Cost Plus Reports Q4 EPS of $1.24 vs. $1.24

Cost Plus, Inc. CPWM announced financial results today for its fourth quarter ended January 29, 2011.

Net sales for the fourth quarter of fiscal 2010 were $341.6 million, a 7.1% increase from $319.0 million for the fourth quarter last year. Same store sales for the quarter increased 7.7% compared to a decrease of 2.5% last year.

Net income from continuing operations for the fourth quarter of fiscal 2010 was $28.8 million or $1.24 per diluted share compared to $21.0 million or $0.95 per diluted share last year. Last year's fourth quarter results included an income tax benefit of $13.1 million primarily related to a receivable that was recorded for a tax refund which was received in February 2010. Net income from continuing operations for fiscal 2010 was $4.7 million or $0.21 per diluted share compared to a loss of $46.2 million or $2.09 per diluted share last year.

Net income, including discontinued operations, for the fourth quarter of fiscal 2010 was $28.5 million or $1.23 per diluted share compared to $21.1 million or $0.95 per diluted share last year. Net income, including discontinued operations, for fiscal 2010 was $2.9 million or $0.13 per diluted share compared to a loss of $63.3 million or $2.87 per diluted share last year.