Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BASSETT FURNITURE INDUSTRIES INC | bfii_8k-070512.htm |
Exhibit 99
| BassettFurniture Industries, Inc. | J. Michael Daniel, Vice-President |
| P.O. Box 626 | and Chief Accounting Officer |
| Bassett, VA 24055 | (276) 629-6614 – Investors |
| Jay S. Moore, Director of Communications | |
| For Immediate Release | (276) 629-6450 – Media |
Bassett Furniture News Release
Bassett Announces Fiscal Second Quarter Results
(Bassett, Va.) – July 5, 2012– Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today its results of operations for its fiscal quarter ended May 26, 2012.
Fiscal 2012 Second Quarter Highlights
|
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·
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Consolidated sales for the second quarter 2012 increased 1.8% as compared to the second quarter 2011.
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·
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Operating profit for the second quarter was $1.6 million versus a $14.3 million loss for the second quarter last year.
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·
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Company-owned store delivered sales increased 12.6% with a 7.9% increase from the 43 comparable stores.
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·
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Company-owned stores generated a $0.1 million operating profit for the quarter.
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·
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Received $9.0 million distribution from U.S. Customs and Border Protection as part of the Continued Dumping and Subsidy Offset Act of 2000.
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·
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Repurchased 64,350 shares using $0.6 million and paid $0.6 million in dividends during the quarter.
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On a consolidated basis, the Company reported net sales for the second quarter of 2012 of $67.5 million, an increase of $1.2 million, or 1.8%, from sales levels attained in the second quarter of 2011. Operating income improved to $1.6 million from a loss of $14.3 million driven primarily by increased gross margins and significantly lower bad debt and notes receivable, licensee debt cancellation, restructuring, asset impairment and lease exit charges. This was partially offset by higher selling, general and administrative expenses due to the increased mix of Company-owned stores as well as investments in our new Home and Garden Television (HGTV) initiatives and new showrooms in Las Vegas and High Point. The Company received a $9.0 million cash distribution from U.S. Customs and Border Protection in the second quarter of 2012, representing the final distribution due the Company as part of the Continued Dumping and Subsidy Offset Act of 2000, which is included as other income in the condensed consolidated statement of operations. As a result, the Company recorded net income of $8.0 million or $0.71 per diluted share compared to $62.6 million or $5.39 per diluted share in the second quarter of 2011. Included in the prior year quarter was an $85.5 million gain associated with the Company’s sale of its interest in the International Home Furnishings Center.
“Our second quarter was highlighted by an overall sales increase and an increase in consolidated operating profit,” commented Robert H. Spilman Jr., president and chief executive officer. “Perhaps more significantly, our Corporate Retail Division generated its first ever operating profit. Moving forward, we will continue to vigorously pursue our strategies designed to grow the Company through sales to our store network, independent accounts, and our new partnership with HGTV. Although it is difficult to gauge the strength of the overall economy at the moment, we are encouraged by the improved traffic in our Bassett Home Furnishings (BHF) stores and by our efforts to increase our business with independent furniture retailers. We believe that our strong balance sheet in conjunction with our service levels in both our domestically produced and imported products are enabling us to take market share.”
Wholesale Segment
Net sales for the wholesale segment were $45.9 million for the second quarter of 2012 as compared to $45.8 million for the second quarter of 2011, an increase of 0.4%. Wholesale shipments increased primarily due to a 5.8% increase in wholesale sales outside the BHF store network partially offset by a 1.0% decrease in shipments to the network. The decrease in sales to the store network was due to the decline in the number of BHF stores; however, the average shipments per store actually increased by 4.3%. Gross margins for the wholesale segment were 32.9% for the second quarter of 2012 and 32.8% for the second quarter of 2011. Wholesale SG&A, excluding bad debt and notes receivable valuation charges, decreased $0.1 million to $12.8 million for the second quarter of 2012 as compared to $12.9 million for the second quarter of 2011. As a percentage of net sales, SG&A decreased 0.3 percentage points to 28.0% for the second quarter of 2012 as compared to 28.3% for the second quarter of 2011. The Company recorded $0.2 million of bad debt and notes receivable valuation charges for the second quarter of 2012 as compared with $6.2 million for the second quarter of 2011, which reflects the improved credit positions of the Company’s current fleet of licensees.
