and operating profit. We opened nine new stores in fiscal 2012, a 50% increase in new locations from the previous year and the most stores that we have opened since 2005, and entered 4 new markets: Salt Lake City; Ogden, UT; Boise, ID; and Indianapolis. Our expansion plans for 2013 include 10 new stores in six new and two existing markets. Including these locations, we will have increased our store base by nearly 40% over a three year period to 93 stores from 68 locations at the end of fiscal 2010.
The Company also announced that Jeff Gordman will present at the 15th Annual ICR XChange Conference on Wednesday, January 16, 2013 at 8:50 am Eastern Time. A live broadcast of the presentation may be accessed at http://investor.gordmans.com/events.cfm. Interested parties are advised to log on to the live webcast at least fifteen minutes prior to the presentation in order to download the necessary software.
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 83 stores in 18 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 Companys Annual Report on Form 10-K for the fiscal year ended January 28, 2012, 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.
Company Contact:
Mike James
Chief Financial Officer
(402) 691-4126
Investor Relations:
ICR, Inc.
Brendon Frey
(203) 682-8200