PetSmart to release Q3 2017 results on Monday, December 11, 2017

PHOENIX, AZ, 2017-Dec-01 — /EPR Retail News/ — PetSmart, Inc. (the “Company”) plans to make its third quarter fiscal 2017 results available on the Company’s secure website on Monday, December 11, 2017. The Company will also hold an investor conference call to review its results for the third quarter fiscal 2017 on Tuesday, December 12, 2017. The results and call will be made available to lenders under the credit facilities, holders of the Company’s 7.125% Senior Unsecured Notes due 2023, the 5.875% Senior Secured Notes due 2025, the 8.875% Senior Unsecured Notes due 2025 (collectively the “notes”), bona fide prospective investors of the notes, bona fide securities analysts and bona fide market makers.

The lenders under the credit facilities will receive details on how to access the call from the administrative agents for the respective credit facilities.

Holders of the notes, prospective investors, securities analysts and market makers that have not previously registered with the Company must contact the Company to preregister and certify eligibility in order to access the financial results and dial-in information for the conference call. To receive
information on how to pre‐register, parties should send an email to investorrelations@petsmart.com.
Requests for preregistration must be received by Friday, December 8, 2017.

About PetSmart®
PetSmart, Inc. is the largest specialty pet retailer of services and solutions for the lifetime needs of pets. At PetSmart, we love pets, and we believe pets make us better people. Every day with every connection, PetSmart’s passionate associates help bring pet parents closer to their pets so they, together, can live more fulfilled lives.

This vision impacts everything we do for our customers, the way we support our associates and how we give back to our communities. We employ approximately 55,000 associates, operate more than 1,500 pet stores in the United States, Canada and Puerto Rico, as well as more than 200 in-store PetSmart® PetsHotel® dog and cat boarding facilities. PetSmart provides a broad range of competitively priced pet food and products, as well as pet-focused services such as dog training, pet grooming, pet boarding, PetSmart® Doggie Day Camp® and pet adoption. PetSmart, together with non-profits PetSmart Charities® and PetSmart Charities™ of Canada, invite more than 3,000 animal welfare organizations to bring adoptable pets into stores so they have the best chance possible of finding a forever home. Through this in-store adoption program and other signature events, PetSmart has facilitated more than 7.4 million adoptions – more than any other brick-and-mortar organization. The company’s portfolio of digital resources for pet parents includes PetSmart.com, OnlyNaturalPet.com, petMD.com, Pawculture.com, AllPaws, an online pet adoption platform that helps potential pet parents find the perfect pet to adopt based on their home, family and lifestyle, as well as BlogPaws, the world’s first pet blogger and influencer network. Through these digital platforms, PetSmart offers the most comprehensive online pet supplies and pet care information in the U.S. In celebration of its 30th anniversary, PetSmart launched its Buy a Bag, Give a Meal™ program in March 2017. For every bag of cat or dog food purchased March 1-Dec. 31, 2017, PetSmart will donate a meal to pets in need and expects to donate more than 60 million meals in 2017*. In May 2017, PetSmart acquired Chewy.com, a leading online retailer of pet food and products in the U.S., which operates as an independent subsidiary.

Contact:
PetSmart
Investor Relations
Kim Smith, Tom Melito
investorrelations@petsmart.com
623-587-2

Source: PetSmart Inc.

Delivery Hero Q3 2017 results: revenues increasing 60% YoY on a like-for-like basis to EUR 137.9 million

Berlin, 2017-Nov-27 — /EPR Retail News/ — Delivery Hero Group (“Delivery Hero”), the leading global online food ordering and delivery marketplace, continued its growth trajectory in the third quarter of 2017 with revenues increasing 60% year-over-year on a like-for-like basis to EUR 137.9 million (Q3 2016: EUR 86.1 million). All segments continued to contribute to the group’s growth. Delivery Hero generated revenues of EUR 384.4 million in the first nine months of 2017, an increase of 64% year-over-year on a like-for-like basis compared to the first nine months of the previous year.

Niklas Östberg, CEO of Delivery Hero, said:

“We have had another strong quarter and saw an impressive order and sales growth in all our markets. Overall, we are benefitting from a combination of structural market growth and the results of our ongoing investments in technology, marketing and the customer experience.”

Group financial performance nine months 2017 and Q3 2017:

  • Gross Merchandise Value (GMV) increased 48% year-over-year (like-for-like) in the first nine months of 2017 as Delivery Hero processed 206.1 million orders, an increase of 48% year-over-year, with a total GMV of EUR 2,727.9 million. In the third quarter of 2017 orders and GMV increased by 52% and 45% year-over-year, respectively (like-for-like).
  • Revenues grew in the first nine months of 2017 by 64% year-over-year (like-for-like) to EUR 384.4 million (9M 2016: EUR 235.0 million), driven by a strong order growth and an increase in take-rates. In Q3 2017 revenues were up 60% year-over-year (like-for-like).
  • On a constant currency basis, revenues increased by 69% year-over-year in the third quarter of 2017 on a like-for-like basis.
  • Growth across all regions on a like-for-like basis with nine months 2017 revenues in Europe growing by 39% (Q3 2017: +46%), in the MENA region (Middle East and North Africa) by 88% (Q3 2017: +91%), in Asia by 73% (Q3 2017: +47%) and in the Americas by 103% (Q3 2017: +80%).
  • Group take-rate improved in the first nine months of 2017 reaching 14.1% (9M 2016: 12.8%). Take-rates also increased across all regions: 17.3% in Europe (9M 2016: 16.1%), 10.8% in MENA (9M 2016: 9.2%), 15.6% in Asia (9M 2016: 13.7%) and 12.5% in the Americas (9M 2016: 10.3%).
  • Adjusted EBITDA has been developing as planned across all segments.
  • During the three months ended Sept 30 2017 the financial position of the group was primarily affected by the repayment of shareholder loans of EUR 190m and bank loans of EUR 110m.

Outlook confirmed and narrowed

Based on the strong business development during the first months of 2017, Delivery Hero confirms and narrows its full-year guidance with revenues at the top end of the guided range by approximately EUR 540 million and an adjusted EBITDA margin approximately -17% for the financial year 2017.

Disclaimer and further information

This information also contains forward-looking statements. These statements are based on the current view, expectations and assumptions of the management of Delivery Hero AG (“Delivery Hero”). Such statements are subject to known and unknown risks and uncertainties that are beyond Delivery Hero’s control or accurate estimates, such as the future market environment and the economic, legal and regulatory framework, the conduct of other market participants, the successful integration of newly acquired companies and the realization of expected synergy effects, as well as measures by public authorities. If any of these or other uncertainties and imponderables materialize, or if the assumptions, on which these statements are based, prove to be incorrect, actual results could differ materially from those expressed or implied by such statements. Delivery Hero does not warrant or assume any liability that the future development and future actual results will be consistent with the assumptions and estimates expressed in this report. Delivery Hero does not intend or assume any obligation to update forward-looking statements to reflect events or developments after the date of this report, except as required by law.