“We were pleased to achieve sales growth in our wholesale segment despite operating fewer stores than we did in the same period of fiscal 2011, primarily due to increased market share with independent furniture stores,” said Mr. Spilman. “In addition, the debut of the HGTV Furniture Collection in our new HGTV showroom at the April High Point Market was very encouraging as we placed the assortment with several major new customers. These products will begin to ship in September of this year and will continue to be phased in to our dealers through the first quarter of 2013.
“Excluding bad debt charges, our wholesale operating profit was flat with last year,” continued Mr. Spilman. “Even though we have been incurring expense in preparation for the launch of HGTV, wholesale SGA costs were down slightly for the quarter. Upfront expenditures for product development, personnel, marketing, and showrooms have been substantial as we set the table for this new venture. Once again, we look forward to leveraging these investments with additional sales beginning this fall.”
Retail Segment
Company-owned stores had sales of $42.8 million in the second quarter of 2012 as compared to $38.0 million in the second quarter of 2011, an increase of 12.6%. The increase was comprised of a $2.8 million or 7.9% increase in comparable store sales along with a $2.0 million increase in non-comparable store sales. Contributing to the improvement in comparable store sales are such factors as improved pricing and merchandising strategies and improvements in the quality and training of the design associates who sell the Company’s products, as well as a general improvement in the retail environment in combination with targeted advertising which produced increased traffic through the Company’s stores. While the Company does not recognize sales until goods are delivered to the customer, management tracks written sales (the dollar value of sales orders taken, rather than delivered) as a key store performance indicator. Written sales for comparable stores increased by 11.2% for the second quarter of 2012 as compared to the second quarter of 2011.
Operating income for the Company-owned stores improved to $0.1 million in the second quarter of 2012 as compared to a loss of $0.3 million for the second quarter of 2011 which was primarily driven by the sales increases noted above and a 1.5 percentage point improvement in gross margins. The gross margin improvement was primarily due to the adverse impact of store liquidation sales which ran during the second quarter of 2011 related to the closure of five retail locations and the improved pricing strategies and increased sales of higher margin mattresses in the second quarter of 2012. SG&A increased $2.5 million, primarily due to increased store count. Included in the operating income for the second quarter of 2012 was a $0.2 million loss associated with the start-up of the new store in Paramus, New Jersey at the end of the quarter as there were essentially no delivered sales due to the timing of the opening. Refer to the accompanying schedule of Supplemental Retail Information for results of operations for the Company’s retail segment by comparable and all other stores.
The following table summarizes the changes in store count during the six months ended May 26, 2012:
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November 26,
2011 |
New
Stores |
Stores
Acquired |
Stores
Closed |
May 26,
2012 |
||||||||||||||||
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Licensee-owned stores
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39 | - | - | (2 | ) | 37 | ||||||||||||||
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Company-owned stores
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49 | 3 | - | (2 | ) | 50 | ||||||||||||||
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Total
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88 | 3 | - | (4 | ) | 87 | ||||||||||||||
“Our corporate retail group produced a milestone achievement this quarter by producing their first ever quarterly operating profit,” added Mr. Spilman. “This marks the fifth consecutive quarter of year over year improvement for the segment. The delivered sales increase of 7.9% and the written sales increase of 11.2% are the result of the continuing maturation of our merchandising and marketing strategies and the absence of the distraction of the many licensee store takeovers that has hampered our corporate retail performance for the past few years. We opened a new store in Paramus, New Jersey in late May and plan a new store in Dallas later this year. Meanwhile, we will focus on the conversion of our in-store design centers to HGTV Design Studios at Bassett that will be rolled out later this summer and featured nationally on the HGTV network beginning Labor Day weekend.”
Balance Sheet and Cash Flow
As previously stated, the Company received a $9.0 million cash distribution from U.S. Customs and Border Protection in the second quarter of 2012, representing the final distribution due the Company as part of the Continued Dumping and Subsidy Offset Act of 2000. Excluding this distribution, the Company generated $0.5 million in cash from operating activities for the three month’s ended May 26, 2012 as compared with cash used in operations of $0.9 million for the three month’s ended May 28, 2011. Capital expenditures for the second quarter of 2012 were $2.4 million primarily related to the expansion of the Company-owned store network. The Company also repurchased 64,350 shares using $0.6 million and paid $0.6 million in dividends during the quarter.
