"We're no less committed to our goal of expanding our business," he said, despite the scaling back of openings. Executives have $1 billion earmarked for capital expenditure costs on new stores and renovations.
Same-store sales during the quarter, which ended Feb. 2, dropped 2.3% year over year, while total sales fell 4.1%, to just under $6.4 billion. Earnings per share fell from $2.09 to $1.93.
Management forecasts that same-store sales for the first quarter and coming fiscal year will drop in the low-single digits. Earnings per share are seen coming in between 75 cents and 80 cents for the first quarter and from $3.75 to $4 for the year.
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