Due to rounding, it is possible that single figures in this and other documents do not add up exactly to the specified sum and that the percentages shown do not exactly reflect the absolute values to which they relate.

This document is also published in German. In the event of discrepancies, the German version of the report shall take precedence over the English translation.

About Delivery Hero

Delivery Hero is the leading global online food ordering and delivery marketplace with number one market positions in terms of restaurants, active users and orders in more countries than any of its competitors and online and mobile platforms across 40+ countries in Europe, the Middle East & North Africa (MENA), Latin America and the Asia-Pacific region. Delivery Hero also operates its own delivery service primarily in 60+ high-density urban areas around the world. The Company is headquartered in Berlin and has over 6,000 employees in addition to thousands of employed delivery drivers.

For more information, please visit www.deliveryhero.com.

Media Enquiries:

Bodo v. Braunmühl
Head of Corporate Communications
press@deliveryhero.com

Investor Relations Enquiries:

Duncan McIntyre
Head of Investor Relations
ir@deliveryhero.com

Source: Delivery Hero Group

Dollar Tree, Inc.’s Q3 2017 results: Consolidated Sales Increased 6.3% to $5.32 Billion

  • Diluted Earnings per Share Increased 40.3% to $1.01 vs. $0.72 ~
  • Enterprise Operating Margin Improved 120 Basis Points to 8.0% ~
  • Consolidated Sales Increased 6.3% to $5.32 Billion ~
  • Enterprise Same-Store Sales Increased 3.2% ~
  • Same-Store Sales by Segment: Dollar Tree +5.0%, Family Dollar +1.5%

CHESAPEAKE, Va., 2017-Nov-22 — /EPR Retail News/ — Dollar Tree, Inc. (NASDAQ: DLTR), North America’s leading operator of discount variety stores, today (November 21, 2017) reported results for its third fiscal quarter ended October 28, 2017.

“Our team delivered terrific results in the third quarter,” stated Gary Philbin, President and Chief Executive Officer. “Same-store sales accelerated in both the Dollar Tree and Family Dollar banners; we delivered a 120 basis point improvement in enterprise operating margin; and earnings per share grew more than 40% from the prior year. Our third quarter results demonstrate our continuing progress in delivering value and convenience, serving more customers in more markets across North America, through our diversified business model.”

Third Quarter Results

Consolidated net sales increased 6.3% to $5.32 billion from $5.00 billion in the prior year’s third quarter. Enterprise same-store sales increased 3.2% on a constant currency basis. Adjusted to include the impact of Canadian currency fluctuations, the enterprise same-store sales increase was 3.3%. The same-store sales growth was driven by increases in average ticket and comparable transaction count. Same-store sales for the Dollar Tree banner increased 5.0% on a constant currency basis (or 5.2% when adjusted to include the impact of Canadian currency fluctuations). Same-store sales for the Family Dollar banner increased 1.5%.

Gross profit increased 9.6% to $1.67 billion compared to $1.52 billion in the prior year’s third quarter. As a percentage of sales, gross margin increased to 31.3% compared to 30.4% in the prior year. The 90 basis point improvement was the result of lower merchandise costs, markdowns and occupancy costs as a percentage of sales.

Selling, general and administrative expenses were 23.3% of sales compared to 23.6% of sales in the prior year’s third quarter. The 30 basis point improvement, as a percentage of sales, was driven primarily by lower depreciation costs, lower healthcare costs and lower store operating costs resulting primarily from lower utility costs as a percentage of sales, partially offset by higher hourly payroll costs and incentive compensation as well as higher operating and corporate expenses resulting from higher advertising and store supplies costs and increased legal fees.

Operating income increased 24.2% to $425.2 million compared with $342.4 million in the same period last year and operating income margin increased to 8.0% of sales in the current quarter from 6.8% in last year’s quarter.

The Company’s effective tax rate for the quarter was 32.4% compared to 25.5% in the prior year period. The prior year’s third quarter included a one-time tax benefit of $21.4 million, or $0.09 per share, related to a 1% decrease in North Carolina’s state tax rate which decreased the deferred tax liability related to the trade name intangible asset.

Net income compared to the prior year’s third quarter increased $68.3 million to $239.9 million and diluted earnings per share increased 40.3% to $1.01 compared to $0.72 in the prior year’s quarter.

During the quarter, the Company opened 169 stores, expanded or relocated 23 stores, and closed six stores. Retail selling square footage at quarter end was approximately 115.8 million square feet.

First Nine Months Results

Consolidated net sales increased 5.3% to $15.88 billion from $15.08 billion in the same period last year. Enterprise same-store sales increased 1.8% on a constant currency basis and were also 1.8% when adjusted to include the impact of Canadian currency fluctuations. The same-store sales growth was driven by increases in comparable transaction count and average ticket. Same-store sales for the Dollar Treebanner increased 3.5%. Same-store sales for the Family Dollar banner increased 0.3%.

Gross profit increased 7.3% to $4.92 billion from $4.59 billion in the first nine months of 2016. As a percentage of sales, gross margin increased 60 basis points to 31.0% from 30.4% in the prior year period.

As a percentage of sales, selling, general and administrative expenses increased to 23.2% from 23.0% in the same period last year. The increase is the result of the $53.5 million Dollar Express and Sycamore Partners receivable impairment. The impairment charges are recorded as “Receivable impairment” in the accompanying condensed consolidated income statements. Excluding the receivable impairment, selling, general and administrative expenses improved to 22.9% of sales.

Net income increased 17.4% to $674.2 million from $574.4 million in the first nine months of 2016, and diluted earnings per share increased 16.9% to $2.84, compared to $2.43 in the prior year’s period. Excluding the $53.5 million receivable impairment, adjusted diluted earnings per share increased 22.6% to $2.98.

Company Outlook

The Company estimates consolidated net sales for the fourth quarter of 2017 to range from $6.32 billion to $6.43 billion, based on a low single-digit increase in same-store sales for the combined enterprise. Diluted earnings per share are estimated to be in the range of $1.80 to $1.89.

Consolidated net sales for full-year fiscal 2017 are now expected to range from $22.20 billion to $22.31 billion compared to the Company’s previously expected range of $22.07 billion to $22.28 billion. This estimate is based on a low single-digit increase in same-store sales and 3.7% square footage growth. The Company now anticipates net income per diluted share for full-year fiscal 2017 will range between $4.64 and $4.73, compared to its previous guidance of $4.44 to $4.60. This estimate includes $53.5 million, or $0.14 per diluted share, of receivable impairment charges incurred in 2017. Fiscal 2017 includes a 53rd week. The extra week, in the fourth quarter, is expected to add $400 million to $430 million to sales and $0.19 to $0.22 to diluted earnings per share, both of which are included in the guidance.

Philbin added, “Our stores and teams are well-prepared and energized as we enter the fourth and final quarter of 2017. We are confident in our ability to continue driving positive same-store sales, through meeting our customers’ needs and wants; improving enterprise operating margin; and delivering year-over-year earnings per share growth. We believe we are well-positioned in the most attractive sector in retail and will remain intensely focused on delivering great value and convenience to our growing customer base. Both banners are ready for the holiday season, and we have an experienced leadership team, momentum in our business and a continued focus on this transformational opportunity.”