About Bassett Furniture Industries, Inc.
Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality, mid-priced home furnishings. With 87 company- and licensee- owned stores, Bassett has leveraged its strong brand name in furniture into a network of corporate and licensed stores that focus on providing consumers with a friendly environment for buying furniture and accessories. The most significant growth opportunity for Bassett continues to be the Company’s dedicated retail store program. Bassett’s retail strategy includes affordable custom-built furniture that is ready for delivery in the home within 30 days. The stores also feature the latest on-trend furniture styles, more than 750 upholstery fabrics, free in-home design visits, and coordinated decorating accessories. For more information, visit the Company’s website at bassettfurniture.com. (BSET-E)
Certain of the statements in this release, particularly those preceded by, followed by or including the words “believes,” “expects,” “anticipates,” “intends,” “should,” “estimates,” or similar expressions, or those relating to or anticipating financial results for periods beyond the end of the second fiscal quarter of 2012, constitute “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended. For those statements, Bassett claims the protection of the safe harbor for forward looking statements contained in the Private Securities Litigation Reform Act of 1995. In many cases, Bassett cannot predict what factors would cause actual results to differ materially from those indicated in the forward looking statements. Expectations included in the forward-looking statements are based on preliminary information as well as certain assumptions which management believes to be reasonable at this time. The following important factors affect Bassett and could cause actual results to differ materially from those indicated in the forward looking statements: the effects of national and global economic or other conditions and future events on the retail demand for home furnishings and the ability of Bassett’s customers and consumers to obtain credit; and the economic, competitive, governmental and other factors identified in Bassett’s filings with the Securities and Exchange Commission. Any forward-looking statement that Bassett makes speaks only as of the date of such statement, and Bassett undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends or indication of future performance, unless expressed as such, and should only be viewed as historical data.
###
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income - unaudited
(In thousands, except for per share data)
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Quarter Ended
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Quarter Ended
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Six Months Ended
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Six Months Ended
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|||||||||||||||||||||||||||||
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May 26, 2012
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May 28, 2011
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May 26, 2012
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May 28, 2011
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Percent of
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Percent of
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Percent of
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Percent of
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|||||||||||||||||||||||||||||
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Amount
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Net Sales
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Amount
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Net Sales
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Amount
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Net Sales
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Amount
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Net Sales
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|||||||||||||||||||||||||
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Net sales
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$ | 67,454 | 100.0 | % | $ | 66,261 | 100.0 | % | $ | 128,422 | 100.0 | % | $ | 130,525 | 100.0 | % | ||||||||||||||||
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Cost of sales
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31,793 | 47.1 | % | 33,064 | 49.9 | % | 61,090 | 47.6 | % | 65,480 | 50.2 | % | ||||||||||||||||||||
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Gross profit
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35,661 | 52.9 | % | 33,197 | 50.1 | % | 67,332 | 52.4 | % | 65,045 | 49.8 | % | ||||||||||||||||||||
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Selling, general and administrative expense excluding bad debt and notes receivable valuation charges
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33,213 | 49.2 | % | 30,879 | 46.6 | % | 64,209 | 50.0 | % | 61,387 | 47.0 | % | ||||||||||||||||||||
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Bad debt and notes receivable valuation charges
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222 | 0.3 | % | 6,200 | 9.4 | % | 254 | 0.2 | % | 13,026 | 10.0 | % | ||||||||||||||||||||
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Licensee debt cancellation charges
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- | 0.0 | % | 6,447 | 9.7 | % | - | 0.0 | % | 6,447 | 4.9 | % | ||||||||||||||||||||
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Restructuring and asset impairment charges
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475 | 0.7 | % | 1,080 | 1.6 | % | 711 | 0.6 | % | 1,959 | 1.5 | % | ||||||||||||||||||||
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Lease exit costs
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131 | 0.2 | % | 2,844 | 4.3 | % | 359 | 0.3 | % | 3,728 | 2.9 | % | ||||||||||||||||||||
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Operating income (loss)
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1,620 | 2.4 | % | (14,253 | ) | -21.5 | % | 1,799 | 1.4 | % | (21,502 | ) | -16.5 | % | ||||||||||||||||||
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Gain on sale of affiliate
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- | 0.0 | % | 85,542 | 129.1 | % | - | 0.0 | % | 85,542 | 65.5 | % | ||||||||||||||||||||
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Income from Continued Dumping & Subsidy Offset Act
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9,010 | 13.4 | % | - | 0.0 | % | 9,010 | 7.0 | % | - | 0.0 | % | ||||||||||||||||||||
