CLAIRE'S STORES REPORTS FIRST QUARTER RESULTS
CLAIRE'S STORES REPORTS FIRST QUARTER RESULTS PEMBROKE PINES, Fla., May 20 /PRNewswire/ -- Claire's Stores, Inc.
(NYSE: CLE) today reported on an unaudited basis first quarter earnings of $543,000 or $.03 per share vs. $2,063,000 or $.10 per share a year ago. Sales during the quarter were down slightly to $51,533,000 vs. $52,065,000 with same-store sales declining nine percent.
"We are pleased to report a small yet meaningful operating profit during a quarter characterized by soft sales. These earnings have been made possible by proactive management of inventory and expenses," stated Rowland Schaefer, Claire's chairman and president. "For example, inventory turnover was a record 3.5 times vs. 2.2 times in the same period a year ago. Importantly, our buyers achieved this turnover without sacrificing margins as markdowns declined from a year ago," Schaefer continued. "Expenses were up on an overall basis but actually declined on a per store basis. Inventories remain lean at $21,457,000 vs. $33,102,000 a year earlier. With well-controlled inventories and a somewhat fixed breakeven point, we are positioned to profit from any strengthening of demand and hope to report stronger earnings results throughout the year," he concluded. Claire's Stores, Inc., the nation's premier retailer specializing in one-stop shopping for women's fashion accessories currently owns and operates 1,000 stores in 47 states, primarily under the names "Claire's Boutiques", "Dara Michelle", and "Topkapi." CLAIRE'S STORES, INC. FIRST QUARTER REPORT (Unaudited) 13 WEEKS ENDED (In thousands except per share data and stores) May 2, 1992 May 4, 1991 (A) Net Sales $ 51,533 $ 52,065 Income Before Income Taxes 874 3,330 Net Income 543 2,063 Earnings Per Share .03 .10 Weighted Average Shares Outstanding 20,491 20,353 Stores Open at End of Period 1,000 923 (A) -- Prior year statements have been restated to conform with the current presentation. -0- 5/20/92 /CONTACT: David A. Buchsbaum, director of financial relations of Claire's Stores, 305-433-3900/ (CLE) CO: Claire's Store's Inc. ST: Florida IN: REA SU: ERN
JB-AW -- FL002 -- 2171 05/20/92 08:06 EDT
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|Date:||May 20, 1992|
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