Conference Call Information

On Tuesday, November 21, 2017, the Company will host a conference call to discuss its earnings results at 9:00 a.m. Eastern Time. The telephone number for the call is 888-208-1814. A recorded version of the call will be available until midnight Tuesday, November 28, 2017 and may be accessed by dialing 888-203-1112. The access code is 4704612. A webcast of the call is accessible through Dollar Tree’swebsite and will remain online through Monday, November 27, 2017.

Dollar Tree, a Fortune 200 Company, operated 14,744 stores across 48 states and five Canadian provinces as of October 28, 2017. Stores operate under the brands of Dollar Tree, Family Dollar, and Dollar Tree Canada. To learn more about the Company, visit www.DollarTree.com.

A WARNING ABOUT FORWARD-LOOKING STATEMENTS: Our press release contains “forward-looking statements” as that term is used in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address future events, developments or results and typically use words such as believe, anticipate, expect, intend, plan, forecast, or estimate. For example, our forward-looking statements include statements regarding fourth quarter 2017 and full-year 2017 net sales, same-store sales, diluted earnings per share, square footage growth, customer base, the impact of the extra week in the current fiscal year, the benefits, results, and effects of the merger with Family Dollar, including integration plans and synergies, the collection of the receivable from Dollar Express and Sycamore Partners and the related litigation, and future financial and operating results and shareholder value, the combined company’s plans, objectives, expectations (financial and otherwise) and intentions for the 2017 holiday season and beyond. These statements are subject to risks and uncertainties. For a discussion of the risks, uncertainties and assumptions that could affect our future events, developments or results, you should carefully review the “Risk Factors,” “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in our Annual Report on Form 10-K filed March 28, 2017, the quarterly report on Form 10-Q filed November 21, 2017, and other filings with the Securities and Exchange Commission. We are not obligated to release publicly any revisions to any forward-looking statements contained in this press release to reflect events or circumstances occurring after the date of this report and you should not expect us to do so.

Contact:
Randy Guiler
757-321-5284
Vice President
Investor Relations
www.DollarTree.com

Source: Dollar Tree, Inc.

Express, Inc. to host Q3 2017 results conference call on Thursday, November 30, 2017

COLUMBUS, Ohio, 2017-Nov-20 — /EPR Retail News/ — Express, Inc. (NYSE: EXPR), a specialty retail apparel company, today (Nov. 16, 2017) announced that it will conduct a conference call to discuss third quarter 2017 results on Thursday, November 30, 2017, at 9:00 a.m. ET. Earlier that morning, the Company will issue a press release detailing those results. The conference call will be hosted by David Kornberg, president and chief executive officer, Matthew Moellering, executive vice president and chief operating officer, and Perry Pericleous, senior vice president and chief financial officer.

Investors and analysts interested in participating in the call are invited to dial (877) 705-6003 approximately ten minutes prior to the start of the call. The conference call will also be webcast live at: http://www.express.com/investor and remain available for 90 days. A telephone replay of this call will be available at 12:00 p.m. ET on November 30, 2017, until 11:59 p.m. ET on December 7, 2017, and can be accessed by dialing (844) 512-2921 and entering the replay pin number 13672476.

In addition, an investor presentation of third quarter 2017 results will be available at: http://www.express.com/investor at approximately 7:00 a.m. ET on Thursday, November 30, 2017.

About Express, Inc.:

Express is a specialty apparel and accessories retailer of women’s and men’s merchandise, targeting the 20 to 30-year-old customer. Express has more than 35 years of experience offering a distinct combination of fashion and quality for multiple lifestyle occasions at an attractive value addressing fashion needs across work, casual, jeanswear, and going-out occasions. The Company currently operates more than 600 retail and factory outlet stores, located primarily in high-traffic shopping malls, lifestyle centers, and street locations across the United States and Puerto Rico. Express merchandise is also available at franchise locations and online in Latin America. Express also markets and sells its products through its e-commerce website, www.express.com, as well as on its mobile app.

Investor Contact:
Mark Rupe
(614) 474-4465
VP Investor Relations

Media Contact:
Express, Inc.
Robin Hoffman
(614) 474-4834
Director of Communications

Source: Express, Inc.

The Children’s Place Q3 2017 results: comparable retail sales increased 5.1%

  • Delivers Q3 Comparable Retail Sales Increase of 5.1%
  • Reports Q3 GAAP Earnings per Diluted Share of $2.44 vs $2.36 in Q3 2016, a 3% Increase and
  • Q3 Adjusted Earnings per Diluted Share of $2.58 vs $2.29 in Q3 2016, a 13% Increase
  • Repurchases $28 Million in Stock and Pays $7 Million in Dividends in Q3
  • Increases Adjusted EPS Guidance to a Range of $7.46 to $7.51 for FY 2017 Compared to Previous Guidance of $7.23 to $7.33 and FY 2016 Adjusted EPS of $5.43

ECAUCUS, N.J., 2017-Nov-16 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today (Nov. 15, 2017) announced financial results for the thirteen weeks ended October 28, 2017.

Jane Elfers, President and Chief Executive Officer, said, “We delivered exceptional operating results in the third quarter with comparable retail sales, gross margin, operating margin and earnings per diluted share all exceeding last year. Our third quarter comparable retail sales increased 5.1%, our eighth consecutive quarter of positive comps, on top of a positive 4.6% comp in the third quarter of 2016. Merchandise margin expanded for the 11th consecutive quarter. Our store traffic has experienced sequential improvement for each of the past six quarters and all of our key retail metrics increased – AUR, ADS, UPT, transactions and conversion. And, we repurchased $28 million in stock and paid $7 million in dividends in the quarter.”

Ms. Elfers continued, “Our results are impressive on their own, but given the impact of three major hurricanes, Gymboree’s bankruptcy and inventory liquidation sales, the record October heat across most of the country, and the anniversary of our very successful private label credit card and loyalty program launches in the third quarter of last year, our results are outstanding.”

Ms. Elfers concluded, “Looking ahead, while we are only a couple of weeks into the fourth quarter, our business is strong. We continue to make significant progress against each of our strategic growth initiatives – superior product, business transformation through technology, global growth through alternate channels of distribution and fleet optimization – all of which are supported by a best-in-class management team.”

Financial Results
The Company’s results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. A reconciliation of non-GAAP to GAAP financial information is provided at the end of this press release.

Third Quarter 2017 Results
Net sales increased 3.4% to $490.0 million in the third quarter of 2017. Comparable retail sales increased 5.1% in the third quarter of 2017.

Net income was $44.1 million, or $2.44 per diluted share, in the third quarter of 2017, compared to net income of $44.2 million, or $2.36 per diluted share, the previous year.  Adjusted net income was $46.7 million, or $2.58 per diluted share, compared to adjusted net income of $42.8 million, or $2.29 per diluted share, in the third quarter last year. This $0.29 increase in adjusted net income per diluted share includes a $0.03 benefit resulting from the new accounting rules for the income tax impact on share-based compensation.

