GADZOOKS NET SOARS
NEW YORK — Reflecting strong same-store sales gains and a stepped-up expansion program, fourth-quarter earnings more than doubled to $2.2 million, or 40 cents a share, at Gadzooks Inc., a 126-unit juniors chain.
The Dallas-based retailer reported earnings of $922,000, or 23 cents a share, last year. Sales for the 13 weeks ended Jan. 27 jumped 56.4 percent to $29.8 million from $19.1 million. Same-store sales rose 15 percent.
“Our sales in the final quarter of the year were paced by very strong comparable-store sales, even though we were comparing against a 29.1 percent same-store sales gain in the year-ago quarter,” Jerry Szczepanski, chairman and chief executive officer, said in a statement.
Szczepanski also noted that about 75 percent of the company’s total sales in both the fourth quarter and fiscal year were due to the opening of 41 new stores over the past year.
For the year, earnings surged to $4.1 million, or 91 cents, from $1.9 million, or 49 cents. Sales advanced 49.8 percent to $84.6 million from $56.5 million, while same-store sales increased 14.7 percent. — Fairchild News Service