Gordman’s Stores swings to profit in Q1

Omaha, Neb. – Gordman’s Stores Inc. swung to net income of $400,000 in the first quarter of fiscal 2015 from net loss of $700,000 in the same period the prior year. Improved control of store, corporate and insurance expenses, as well the paydown of a loan, helped push Gordman’s into the black.



Net sales increased 2% to $145.9 million from $143 million. Same-store sales fell 1%. Gordman’s plans to open four additional new stores in 2015, two of which will open in the second quarter. The company also plans to close one store later this year when the lease term expires.



“We are seeing the guest respond to newness and we are continuing to markdown slower moving goods in season,” said Andy Hall, president and CEO. “We continue to work towards a mid-year launch of our e-commerce platform and expect to rollout our new marketing campaign late in the second quarter. Both of these initiatives are key building blocks for long term results."



For the second quarter of fiscal year 2015, Gordman’s net sales to be between $144 and $147 million, which reflects a flat to low-single digit same-store sales decrease.