Gross profit was $202.4 million in the third quarter, compared to $194.5 million in the third quarter of 2016. Adjusted gross profit was $202.4 million in the third quarter, compared to $194.4 million last year, and leveraged 30 basis points to 41.3% of sales, driven by increases in AUR and merchandise margin resulting from strong product acceptance and inventory management, inclusive of the impact of the increased penetration of our ecommerce business which runs at a lower gross margin rate.

Selling, general and administrative expenses were $118.3 million compared to $115.4 million in the third quarter of 2016. Adjusted SG&A was $117.3 million compared to $115.4 million in the third quarter last year and leveraged 50 basis points as a percentage of net sales primarily as a result of the positive comparable retail sales, in addition to decreased store expenses which were driven by lower credit card fees, and lower incentive compensation expenses, partially offset by the investment in our transformation initiatives.

Operating income was $64.1 million, compared to operating income of $62.1 million in the third quarter of 2016. Adjusted operating income in the third quarter of 2017 was $68.4 million, or 14.0% of net sales, compared to adjusted operating income of $62.4 million in the third quarter last year, leveraging 80 basis points compared to last year.

For the third quarter, the Company’s adjusted net income excludes net expenses of approximately $2.6 million, compared to excluded net income of approximately $1.4 million in the third quarter of 2016, in each case comprising certain items which the Company believes are not reflective of the performance of its core business. For the third quarter of 2017, these excluded items are primarily related to expenses associated with asset impairment charges and restructuring costs. For the third quarter of 2016, these excluded items related primarily to income due to the release of reserves for prior year uncertain tax positions, partially offset by asset impairment charges.

Fiscal Year to Date
Net sales increased 2.8% to $1,300.3 million in the first nine months of fiscal 2017. Comparable retail sales increased 4.8% in the first nine months of fiscal 2017.

Net income was $94.6 million, or $5.19 per diluted share, in the first nine months of fiscal 2017, compared to net income of $68.1 million, or $3.56 per diluted share, the previous year. Adjusted net income was $98.3 million, or $5.39 per diluted share, compared to $68.4 million, or $3.57 per diluted share. This $1.82, or 51%, increase in adjusted net income per diluted share includes a $0.90 benefit resulting from the new accounting rules for the income tax impact on share-based compensation. Excluding this $0.90 benefit from the new accounting rules, adjusted net income per diluted share increased 26%.

Gross profit was $501.4 million in the first nine months of fiscal 2017, compared to $483.7 million last year.  Adjusted gross profit was $502.1 million, or 38.6% of net sales, leveraging 40 basis points compared to last year.

Selling, general and administrative expenses in the first nine months of fiscal 2017 were $338.6 million, compared to $332.6 million last year. Adjusted SG&A was $331.7 million, compared to $332.9 million last year, leveraging 80 basis points compared to last year.

Operating income was $109.7 million, compared to operating income of $98.8 million in fiscal 2016. Adjusted operating income was $121.9 million, or 9.4% of net sales, compared to $101.7 million, or 8.0% of net sales last year, leveraging 140 basis points.

During the first nine months of fiscal 2017, the Company’s adjusted net income excludes net expenses of approximately $3.7 million, compared to excluded net expenses of approximately $0.2 million during the first nine months of fiscal 2016, in each case comprising certain items which the Company believes are not reflective of the performance of its core business. For the first nine months of fiscal 2017, these excluded items are primarily related to charges due to a provision for a legal settlement resulting from a pricing litigation, asset impairment charges, restructuring costs, a state sales and use tax audit settlement, a provision for foreign exchange control penalties, and an insurance claim deductible, partially offset by income associated with the release of reserves for prior year uncertain tax positions. For the first nine months of fiscal 2016, these excluded items primarily related to asset impairment charges, partially offset by income related to the release of reserves for prior year uncertain tax positions.

Store Openings and Closures
The Company opened one store and did not close any stores during the third quarter of 2017. The Company ended the quarter with 1,027 stores and square footage of 4.81 million, a decrease of 3.2% compared to the prior year. Since our fleet optimization initiative was announced in 2013, we have closed 156 stores.

The Company’s international franchise partners opened 10 points of distribution and closed 3 in the third quarter, and the Company ended the quarter with 168 international points of distribution open and operated by its 7 franchise partners in 19 countries.

Capital Return Program
During the third quarter of 2017, the Company repurchased 258,669 shares for approximately $28 million, inclusive of shares repurchased and surrendered to cover tax withholdings associated with the vesting of equity awards held by management. The Company also paid a quarterly dividend of approximately $7 million, or $0.40 per share, in the quarter.

For the first nine months of 2017, the Company repurchased 766,037 shares for approximately $85 million, inclusive of shares repurchased and surrendered to cover tax withholdings associated with the vesting of equity awards held by management. The Company also paid quarterly dividends totaling approximately $21 million in the first nine months of 2017.

Since 2009, the Company has returned over $863 million to its investors through share repurchases and dividends. At the end of the third quarter of 2017, approximately $278 million remained available for future share repurchases under the Company’s existing share repurchase programs.

Additionally, the Company’s Board of Directors authorized a quarterly dividend of $0.40 per share. The dividend for the fourth quarter is payable on January 3, 2018 to shareholders of record at the close of business on December 13, 2017.

Outlook
The Company is updating its outlook for fiscal 2017 and now expects adjusted net income per diluted share to be in the range of $7.46 to $7.51, inclusive of a $0.91 benefit resulting from new accounting rules for the income tax impact on share-based compensation. This compares to the Company’s previous guidance for adjusted net income per diluted share of $7.23 to $7.33, inclusive of an $0.89 benefit resulting from new accounting rules for the income tax impact on share-based compensation. Excluding the benefit from the new accounting rules, full year adjusted net income per diluted share guidance is projected to increase 20% to 21% compared to adjusted net income per diluted share of $5.43 last year.

This guidance for adjusted net income per diluted share excludes charges of approximately $3.7 million related to a provision for a legal settlement resulting from a pricing litigation, asset impairment charges, restructuring costs, a state sales and use tax audit settlement, a provision for foreign exchange control penalties, and an insurance claim deductible, partially offset by income associated with the release of reserves for prior year uncertain tax positions, as the Company believes these items are not reflective of the performance of its core business.

The Company expects adjusted net income per diluted share in the fourth quarter of 2017 will be between $2.07 and $2.12. This compares to adjusted net income per diluted share of $1.88 in the fourth quarter of 2016. This guidance assumes a low single digit increase in comparable retail sales.

Financial Results
The Company’s results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. Adjusted net income, adjusted net income per diluted share, adjusted gross profit, adjusted SG&A, and adjusted operating income are non-GAAP measures, and are not intended to replace GAAP financial information and may be different from non-GAAP measures reported by other companies. The Company believes the income and expense items excluded as non-GAAP adjustments are not reflective of the performance of its core business and that providing this supplemental disclosure to investors will facilitate comparisons of the past and present performance of its core business.  The Company uses non-GAAP measures to evaluate and measure operating performance, including, to measure performance for purposes of the Company’s annual bonus and long-term incentive compensation plans. A reconciliation of non-GAAP to GAAP financial information is provided at the end of this press release.

