Bank earned $0.51 per diluted share in Q2, a penny short of estimates and 39% less than what the company earned in the year-ago quarter. Revenues of $232.5 million, however, narrowly beat expectations for $232.2 million -- but were down 11% from Q2 2012. Same-store sales declined 16%.
Commenting on the results, CEO R. Neal Black was quoted in the company press release as saying that "total Sales declined in the second quarter of fiscal 2013," but "we achieved stability in our gross profit margin rate. Specifically, our gross profit margin rate increased in both the fiscal months of June and July and the overall rate for the second quarter increased approximately 40 basis points from last year."
Year-to-date, Bank's net earnings are down 41% in comparison to the first half of fiscal 2012. Free cash flow for the company, defined as cash from operating activities minus capital expenditures, is running negative to the tune of $43.4 million -- 24% worse than Bank's performance at the midpoint of last year.
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