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Other loss, net
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(677 | ) | -1.0 | % | (4,815 | ) | -7.3 | % | (1,924 | ) | -1.5 | % | (5,773 | ) | -4.4 | % | ||||||||||||||||
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Income before income taxes
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9,953 | 14.8 | % | 66,474 | 100.3 | % | 8,885 | 6.9 | % | 58,267 | 44.6 | % | ||||||||||||||||||||
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Income tax expense
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(1,911 | ) | -2.8 | % | (3,928 | ) | -5.9 | % | (1,439 | ) | -1.1 | % | (3,975 | ) | -3.0 | % | ||||||||||||||||
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Net income
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$ | 8,042 | 11.9 | % | $ | 62,546 | 94.4 | % | $ | 7,446 | 5.8 | % | $ | 54,292 | 41.6 | % | ||||||||||||||||
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Basic earnings per share
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$ | 0.72 | $ | 5.43 | $ | 0.67 | $ | 4.72 | ||||||||||||||||||||||||
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Diluted earnings per share
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$ | 0.71 | $ | 5.39 | $ | 0.67 | $ | 4.69 | ||||||||||||||||||||||||
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
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(unaudited)
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Assets
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May 26, 2012
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November 26, 2011
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Current assets
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Cash and cash equivalents
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$ | 67,133 | $ | 69,601 | ||||
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Accounts receivable, net
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14,165 | 14,756 | ||||||
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Marketable securities
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3,034 | 2,939 | ||||||
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Inventories
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47,915 | 45,129 | ||||||
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Other current assets
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6,532 | 7,778 | ||||||
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Total current assets
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138,779 | 140,203 | ||||||
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Property and equipment
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||||||||
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Cost
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142,864 | 143,824 | ||||||
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Less accumulated depreciation
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91,521 | 93,878 | ||||||
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Property and equipment, net
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51,343 | 49,946 | ||||||
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Investments
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- | 806 | ||||||
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Retail real estate
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15,989 | 16,257 | ||||||
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Notes receivable, net
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1,783 | 1,802 | ||||||
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Other
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13,730 | 14,160 | ||||||
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Total long-term assets
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31,502 | 33,025 | ||||||
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Total assets
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$ | 221,624 | $ | 223,174 | ||||
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Liabilities and Stockholders’ Equity
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||||||||
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Current liabilities
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Accounts payable
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$ | 16,457 | $ | 18,821 | ||||
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Accrued compensation and benefits
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6,491 | 7,201 | ||||||
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Customer deposits
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9,918 | 9,238 | ||||||
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Dividends payable
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563 | 6,063 | ||||||
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Other accrued liabilities
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12,618 | 10,302 | ||||||
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Current portion of real estate notes payable
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208 | 202 | ||||||
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Total current liabilities
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46,255 | 51,827 | ||||||
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Long-term liabilities
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Post employment benefit obligations
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11,015 | 11,226 | ||||||
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Real estate notes payable
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3,556 | 3,662 | ||||||
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Other long-term liabilities
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3,247 | 4,024 | ||||||
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Total long-term liabilities
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17,818 | 18,912 | ||||||
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Commitments and Contingencies
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Stockholders’ equity
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Common stock
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56,160 | 56,712 | ||||||
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Retained earnings
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102,417 | 96,331 | ||||||
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Accumulated other comprehensive loss
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(1,026 | ) | (608 | ) | ||||
