The company, which operates 461 stores, said Monday its earnings before interest, taxes, depreciation, and amortization for the three months ending October 30 were down 20.7% to $63.2 million from $79.7 million a year earlier. The fall was due to lower same-store sales and higher markdowns. Net sales were $858.2 million compared with $872.4 million in 2009, a 1.6% decrease. Comparative store sales decreased 5.6% as a result of unusually warm weather in September and October.
Although the company said that by November, as temperatures dropped around the country, its sales picked up. “Following our third quarter performance, as the temperatures returned to normal seasonal levels in November, we are very pleased with the level of comparative store sales that we have achieved,” noted Tom Kingsbury, president and ceo. “We continue to believe we are well positioned for the remainder of the year.”
Year to Date Fiscal Results
Net sales increased 3.3% to $2,481.6 million for the nine months ended October 30 compared with $2,403.4 million for the same period in 2009. Comparative store sales decreased 0.8%.
Primarily driven by increased net sales, adjusted EBITDA increased $8.1 million, or 5.8%, to $149.3 million for the nine months, up from $141.2 million during the prior year.