Conference Call Information
The Children’s Place will host a conference call to discuss its third quarter 2017 results today at 8:00 a.m. Eastern Time. The call will be broadcast live at http://investor.childrensplace.com. An audio archive will be available on the Company’s website approximately one hour after the conclusion of the call.

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of October 28, 2017, the Company operated 1,027 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 168 international points of distribution open and operated by its 7 franchise partners in 19 countries.

Forward Looking Statement

This press release contains, and the above referenced conference call may contain, forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and adjusted net income per diluted share.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  These forward-looking statements are based upon the Company’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its Annual Report on Form 10-K for the fiscal year ended January 28, 2017. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by weakness in the economy that continues to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or more politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Source: Children’s Place, Inc./globenewswire

Office Depot completes the acquisition of CompuCom Systems, Inc. and announces Q3 2017 results

  • Acquisition Combines World-Class IT Service Capabilities, Extensive Customer Base and Nationwide Footprint to Create a Powerful Omnichannel Growth Opportunity
  • Strengthens Core Business Through Immediate Cross-Selling Opportunities and Ability to Become a One-Stop Destination for Business Products and Services
  • Q3 2017 GAAP EPS from Continuing Operations of $0.19
  • Strong 2017 YTD Operating Cash Flow (1) in Excess of $400 Million
  • Plans to Host Investor Day in Early 2018 to Further Highlight New Strategic Direction

BOCA RATON, Fla., 2017-Nov-11 — /EPR Retail News/ — Office Depot, Inc. (“Office Depot,” or the “company”) (NASDAQ: ODP), a leading provider of office supplies, business products and services delivered through an omnichannel platform, today (November 9, 2017) announced the completion of the CompuCom Systems, Inc. (“CompuCom”) acquisition and results for the third quarter ended September 30, 2017, as well as highlights of the company’s new strategic direction. Office Depot will provide further detail on the company’s performance and strategy to become a services-driven company during its earnings conference call.

“I’m pleased that we were able to deliver strong cash flow in the third quarter as well as operating results that were in line with our updated outlook,” said Gerry Smith, chief executive officer of Office Depot. “Today also marks an important milestone as we have taken several important steps on a longer-term journey to transform Office Depot from a traditional provider of primarily office products into a broader product and business services platform. This transformation will leverage our stores, online presence and sales force to create a unique omnichannel platform that offers services, products and solutions focused on businesses of all sizes while generating recurring revenue growth.”

“It is imperative we start this journey now. The first step in this transformation was the strategic acquisition of CompuCom, which adds award-winning, enterprise managed workplace services capabilities to our portfolio. This acquisition was quickly followed by the launch earlier this week of BizBox, our new business services platform focused on small and medium-sized business owners. These are key building blocks to deepening our customer relationships and realizing our vision of becoming a services-driven company. Since I joined the company earlier this year, we have been creating the strategy and starting to make the necessary investments in people and capabilities to execute our plan and unlock the value of the new Office Depot.”

Consolidated Results

Reported (GAAP) Results

Total reported sales for the third quarter of 2017 were $2.6 billion compared to $2.8 billion in the third quarter of 2016, a decrease of 8%. Third quarter sales include the negative impact on both the Retail and Business Solutions Divisions from hurricanes Harvey, Irma and Maria, which disrupted operations in Puerto Rico and the southeastern United States where a heavy concentration of customers are located.

In the third quarter of 2017, Office Depot reported operating income of $108 million, net income from continuing operations of $98 million, or $0.19 per diluted share and total company net income of $92 million, or $0.17 per diluted share. Both net income from continuing operations and total company net income include a net tax credit of approximately $37 million associated with the reduction of the U.S. tax valuation allowance.

In the third quarter of 2016, the company reported operating income of $117 million, net income from continuing operations of $330 million, or $0.61 per diluted share and total company net income of $193 million, or $0.35 per diluted share. Both net income from continuing operations and total company net income include a net tax credit of approximately $240 million associated with the reduction of the U.S. tax valuation allowance.

For the year-to-date 2017 period, Office Depot reported operating income of $282 million compared to an operating income of $473 million for year-to-date 2016. Net income from continuing operations for year-to-date 2017 was $195 million, or $0.37 per diluted share, compared to net income from continuing operations of $624 million, or $1.13 per diluted share, for year-to-date 2016. The year-to-date 2016 results benefited from $250 million of operating income related to the Staples termination fee received in the second quarter of 2016 in addition to the benefit from the tax valuation allowance reduction stated above.

Adjusted (non-GAAP) Results (2)

Adjusted operating income for the third quarter of 2017 was $131 million compared to an adjusted operating income of $158 million in the third quarter of 2016. Adjusted net income from continuing operations for the third quarter of 2017 was $74 million, or $0.14 per diluted share, compared to adjusted net income from continuing operations of $89 million, or $0.16 per diluted share, in the third quarter of 2016.

  • Adjusted operating income for the third quarter of 2017 excludes charges and credits totaling $23 million, which were comprised of $15 million in restructuring charges, $6 million in OfficeMax merger-related expenses and $2 million in executive transition and acquisition-related expenses.
  • Adjusted net income from continuing operations in the third quarter of 2017 excludes the after-tax impact of these items.

For the year-to-date 2017 period, adjusted operating income was $351 million compared to an adjusted operating income of $360 million for year-to-date 2016. Adjusted net income from continuing operations for year-to-date 2017 was $196 million, or $0.37 per diluted share, compared to adjusted net income from continuing operations of $192 million, or $0.35 per diluted share, for year-to-date 2016.

Sale of International Businesses

As previously announced on July 28, 2017, the company completed the sale of its business in mainland China. The company’s sale of the remaining international operations in Australia and New Zealand remain subject to the buyer obtaining the necessary regulatory approvals.

The company’s retained sourcing and trading operations in Asia contributed $3 million in sales for the third quarter of 2017 and an operating loss of $1 million. These results are reported as an “Other” segment outside of the primary two operating segments.

Corporate Results

Corporate includes support staff services and certain other expenses that are not allocated to the company’s operating divisions. Unallocated expenses decreased to $22 million in the third quarter of 2017 compared to $29 million in the third quarter of 2016 primarily due to cost savings associated with the Comprehensive Business Review.

Balance Sheet and Cash Flow

As of September 30, 2017, Office Depot had $0.8 billion in cash and cash equivalents and approximately $1.0 billion available under the Amended and Restated Credit Agreement, for total available liquidity of approximately $1.8 billion. Total debt was $282 million, excluding $781 million of non-recourse debt related to the credit-enhanced timber installment notes.

