The bottom line swung by $21,546,000 in profit against last year’s loss of $4,611,000 on a top line gain of 25% to $272,806,000 over $217,736,000, including a $10 million hit from the calendar shift from the 53-week FY ’20. With the retailer’s calendar quarters, Q1 ’20 saw only about 10 days of impact from COVID-19 shutdowns. Net income benefitted from merchandise margins moving up roughly 350 b.p. on reduced promotional activity and favorable product mix shift as well as cost structure improving on a lower ad spend and reduced operating hours.

Comps were up 31.8% adjusted for the calendar shift, led ... Log in to view full article.