Net income increased 7% to $13,873,000 in the first quarter from $12,955,000 as revenue decreased 1% to $253,810,000 from $257,445,000 and comparable store sales decreased 0.2%. Management attributed the results to a slow start for Q1 due to poor weather conditions and delayed tax refunds negatively affecting its moderate income customers. Comps improved 3.6% when looking at Easter selling months of March and April combined, after the weather and tax refunds issues had passed.
Traffic declined mid-single digits for the quarter, while conversion increased low-single digits. Average dollars per transaction were down low-single digits, and average units per transaction were up ... Log in to view full article.