For the third quarter of 2017, cash provided by operating activities of continuing operations was $293 million and included the impact of $16 million in restructuring costs and $12 million in OfficeMax merger–related costs. Capital expenditures were $37 million in the third quarter of 2017, $3 million of which were related to the merger integration. Accordingly, free cash flow(3) of continuing operations was $256 million in the third quarter of 2017.

Year-to-date 2017 free cash flow(3) of continuing operations was $316 million, which comprised of $408 million in cash provided by operating activities of continuing operations less $92 million in capital expenditures.

During the third quarter, the company paid a quarterly cash dividend of $0.025 per share on September 15, 2017 for an aggregate of approximately $13 million.

Office Depot repurchased approximately 4 million shares at a total cost of $17 million in the third quarter of 2017. Since the share repurchase program began in May 2016, Office Depot has repurchased approximately 45 million shares, at a total cost of $166 million, for a weighted average price of $3.71 per share. At the end of the third quarter, $84 million remained available for repurchase under the current $250 million buyback authorization.

New Strategic Direction to Unlock Growth Opportunities

Following the appointment of Gerry Smith as chief executive officer, Office Depot began a strategic review with a focus on growing revenue and evaluating profitable growth opportunities. The result is a new strategic direction focused on better serving customers through the integration of business services and products via an omnichannel platform that leverages the company’s core competencies and assets. With millions of business customers and a unique last-mile advantage, the company believes introducing compelling service offerings will create a growing stream of recurring subscription-based revenue. The new strategic direction contains three areas of focus: Transform, Disrupt and Strengthen. A number of initiatives are already underway across the business.

Transform our Business

The first major step in the company’s transformation to create a business services platform was the acquisition of CompuCom, a market-leading provider of award-winning technology services, products and solutions. The acquisition combines CompuCom’s broad set of managed technology services and 6,000 certified technicians with Office Depot’s extensive customer base and last-mile advantage. Together, this combination will create a unique nationwide omnichannel offering in office supplies and end-to-end technology solutions focused on business customers, with the scale and credibility to stand apart from the competition.

The combined company expects to be well positioned to capture market share in the $25 billion, highly fragmented North American managed workplace service market by providing a comprehensive network of enterprise-level tech services and products to new and existing customers of all sizes. With minimal customer overlap, both companies’ sales teams can immediately begin cross-selling a full suite of products and services, with an incentive structure focused on driving services revenue. By creating a broader relationship with customers, Office Depot can become a more important vendor and the ideal business partner to provide customers the solutions they need.

The company has also identified a compelling opportunity to bring technology services to the historically underserved small and midsize business (SMB) market. Office Depot currently has access to nearly six million SMB customers within three miles of its approximately 1,400 stores. CompuCom’s existing SMB offering, Tech-ZoneTM, will be placed within Office Depot’s nationwide retail footprint to provide immediate scale and drive increased foot traffic for improved per-store profitability. With this strategy, Office Depot will be the first to offer customers technology solutions with national scale and local support across an omnichannel platform.

Disrupt for our Future

Beyond the CompuCom acquisition, Office Depot also has identified several additional innovative opportunities to leverage its key assets and disrupt traditional retail thinking. Earlier this week, the company announced the launch of BizBox, a new business services platform. BizBox provides start-ups and small business leaders access to the core services needed to start and grow their businesses through a convenient, monthly subscription. BizBox will simplify business decisions and operations for all small and medium-sized businesses.

BizBox core service offerings include website hosting and design, Centriq asset management, digital and social marketing, financing and accounting, CRM and HR/payroll support, in addition to technical services and support available from CompuCom. BizBox will be initially offered through an integrated online platform, which will be enhanced with new features and services based on customer feedback and demand, including introduction into retail stores.

Strengthen our Core

While the transformation toward a services-driven company is part of a multi-year strategy, Office Depot has a number of initiatives underway to strengthen its core business operations. The company has recently acquired several mid-market regional office products and janitorial supply companies in order to improve access to customers in select geographic markets within the United States and augment its presence in the cleaning and breakroom category. These acquisitions also add new selling models, supply chain capabilities and purchasing scale that the company plans to leverage across its existing operations.

Office Depot is also making investments in people and capabilities with a focus on improving customer experience and demand generation across sales channels. The company has recently added several senior leaders in marketing and merchandising with proven experience in services, demand generation and data analytics. Office Depot is also upgrading supply chain capabilities to drive both cost and performance improvements and generate additional working capital opportunities.

“Our new strategy is focused on building diverse and stable recurring service offerings that leverage our omnichannel platform, but most importantly it was created by listening to our customers and the solutions they need in order to run their businesses,” commented Gerry Smith. “We are moving quickly to make the necessary investments to successfully deliver on the strategy and believe it can ultimately unlock significant value to our shareholders as we position Office Depot for the future.”

Outlook (4)

Office Depot continues to expect total company sales in 2017 to be lower than 2016, primarily due to the impact of planned store closures, prior year contract customer losses, continued challenging market conditions, hurricane impacts and returning to a 52-week fiscal year. However, the company expects the rate of sales decline to improve in the fourth quarter of 2017 on a comparable 13-week basis based on implementation of new customer wins, customer retention efforts and growth from strategic business initiatives.

The company expects to be substantially complete with the OfficeMax integration and realize the majority of the synergy benefits by the end of 2017. Merger integration expenses are estimated to total approximately $40 million in 2017 and approximately $15 million in merger-related capital expenditures.

Office Depot’s cost saving initiatives that were part of the Comprehensive Business Review are expected to deliver over $250 million in annual benefits by the end of 2018, with about two-thirds of the total benefits anticipated to be realized by the end of 2017. The company continues to estimate it will incur approximately $125 million in costs to implement the Comprehensive Business Review cost saving programs, of which $90 million has been incurred since inception through the third quarter of 2017. Furthermore, the company expects to realize an additional $40 million of expected synergies from the CompuCom acquisition over the next two years.

As recently announced on October 3, 2017, Office Depot now expects adjusted operating income to be between $400 million and $425 million in fiscal 2017. The reduction reflects lower sales and traffic during this year’s Back-to-School season, higher supply chain costs related to planned consolidations, hurricane impacts and continued investments related to the company’s new direction to become a services-driven company.

Capital expenditures in 2017 are now expected to be approximately $125 million including investments to support the company’s critical priorities. Depreciation and amortization is still expected to be approximately $150 million in 2017.

Office Depot continues to anticipate free cash flow(3) from continuing operations to be more than $300 million in 2017.

The company anticipates a non-GAAP effective tax rate of approximately 41% in fiscal 2017, dependent on the mix and timing of income. As the company continues to utilize available tax operating loss carry forwards and credits, the estimated cash tax rate is expected to be approximately 15%.

On November 8, 2017, Office Depot completed the acquisition of CompuCom for approximately $940 million. The transaction was funded with a new $750 million 5-year senior secured term loan, the issuance of approximately 44 million shares of the company’s common stock and approximately $55 million of cash on hand. Office Depot expects to maintain substantial financial flexibility with low balance sheet leverage, strong liquidity, and positive free cash flow available for debt repayment, capital returns to shareholders and growth initiatives.

