Cost Plus, Inc. Reports Q3 Results and Provides Outlook for Q3 (CPWM)

Cost Plus, Inc. CPWM today announced financial results for its second quarter ended July 31, 2010 and provided financial guidance for the third quarter of fiscal 2010. Net sales for the second quarter of fiscal 2010 were $192.4 million, a 4.9% increase from $183.4 million for the second quarter of fiscal 2009. Same store sales for the quarter increased 6.5% compared to a decrease of 10.9% last year. Customer count for the second quarter of fiscal 2010 increased 5.8%, and average ticket increased 0.7%. Year-to-date, net sales were $381.6 million, a 3.8% increase from the same period last year, and same store sales increased 6.1% versus a 9.9% decrease for the same period last year. For the third quarter of fiscal 2010, the company expects net sales in the range of $187 million to $190 million, based on a same store sales increase in the range of 5% to 7% compared to a same store sales decrease of 9.1% for the third quarter of fiscal 2009. Gross profit as a percentage of net sales for the third quarter is expected to be 310 to 360 basis points higher than the third quarter of fiscal 2009, which was 25.3%.