Revenue during the quarter grew 3.24 percent to $199.96 million from $193.67 million in the previous year period. Gross margin for the quarter contracted 38 basis points over the previous year period to 38.79 percent. Total expenses were 93.61 percent of quarterly revenues, up from 93.36 percent for the same period last year. That has resulted in a contraction of 25 basis points in operating margin to 6.39 percent.

Operating income for the quarter was $12.78 million, compared with $12.87 million in the previous year period.

However, the adjusted operating profit for the quarter stood at $14.37 million.

Bruce Smith, Acting chief executive officer, commented, "Despite a challenging start to the quarter which was negatively impacted by later tax refund disbursements, we are pleased to have delivered positive comparable store sales and a 14% increase in net income adjusted for proxy contest expenses. The success in the quarter confirms that our strategic direction remains on track as we continue to diversify our offerings into complementary product lines, while maintaining a keen focus on delivering fashion-right and value-priced merchandise that resonates with our customer base. In particular, our non-apparel business, accessories and home, which now comprises 37% of our merchandise mix, continues to perform well. The accessories division has had comparable store sales increases in 28 of the last 31 quarters, while the home division increased for the 19th consecutive quarter. While adding significantly to the Company’s sales, the non-apparel business consistently delivers gross margin above the Company-average, making our merchandise offering even more profitable."