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Total stockholders' equity
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157,551 | 152,435 | ||||||
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Total liabilities and stockholders’ equity
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$ | 221,624 | $ | 223,174 | ||||
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows - unaudited
(In thousands)
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Six Months Ended
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Six Months Ended
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May 26, 2012
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May 28, 2011
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Operating activities:
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Net income
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$ | 7,446 | $ | 54,292 | ||||
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Adjustments to reconcile net income to net cash provided by (used in) operating activities:
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||||||||
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Depreciation and amortization
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2,615 | 2,907 | ||||||
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Equity in undistributed income of investments and unconsolidated affiliated companies
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(134 | ) | (1,921 | ) | ||||
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Provision for restructuring and asset impairment charges
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711 | 1,959 | ||||||
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Non-cash portion of lease exit costs
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359 | 2,228 | ||||||
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Licensee debt cancelation charges
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- | 6,447 | ||||||
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Provision for lease and loan guarantees
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219 | 1,457 | ||||||
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Bad debt and notes receivable valuation charges
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254 | 13,026 | ||||||
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Gain on mortgage settlement
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- | (436 | ) | |||||
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Gain on sale of affilate
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- | (85,542 | ) | |||||
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Other than temporary impairment of investments
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806 | - | ||||||
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Impairment and lease exit charges on retail real estate
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- | 4,790 | ||||||
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Other, net
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(36 | ) | 852 | |||||
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Changes in operating assets and liabilities
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||||||||
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Accounts receivable
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337 | 2,000 | ||||||
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Inventories
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(2,786 | ) | 2,782 | |||||
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Other current assets
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(64 | ) | (23 | ) | ||||
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Accounts payable and accrued liabilities
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(1,465 | ) | (9,439 | ) | ||||
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Net cash provided by (used in) operating activities
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8,262 | (4,621 | ) | |||||
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Investing activities:
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||||||||
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Purchases of property and equipment
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(4,352 | ) | (964 | ) | ||||
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Proceeds from sale of interest in affiliate
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1,410 | 67,752 | ||||||
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Proceeds from sales of investments
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875 | 2,603 | ||||||
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Purchases of investments
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(857 | ) | (2,603 | ) | ||||
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Dividend from affiliate
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- | 3,756 | ||||||
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Equity contribution to affiliate
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- | (980 | ) | |||||
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Other,net
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13 | 201 | ||||||
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Net cash provided by (used in) investing activities
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(2,911 | ) | 69,765 | |||||
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Financing activities:
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||||||||
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Repayments of real estate notes payable
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(100 | ) | (3,791 | ) | ||||
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Issuance of common stock
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157 | 88 | ||||||
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Repurchases of common stock
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(1,250 | ) | (473 | ) | ||||
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Cash dividends
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(6,626 | ) | - | |||||
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Payments on other notes
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- | (2,127 | ) | |||||
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Net cash used in financing activities
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(7,819 | ) | (6,303 | ) | ||||
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Change in cash and cash equivalents
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(2,468 | ) | 58,841 | |||||
