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Destination Maternity net income rise, sales drop in Q1

BY Dan Berthiaume

Philadelphia – Destination Maternity reported improved net income but lower net sales during the first quarter of fiscal 2014 as compared to the same period a year earlier. Net income totaled $4.25 million, up 11% from $3.84 million the same period a year earlier.

However, net sales dipped slightly from $135.3 million to $134.8 million. Destination Maternity said the slight decrease in sales for the first quarter of fiscal 2014 compared to fiscal 2013 resulted primarily from decreased sales related to the company’s continued efforts to close underperforming stores, substantially offset by a 0.7% increase in same-store sales. The net sales of $134.8 million for the first quarter were slightly below the low end of the company’s guidance range of $135 to $139 million provided in November 2013.

Looking ahead, Destination Maternity forecasts net sales in the $539 million to $550 million range, representing a projected sales change of between a decrease of 0.2% and an increase of 1.8%, compared to fiscal 2013 net sales of $540.3 million. This sales guidance range is based on a projected same-store sales increase of between 1% and 3%

“Our sales for the quarter were somewhat weaker than planned, reflecting the continued challenging overall economic environment which affected many retailers in the recent holiday shopping season,” said Ed Krell, CEO. “Although our sales for the quarter were slightly below the low end of our expected sales range, it represents our sixth consecutive quarter of achieving a same-store sales increase, showing the continued progress we have made with our sales initiatives, while maintaining strong operational and expense discipline.

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Rite Aid same-store sales rise 1.8% in January

BY Dan Berthiaume

Camp Hill, Pa. – For the four-week period ended Jan. 25, Rite Aid’s same-store sales grew 1.8%. Front-end same-store sales decreased 1.3%, attributable to a decrease in flu-related over-the-counter drug sales.

Total drug sales for the month increased 1.5% to $1.94 billion, compared to $1.91 billion in the same period a year earlier.

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Tractor Supply sees net income, sales rise

BY Dan Berthiaume

Brentwood, Tenn. – Tractor Supply Company reported increased net income and sales for the fourth quarter and fiscal year 2013, compared to the same periods a year earlier. Net income grew 18.7% to $328.2 million from $276.5 million for the full fiscal year, and 21% to $95.9 million from $79.5 million for the fourth quarter.

Net sales increased 10.7% to $5.16 billion from $4.66 billion in fiscal 2012 and increased 10% to $1.42 billion, from $1.29 billion in the prior year’s fourth quarter. Same-store sales grew 4.8% during the year and 3.5% during the quarter. Same-store sales in the fourth quarter were driven by continued strong results in key consumable, usable and edible (C.U.E.) products, principally animal- and pet-related merchandise. Seasonal items, predominantly heating and insulated outerwear, also performed well due to the cold weather in the latter part of the quarter.

The company anticipates net sales for fiscal 2014 will range between $5.62 billion and $5.70 billion, with same-store sales expected to increase 2.5% to 4%. Tractor Supply projects fiscal 2014 full year net income to range from $2.54 to $2.62 per diluted share. For the full year, the retailer expects 102 to 106 new store openings and construction of the new store support center to open in 2014.

“We are very pleased with our strong fourth quarter and full-year results,” said Greg Sandfort, president and CEO. “The fourth quarter marked our 17th consecutive quarter of positive comparable store sales and our 23rd consecutive quarter of positive comparable transaction counts. In recent years, we have grown our business effectively despite challenging economic environments and volatile weather trends. We believe our results are a function of the balanced approach we take to run our business, through managing sales, margins, expenses and capital investments.”

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