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): March 25, 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

(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 March 25, 2013, Gordmans Stores, Inc. (the “Company”) issued a press release providing information regarding earnings for the fourteen and fifty-three week periods ended 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 March 25, 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: March 25, 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 March 25, 2013.

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EX-99.1

Exhibit 99.1

Gordmans Stores, Inc. Announces Fourth Quarter 2012 Results

Fourth Quarter Net Sales Increased 9.4%;

Fourth Quarter Diluted EPS of $0.41

Omaha, Nebraska (March 25, 2013)—Gordmans Stores, Inc. (NASDAQ: GMAN), an Omaha-based apparel and home décor retailer, today announced results for its fourth quarter (fourteen weeks) and fiscal year (fifty-three weeks) ended February 2, 2013.

Fourth Quarter Highlights

• Net sales increased 9.4% to $202.5 million compared to $185.1 million in the fourth quarter of fiscal 2011.

• Diluted earnings per share were $0.41, which exceeded revised guidance of $0.35—$0.37.

Fiscal Year 2012 Highlights

• Net sales increased 10.2% to $607.7 million compared to $551.5 million in fiscal year 2011.

• Nine new stores were opened in 4 new markets and 2 new states in fiscal 2012, a 12% expansion in the store base.

“Our fourth quarter sales performance was driven primarily by contributions from the nine stores opened in fiscal 2012, partially offset by a comparable store sales decline of 4%,” commented Jeff Gordman, President and Chief Executive Officer. “While we are disappointed with our recent results, including a slow start to fiscal 2013, we believe that the strategic initiatives that we have put in place, in concert with the change in our senior leadership team, will produce improved comparable sales as the year progresses. In addition, we will continue our expansion strategy with the opening of 10 new stores in a combination of new and existing markets.”

Fourth Quarter Financial Results

Net sales for the fourteen weeks ended February 2, 2013 increased 9.4% to $202.5 million from $185.1 million for the thirteen weeks ended January 28, 2012. Comparable store sales for the thirteen week period ended January 26, 2013 fell by 4.1% versus a 2.1% comparable store sales increase for the thirteen week period ended January 28, 2012. Gross profit increased 5.5% to $78.4 million, or 38.7% of net sales, from $74.3 million, or 40.1% of net sales, in the fourth quarter of fiscal 2011. Selling, general and administrative expenses were $65.6 million, or 32.4% of net sales, compared to $58.0 million, or 31.3% of net sales, in the fourth quarter of fiscal 2011. Net income for the fourth quarter of fiscal 2012 was $7.9 million, or $0.41 per diluted share, compared to net income of $10.2 million, or $0.53 per diluted share in the fourth quarter of fiscal 2011.

Fiscal Year 2012 Financial Results

Net sales for the fifty-three weeks ended February 2, 2013 increased 10.2% to $607.7 million from $551.5 million for the fifty-two weeks ended January 28, 2012. Comparable store sales for the fifty-two week period ended January 26, 2013 decreased by 0.7%. Gross profit increased by 9.4% to $264.8 million, or 43.6% of net sales, from $242.0 million, or 43.9% of net sales, in the prior year. Selling, general and administrative costs were $226.7 million, or 37.3% of net sales, compared to $201.1 million, or 36.5% of net sales, in the prior year. Net income decreased by 6.5% to $23.5 million, or $1.21 per diluted share, compared to net income of $25.2 million, or $1.30 per diluted share in fiscal 2011.

Conference Call Information

A conference call to discuss fourth quarter financial results is scheduled for today, March 25, 2013 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 86 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 Company’s 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.

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GORDMANS STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in 000’s except share data)

	February 2, 2013		January 28, 2012
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	40,824	$	35,413
Accounts receivable		2,049		1,787
Landlord receivable		8,787		9,939
Income taxes receivable		1,300		2,805
Merchandise inventories		78,006		65,335
Deferred income taxes		2,617		2,964
Prepaid expenses and other current assets		6,552		5,239
Total current assets		140,135		123,482
PROPERTY AND EQUIPMENT, net		45,966		34,507
INTANGIBLE ASSETS, net		1,992		2,078
OTHER ASSETS, net		3,033		2,546
TOTAL ASSETS	$	191,126	$	162,613
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	34,211	$	36,034
Accrued expenses		22,789		26,464
Current portion of long-term debt		189		655
Total current liabilities		57,189		63,153
NONCURRENT LIABILITIES:
Long-term debt, less current portion		—		189
Deferred rent		21,997		14,914
Deferred income taxes		9,236		6,604
Other liabilities		316		30
Total noncurrent liabilities		31,549		21,737
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock		—		—
Common stock		19		19
Additional paid-in capital		52,461		51,327
Retained earnings		49,908		26,377
Total stockholders’ equity		102,388		77,723
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	191,126	$	162,613

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GORDMANS STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in 000’s except share data)

	14 Weeks Ended February 2, 2013 (Unaudited)			13 Weeks Ended January 28, 2012 (Unaudited)			53 Weeks Ended February 2, 2013 (Unaudited)			52 Weeks Ended January 28, 2012
Net sales	$	202,460		$	185,148		$	607,692		$	551,476
License fees from leased departments		1,887			1,792			7,361			6,670
Cost of sales		(125,963	)		(112,627	)		(350,212	)		(316,167	)
Gross profit		78,384			74,313			264,841			241,979
Selling, general and administrative expenses		(65,563	)		(58,012	)		(226,710	)		(201,084	)
Income from operations		12,821			16,301			38,131			40,895
Interest expense		(115	)		(155	)		(481	)		(610	)
Income before taxes		12,706			16,146			37,650			40,285
Income tax expense		(4,765	)		(5,939	)		(14,119	)		(15,112	)
Net income	$	7,941		$	10,207		$	23,531		$	25,173
Basic earnings per share	$	0.41		$	0.54		$	1.23		$	1.32
Diluted earnings per share	$	0.41		$	0.53		$	1.21		$	1.30
Basic weighted average shares outstanding		19,235,960			19,095,046			19,165,260			19,098,377
Diluted weighted average shares outstanding		19,448,582			19,360,879			19,405,218			19,370,290

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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