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Cash and cash equivalents - beginning of period
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69,601 | 11,071 | ||||||
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Cash and cash equivalents - end of period
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$ | 67,133 | $ | 69,912 | ||||
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES
Segment Information - unaudited
(In thousands)
| Quarter ended | Quarter ended | Six months ended | Six months ended | |||||||||||||||||
|
May 26, 2012
|
May 28, 2011
|
May 26, 2012
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May 28, 2011
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Net Sales
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||||||||||||||||||||
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Wholesale
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$ | 45,940 |
(a)
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$ | 45,751 |
(a)
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$ | 88,550 |
(a)
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$ | 91,720 |
(a)
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Retail
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42,805 | 38,009 | 81,622 | 74,988 | ||||||||||||||||
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Inter-company elimination
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(21,291 | ) | (17,499 | ) | (41,750 | ) | (36,183 | ) | ||||||||||||
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Consolidated
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$ | 67,454 | $ | 66,261 | $ | 128,422 | $ | 130,525 | ||||||||||||
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Operating Income (Loss)
|
||||||||||||||||||||
|
Wholesale
|
$ | 2,035 |
(b)
|
$ | (4,153 | ) |
(b)
|
$ | 3,863 |
(b)
|
$ | (8,044 | ) |
(b)
|
||||||
|
Retail
|
66 | (343 | ) | (933 | ) | (2,135 | ) | |||||||||||||
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Inter-company elimination
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125 | 614 | (61 | ) | 810 | |||||||||||||||
|
Licensee debt cancellation charge
|
- | (6,447 | ) | - | (6,447 | ) | ||||||||||||||
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Restructuring and asset impairment charges
|
(475 | ) | (1,080 | ) | (711 | ) | (1,959 | ) | ||||||||||||
|
Lease exit costs
|
(131 | ) | (2,844 | ) | (359 | ) | (3,727 | ) | ||||||||||||
|
Consolidated
|
$ | 1,620 | $ | (14,253 | ) | $ | 1,799 | $ | (21,502 | ) | ||||||||||
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(a) Excludes wholesale shipments for dealers where collectibility is not reasonably assured at time of shipment as follows:
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||||||||||||||||||||
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May 26, 2012
|
May 28, 2011
|
|||||||||||||||||||
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Quarter ended
|
$ | - | $ | - | ||||||||||||||||
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Six Months
|
- | 1,254 | ||||||||||||||||||
|
(b) Includes bad debt and notes receivable valuation charges as follows:
|
||||||||||||||||||||
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May 26, 2012
|
May 28, 2011
|
|||||||||||||||||||
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Quarter ended
|
$ | 222 | $ | 6,200 | ||||||||||||||||
|
Six Months
|
254 | 13,026 | ||||||||||||||||||
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES
Supplemental Retail Information--unaudited
(In thousands)
|
43 Comparable Stores
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40 Comparable Stores
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|||||||||||||||||||||||||||||||
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Quarter Ended
|
Quarter Ended
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Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||||||||
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May 26, 2012
|
May 28, 2011
|
May 26, 2012
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May 28, 2011
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|||||||||||||||||||||||||||||
|
Amount
|
Percent of
Net Sales |
Amount
|
Percent of
Net Sales |
Amount
|
Percent of
Net Sales |
Amount
|
Percent of
Net Sales |
|||||||||||||||||||||||||
|
Net sales
|
$ | 37,893 | 100.0 | % | $ | 35,124 | 100.0 | % | $ | 68,028 | 100.0 | % | $ | 63,680 | 100.0 | % | ||||||||||||||||
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Cost of sales
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19,359 | 51.1 | % | 18,210 | 51.8 | % | 34,673 | 51.0 | % | 32,824 | 51.5 | % | ||||||||||||||||||||
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Gross profit
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18,534 | 48.9 | % | 16,914 | 48.2 | % | 33,355 | 49.0 | % | 30,856 | 48.5 | % | ||||||||||||||||||||
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Selling, general and administrative expense*
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17,956 | 47.4 | % | 17,070 | 48.6 | % | 32,999 | 48.5 | % | 32,174 | 50.5 | % | ||||||||||||||||||||
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Income (loss) from operations
|
$ | 578 | 1.5 | % | $ | (156 | ) | -0.4 | % | $ | 356 | 0.5 | % | $ | (1,318 | ) | -2.0 | % | ||||||||||||||
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All Other Stores
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All Other Stores
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|||||||||||||||||||||||||||||||
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Quarter Ended
|
Quarter Ended
|
Six Months Ended
|
Six Months Ended
|
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|
May 26, 2012
|
May 28, 2011
|
May 26, 2012
|
May 28, 2011
|
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|
Amount
|
Percent of
Net Sales |
Amount
|
Percent of
Net Sales |
Amount
|
Percent of
Net Sales |
Amount
|
Percent of
Net Sales |
|||||||||||||||||||||||||
|
Net sales
|
$ | 4,912 | 100.0 | % | $ | 2,885 | 100.0 | % | $ | 13,593 | 100.0 | % | $ | 11,308 | 100.0 | % | ||||||||||||||||
|
Cost of sales
|
2,670 | 54.4 | % | 1,932 | 67.0 | % | 7,502 | 55.2 | % | 7,158 | 63.3 | % | ||||||||||||||||||||
|
Gross profit
|
2,242 | 45.6 | % | 953 | 33.0 | % | 6,091 | 44.8 | % | 4,150 | 36.7 | % | ||||||||||||||||||||
|
Selling, general and administrative expense
|
2,754 | 56.2 | % | 1,140 | 39.5 | % | 7,380 | 54.4 | % | 4,967 | 43.9 | % | ||||||||||||||||||||
|
Loss from operations
|
$ | (512 | ) | -10.6 | % | $ | (187 | ) | -6.5 | % | $ | (1,289 | ) | -9.6 | % | $ | (817 | ) | -7.2 | % | ||||||||||||
*Comparable store SG&A includes retail corporate overhead and administrative costs.