CLAIRE'S STORES REPORTS THIRD QUARTER RESULTS
CLAIRE'S STORES REPORTS THIRD QUARTER RESULTS PEMBROKE PINES, Fla., Nov. 19 /PRNewswire/ -- Claire's Stores,
Inc. (NYSE: CLE) today reported a net loss during the third quarter ended Nov. 2, 1991 of $3,108,000, or $.15 per share vs. net income of $3,583,000 or $.18 per share a year ago. Net sales decreased 2 percent to $56,997,000 from $58,179,000 in the previous year, with same-store sales declining 10 percent.
Results for the nine months ended Nov. 2, 1991 were a net loss of $1,758,000 or $.09 per share vs. net income of $10,204,000 or $.50 per share in the comparable period a year ago. Net sales for the nine months increased 6 percent to $157,267,000 from $148,952,000. "This sales decrease and resulting loss can be attributed to extraordinary markdowns and fewer fresh goods as the company repositioned its overall inventory commitment to better reflect softness in consumer demand," stated Rowland Schaefer, Claire's chairman and president. "At the end of the quarter overall inventory was approximately $35.4 million vs. $42.4 million at the same time a year ago. We expect continued improvement in the quality of our merchandise offerings as markdowns subside and commitments to fresh goods increased, " Schaefer concluded. Claire's Stores, Inc., the nation's premier retailer specializing in one-stop shopping for women's fashion accessories currently owns and operates 1,061 stores in 47 states, primarily under the names "Claire's Boutiques," "Topkapi" and "Dara Michelle." CLAIRE'S STORES, INC. Third Quarter Report Nov. 2, 1991 (Unaudited) The following are Claire's unaudited results for the third quarter of fiscal year 1992, as compared to the third quarter of fiscal 1991. Quarter Ended Nov. 2, Nov. 3, 1992 1991 (in thousands except per share data) Net Sales $56,997 $58,179 Net Income (Loss) (3,108) 3,583 Earnings (Loss) Per Share $ (.15) $ .18 Weighted Average Shares Outstanding 20,457 20,311 Nine Months Ended Nov. 2, Nov. 3, 1992 1991 (in thousands except per share data) Net Sales $173,444 $166,948 Net Income (Loss) (1,758) 10,204 Earnings (Loss) Per Share $ (.09) $ .50 Weighted Average Shares Outstanding 20,405 20,285 -0- 11/19/91 /CONTACT: David Buchsbaum of Claire's Stores, Inc., 305-433-3900/ (CLE) CO: Claires Stores, Inc. ST: Florida IN: REA SU: ERN SS-AW -- FL003 -- 4873 11/19/91 10:36 EST
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|Date:||Nov 19, 1991|
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