CLAIRE'S STORES REPORTS SECOND QUARTER EARNINGS
CLAIRE'S STORES REPORTS SECOND QUARTER EARNINGS PEMBROKE PINES, Fla., Aug. 17 /PRNewswire/ -- Claire's Stores, Inc.
(NYSE: CLE) today reported on an unaudited basis second quarter earnings of $758,000 or $.04 per share vs. $817,000 or $.04 per share a year ago. Sales during the quarter were down slightly to $53,577,000 vs. $55,922,000 with same-store sales declining 11 percent.
Rowland Schaefer, Claire's Stores chairman and president commented, "Though I am not yet satisfied with our sales productivity, I want to remind shareholders that our ultimate objective remains the delivery of improved earnings results. In this respect, I am quite pleased with the progress of the second quarter. Despite same store sales declines, earnings were relatively flat with the previous year and improved from the first quarter. This is attributable to our proactive management of inventories and expenses," he continued. "During the second quarter, both inventory turnover and gross margins improved as the direct result of our disciplined purchasing and markdown policies," stated Schaefer. "In fact, trailing 12 months inventory turnover reached 2.8 times from 2.0 times in the same period a year earlier. Fewer markdowns and better sell through also allowed gross margins to improve more than 100 basis points despite higher rent and occupancy costs. Inventories remain in excellent shape from a quantity and quality standpoint at $22,421,000 vs. $33,992,000 in the previous year. This gives us the open-to-buy capacity necessary to bring in fresh goods for the important selling seasons of the second half," he continued. "In addition, expenses were extremely well-controlled and down on an actual basis from the previous year despite the operation of 66 additional stores. We remain confident that our 'bottom line' approach will allow us to report favorable earnings comparisons in the second half of the fiscal year," 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 1,010 stores in 47 states, primarily under the names "Claire's Boutiques", "Dara Michelle", and "Topkapi". CLAIRE'S STORES, INC. SECOND QUARTER REPORT (Unaudited) 13 Weeks Ended (in thousands except per share data and stores) Aug. 1, Aug. 3, 1992 1991 (A) Net Sales $53,577 $55,922 Income Before Income Taxes 1,229 1,319 Net Income 758 817 Earnings Per Share .04 .04 Weighted Average Shares Outstanding 20,487 20,455 Stores Open at End of Period 1,008 942 26 Weeks Ended (in thousands except per share data and stores) Aug. 1, Aug. 3, 1992 1991 (A) Net Sales $105,114 $107,988 Income Before Income Taxes 2,104 4,650 Net Income 1,301 2,880 Earnings Per Share .06 .14 Weighted Average Shares Outstanding 20,494 20,429 Stores Open at End of Period 1,008 942 (A) -- Prior year statements have been restated to conform with the current presentation. -0- 8/17/92 /CONTACT: David A. Buchsbaum, director of financial relations of Claire's Stores, Inc., 305-433-3900/ (CLE) CO: Claire's Stores, Inc. ST: Florida IN: REA SU: ERN
JB-AW -- FL003 -- 0352 08/17/92 08:44 EDT
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|Date:||Aug 17, 1992|
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