Due to the recent timing of the CompuCom acquisition, Office Depot has not yet determined the potential purchase accounting and other impacts to the consolidated financial statements or reportable segments for 2017 or future periods. In addition, the company is currently developing estimates of the necessary investments required to support the new strategic direction to transition to a services-driven business model over the coming years. As a result of these uncertainties, Office Depot will not be providing 2018 guidance at this time. However, the company does expect 2018 sales trends to continue to be impacted by store closures, lower store traffic, and ongoing competitive pressures, with an associated flow-through impact to profitability.

Office Depot plans to host an Investor Day in early 2018 to further highlight the company’s new strategic direction, 2018 guidance, operating initiatives and leadership team. Additional details on date and location will be provided closer to the event.

(1) Operating cash flow refers to cash flows from operating activities of continuing operations.

(2) Adjusted results represent non-GAAP measures and exclude charges or credits not indicative of core operations and the tax effect of these items, which may include but not be limited to merger integration, restructuring, acquisition, asset impairments and executive transition costs. Reconciliations from GAAP to non-GAAP financial measures can be found in this release as well as on the Investor Relations website at investor.officedepot.com.

(3) Free cash flow is defined as cash flows from operating activities of continuing operations less capital expenditures.

(4) The company’s outlook for 2017 included in this release, includes expected adjusted operating income, a non-GAAP number, which excludes charges or credits not indicative of core operations, which may include but not be limited to merger integration expenses, restructuring charges, executive transition costs, asset impairments, and other significant items that currently cannot be predicted. The exact amount of these charges or credits are not currently determinable, but may be significant. Accordingly, the company is unable to provide equivalent reconciliations from GAAP to non-GAAP for these financial measures.

About Office Depot, Inc.

Office Depot, Inc. is a leading provider of office supplies, business products and services delivered through an omnichannel platform.

The company had 2016 annual sales of approximately $11 billion, employed approximately 38,000 associates, and served consumers and businesses in North America and abroad with approximately 1,400 retail stores, award-winning e-commerce sites and a dedicated business-to-business sales organization – with a global network of wholly owned operations, franchisees, licensees and alliance partners. The company operates under several banner brands including Office Depot®, OfficeMax® and Grand & Toy. The company’s portfolio of exclusive product brands include TUL®, Foray®, Brenton Studio®, Ativa®, WorkPro®, Realspace® and Highmark®.

Office Depot, Inc.’s common stock is listed on the NASDAQ Global Select Market under the symbol “ODP.”

Office Depot is a trademark of The Office Club, Inc. OfficeMax is a trademark of OMX, Inc. ©2017 Office Depot, Inc. All rights reserved. Any other product or company names mentioned herein are the trademarks of their respective owners.

FORWARD LOOKING STATEMENTS

This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations, cash flow or financial condition, or state other information relating to, among other things, Office Depot, based on current beliefs and assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “outlook,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “propose” or other similar words, phrases or expressions, or other variations of such words. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of Office Depot’s control. There can be no assurances that Office Depot will realize these expectations or that these beliefs will prove correct, and therefore investors and stockholders should not place undue reliance on such statements.

Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the risk that Office Depot is unable to transform the business into a service-driven company or that such a strategy will result in the benefits anticipated, the risk that Office Depot may not be able to realize the anticipated benefits of the CompuCom transaction due to unforeseen liabilities, future capital expenditures, expenses, indebtedness and the unanticipated loss of key customers or the inability to achieve expected revenues, synergies, cost savings or financial performance, uncertainty of the expected financial performance of Office Depot following the completion of the CompuCom transaction, impact of weather events on Office Depot’s business, impacts and risks related to the termination of the attempted Staples acquisition, disruption in key business activities or any impact on Office Depot’s relationships with third parties as a result of the announcement of the termination of the Staples Merger Agreement; unanticipated changes in the markets for Office Depot’s business segments; the inability to realize expected benefits from the disposition of the European and other international operations; fluctuations in currency exchange rates, unanticipated downturns in business relationships with customers or terms with the company’s suppliers; competitive pressures on Office Depot’s sales and pricing; increases in the cost of material, energy and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technology products and services; unexpected technical or marketing difficulties; unexpected claims, charges, litigation, dispute resolutions or settlement expenses; new laws, tariffs and governmental regulations. The foregoing list of factors is not exhaustive. Investors and stockholders should carefully consider the foregoing factors and the other risks and uncertainties described in Office Depot’s Annual Report on Form 10-K, as amended, and Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. Office Depot does not assume any obligation to update or revise any forward-looking statements.

Contact:
Richard Leland
561-438-3796
Investor Relations
Richard.Leland@officedepot.com 

Julianne Embry
561-438-1451
Media Relations
Julianne.Embry@officedepot.com

Source: Office Depot, Inc.

ChannelAdvisor Corporation Q3 2017 results: Total revenue of $30.1 million increased 8 percent YoY

  • Revenue of $30.1 million increases 8 percent year-over-year
  • GAAP net loss of $(4.1) million
  • Adjusted EBITDA of $0.4 million exceeds guidance

Research Triangle Park, 2017-Nov-03 — /EPR Retail News/ — ChannelAdvisor Corporation (NYSE:ECOM), a leading provider of cloud-based e-commerce solutions that enable retailers and branded manufacturers to increase global sales, today (Nov. 02, 2017 ) announced its financial results for the quarter ended September 30, 2017.

“Revenue in the third quarter was at the top end of our guidance range,” said David Spitz, CEO of ChannelAdvisor. “This revenue, combined with our careful expense management, produced adjusted EBITDA that was above the high end of our guidance. Our long-term trend of increasing average revenue per customer continued in the third quarter, reflecting both the value we bring to customers, as well as our focus on larger deals. In addition, we are encouraged by growing interest from brands and manufacturers looking to partner with us for their marketplace strategies. We were also pleased to see our international revenue increase 16% year over year for the quarter. Offsetting our overall performance in the quarter was a slower than expected recovery in digital marketing, as well as a sales reorganization in North America that impacted execution in the quarter. As a result of these factors, we are now moderating our revenue and adjusted EBITDA expectations for full year 2017, but we remain confident in our ability to drive faster growth next year, as these changes in the North America sales organization are designed to replicate the strong results we have seen internationally following similar organizational changes earlier in the year. With these changes and continued investments in our technology leadership, we are confident we are now even better positioned to make improving progress toward our long-term financial targets.”

Third Quarter 2017 Financial Results

  • Total revenue of $30.1 million for the third quarter of 2017 increased 8 percent compared with total revenue of $28.0 million for the third quarter of 2016.
  • GAAP net loss was $(4.1) million compared with GAAP net loss of $(2.6) million in the third quarter of 2016. GAAP net loss per share was $(0.15), based on 26.4 million weighted average shares outstanding, compared with a GAAP net loss per share of $(0.10) in the year-ago period, based on 25.7 million weighted average shares then outstanding.
  • Non-GAAP net loss, which excludes the impact of non-cash stock-based compensation, was $(1.2) million for the third quarter of 2017 compared with non-GAAP net income of $0.3 million for the third quarter of 2016.
  • Adjusted EBITDA, a non-GAAP measure, was $0.4 million for the third quarter of 2017 compared with $2.2 million for the third quarter of 2016. Adjusted EBITDA excludes depreciation, amortization, income tax expense (benefit), interest, and stock-based compensation expense.
  • Cash and cash equivalents at quarter-end totaled $54.2 million, compared with $57.9 million at the end of the second quarter of 2017.

