Thursday Morning Earnings Roundup
Irving, Texas, Michaels Stores Inc. recorded a preliminary net income of $111.2 million in the fourth quarter, up 18% from the same quarter a year ago. Sales increased 11% to $1.2 billion on a same-store sales improvement of 7%. In the full year, Michaels posted net income growth of 18% to $209.8 million on a 10% increase in sales to $3.4 billion. Comps grew 5% for the year.
In other earnings news:
• The Pep Boys – Manny, Moe & Jack reported a net loss of $9.7 million in the fourth quarter, as compared to a net loss of $5 million in the year-ago period. Sales grew 4.6% to $554.1 million. Same-store merchandise sales were up 6%, although comparable-service revenues declined 1% for the quarter. For the year, Pep Boys recorded net earnings of $25.7 million before an accounting change, 69.4% higher than the year before. Sales grew 6.5% to $2.3 billion. Comparable-merchandise sales increased 7.9% and comparable-service revenue rose 1.1%.
• Genesco Inc. reported earnings before discontinued operations of $25.5 million for its recently completed fourth quarter, up 52.5% from the year-ago period. Sales grew 40% to $352.8 million on the strength of a 4% comps gain at its Journeys format; 3% comps growth in its Underground Station Group; a comps gain of 6% at Hat World; and 3% comps growth at its Johnston & Murphy format. For the full year, Genesco’s earnings before discontinued operations grew 64.2% to $48.6 million. Sales grew 33% to $1.1 billion for the year.
• The Buckle Inc. posted net income of $17.1 million for the fourth quarter, up 14% from the year-ago period. Sales grew 8.6% to $145.6 million, supported by 3.7% comps growth. For the full year, the retailer reported a 28.2% increase in net income to $43.2 million. Sales rose 11.4% to $470.9 million for the year on the strength of a 6.3% increase in same-store sales.
• Nash Finch’s net income fell 13.8% to $11.2 million in the fourth quarter, due in part to the inclusion of an extra week in the same quarter from the year before. Total sales fell 9% to $920 million, and comps were down 6%. For the 52-week year, Nash Finch reported earnings of $14.9 million, as compared to $35.1 million in the prior, 53-week year. Sales dropped 2.5% to $3.9 billion. Same-store sales fell 7% for the year.
• West Marine Inc. widened its net loss to $3.4 million in the fourth quarter from $1.6 million in the year-ago period. Sales declined 6% to $124.9 million, due in part to a 3.3% dip in same-store sales. For the year, West Marine recorded a 27.1% increase in net income to $25.5 million. Sales grew 3.2% to $660.9 million on a comps gain of 0.3%.