Same-store sales increased 6.5 percent for the fourth quarter of fiscal 2012. The company's merchandise margins increased approximately 20 basis points from the fourth quarter of fiscal 2011.
For the fiscal 2012 full year, net sales increased to $940.5 million from $902.1 million for the fiscal 2011 full year. Same-store sales increased 2.5 percent for the fiscal 2012 full year.
For the fiscal 2012 fourth quarter, the company now expects to realize earnings per diluted share in the range of 17 to 19 cents. During the fiscal 2011 fourth quarter, the company reported zero earnings per diluted share after a non-cash impairment charge of 5 cents per diluted share. For the fiscal 2012 full year, the company now expects to realize earnings per diluted share in the range of 67 to 69 cents, including store closing and non-cash impairment charges of 4 cents per diluted share, compared to earnings per diluted share for fiscal 2011 of 53 cents, including non-cash impairment charges of 7 cents per diluted share.
"We are pleased to report strong sales results for our 2012 fourth quarter," said Steven G. Miller, the company's chairman, president and CEO. "The same store sales increase of 6.5 percent represented our largest quarterly same-store sales increase in over ten years. Our sales comped positively in the mid-single-digit range for our October and November periods and comped positively in the high single-digit range for our December period. All three of our major merchandise categories comped positively for the quarter, with hardgoods being our strongest category followed by apparel and footwear. Our balance sheet was further strengthened during the quarter, as our positive cash flow allowed us to reduce borrowings under our revolving credit facility to $47.5 million at year-end from $63.5 million at the end of last year."
The company expects to issue earnings results for the fiscal 2012 fourth quarter and full year by the end of February.