Recent Business Highlights

  • Average revenue per customer, calculated on a trailing twelve-month basis, increased 9 percent to $41,748 for the twelve months ended September 30, 2017, compared with $38,400 for the twelve months ended September 30, 2016. Total customer count was 2,902 at the end of the third quarter of 2017, compared with 2,880 customers at the end of the third quarter of 2016. These metrics do not include approximately 50 net new customers acquired with our acquisition of HubLogix Commerce Corp. during the second quarter of 2017.
  • Fixed subscription fees were 79 percent of total revenue and variable subscription fees were 21 percent of total revenue for the third quarter of 2017. This compares to 80 percent and 20 percent, respectively, for the third quarter of 2016.
  • Added new top-tier customers including Edgewell Personal Care Oceania, Gildan, LG Electronics Nordic, Radioshack, and Stanley Black & Decker.
  • Released new platform capabilities in the company’s second release this year, featuring an integration for Amazon Marketing Services (AMS), the introduction of ChannelAdvisor’s new Price Manager and Demand Forecaster, along with support for eBay Guaranteed Delivery and Amazon Seller Fulfilled Prime in the UK and Germany.
  • Expanded its research and development team with a new office in Madrid, Spain, and announced plans to open an office in Denver, CO.
  • Announced support for both Catch and Amazon Marketplaces in Australia.
  • Recognized as one of the Triangle Business Journal’s 2017 Best Places to Work and named a finalist for the NC Tech Awards – Use of Technology, E-Commerce award.

Financial Outlook

Based on information available as of today, ChannelAdvisor is issuing the following guidance for the fourth quarter and full year of 2017:

Fourth Quarter 2017

  • Total revenue between $34.0 million and $34.6 million.
  • Adjusted EBITDA between $3.7 million and $4.3 million.
  • Stock-based compensation expense between $3.0 million and $3.4 million.
  • 26.6 million weighted average shares outstanding.

Full Year 2017

  • Total revenue between $122.4 million and $123.0 million.
  • Adjusted EBITDA between $4.4 million and $5.0 million.
  • Stock-based compensation expense between $12.1 million and $12.5 million.
  • 26.4 million weighted average shares outstanding.

Refer to the “Adjusted EBITDA Guidance Reconciliation” table included with the financial tables at the end of this release for the reconciliation to the most comparable GAAP financial measure.

Conference Call Information

What: ChannelAdvisor Third Quarter 2017 Financial Results Conference Call

When: Thursday, November 2, 2017

Time: 4:30 p.m. ET

Live Call: (855) 638-4821, Passcode 2143219, Domestic (704) 288-0612, Passcode 2143219, International

Webcast: http://ir.channeladvisor.com (live and replay)

Key Operating Metrics

Average revenue per customer is revenue divided by the average monthly number of customers during the period, which is calculated by taking the sum of the number of customers at the end of each month in the period and dividing by the number of months in the period.

Number of customers includes all customers who subscribe to at least one of our solutions, but excludes customers acquired from our acquisition of HubLogix and customers who subscribe only to certain legacy product offerings that are no longer part of our strategic focus.

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: non-GAAP net (loss) income and adjusted EBITDA.

ChannelAdvisor believes that these non-GAAP measures of financial results provide useful information to management and investors relating to ChannelAdvisor’s financial condition and results of operations. The company’s management uses these non-GAAP measures to compare the company’s performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making.

Management of the company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in the company’s financial statements. In order to compensate for these limitations, management presents non-GAAP financial measures together with GAAP results. Non-GAAP measures should be considered in addition to results and guidance prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release. ChannelAdvisor urges investors to review the reconciliation and not to rely on any single financial measure to evaluate the company’s business. In addition, other companies, including companies in our industry, may calculate similarly named non-GAAP measures differently than we do, which limits their usefulness in comparing our financial results with theirs.

About ChannelAdvisor

ChannelAdvisor (NYSE: ECOM) is a leading e-commerce cloud platform whose mission is to connect and optimize the world’s commerce. For nearly two decades, ChannelAdvisor has helped retailers and branded manufacturers worldwide improve their online performance by expanding sales channels, connecting with consumers around the world, optimizing their operations for peak performance and providing actionable analytics to improve competitiveness. Thousands of customers depend on ChannelAdvisor to securely power their sales and optimize fulfillment on channels such as Amazon, eBay, Google, Facebook, Walmart and hundreds more. For more information, visit www.channeladvisor.com.

Media Contact:

Caroline Riddle
ChannelAdvisor
caroline.riddle@channeladvisor.com
919.439.8026

Source: ChannelAdvisor/globenewswire

BJ’s Restaurants, Inc. to to host Q3 2017 results conference call on Thursday, October 26, 2017

HUNTINGTON BEACH, Calif., 2017-Oct-18 — /EPR Retail News/ — BJ’s Restaurants, Inc.(NASDAQ:BJRI) today (Oct. 17, 2017) announced that it will release its third quarter 2017 results after the market closes on Thursday, October 26, 2017.  The Company will host an investor conference call at 2:00 p.m. (Pacific) that same day.  The conference call will be broadcast live over the Internet.  To listen to the conference call, please visit the “Investors” page of the Company’s website located at http://www.bjsrestaurants.com several minutes prior to the start of the call to register and download any necessary audio software.  An archive of the presentation will be available for 30 days following the call.

BJ’s Restaurants, Inc. currently owns and operates 195 casual dining restaurants under the BJ’s Restaurant & Brewhouse®, BJ’s Restaurant & Brewery®, BJ’s Pizza & Grill® and BJ’s Grill® brand names.  BJ’s Restaurants offer an innovative and broad menu featuring award-winning, signature deep-dish pizza complemented with generously portioned salads, appetizers, sandwiches, soups, pastas, entrees and desserts, including the Pizookie® dessert.  Quality, flavor, value, moderate prices and sincere service remain distinct attributes of the BJ’s experience.  All restaurants feature BJ’s critically acclaimed proprietary craft beers, which are produced at several of the Company’s Restaurant & Brewery locations, brewpub locations in Texas and qualified independent third party craft brewers.  The Company’s restaurants are located in the 24 states of Alabama, Arizona, Arkansas, California, Colorado, Florida, Indiana, Kansas, Kentucky, Louisiana, Maryland, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Washington. Visit BJ’s Restaurants, Inc. on the Web at http://www.bjsrestaurants.com

For further information, please contact:

Greg Levin
BJ’s Restaurants, Inc.
(714) 500-2400

JCIR
(212) 835-8500
bjri@jcir.com.

Source: BJ’s Restaurants, Inc./globenewswire