CLAIRE'S STORES REPORTS THIRD QUARTER EARNINGS
CLAIRE'S STORES REPORTS THIRD QUARTER EARNINGS PEMBROKE PINES, Fla., Nov. 10 /PRNewswire/ -- Claire's Stores, Inc.
(NYSE: CLE) today reported that net income during the third quarter ended Oct. 31, 1992 was $1.6 million or $.08 per share vs. a loss from continuing operations of $2.1 million or ($.10) per share a year ago. Sales during the quarter increased 10 percent to $57,546,000 from $52,448,000 with same-store sales increasing three percent.
Rowland Schaefer, Claire's Stores chairman and president stated, "Our senior management team deserves accolades for these outstanding results as they represent the culmination of a disciplined and proactive approach towards managing inventories and expenses. Disciplined purchasing and markdown policies have increased trailing inventory turnover to 3.0 times vs. 2.1 times in the same period a year earlier. Same-store sales gains coupled with fewer markdowns have allowed gross margins to improve more than 400 basis points when compared to the quarter a year ago. Inventories remain well-positioned at $27.2 million vs. $31.3 million in the previous year. Finally, expenses were well- controlled and down on an actual basis from the previous year despite operating 62 additional stores," 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 1,030 stores in 48 states, primarily under the names "Claire's Boutiques", "Dara Michelle", and "Topkapi". CLAIRE'S STORES, INC. THIRD QUARTER REPORT (Unaudited) 13 Weeks Ended (in thousands except per share data and stores) Oct. 31, Nov. 2, 1992 1991 (A) Net Sales $57,546 $52,448 Income (Loss) before Income Taxes 2,634 (3,610) Net Income (Loss) 1,633 (2,092) Earnings (Loss) Per Share .08 (.10) Weighted Average Shares Outstanding 20,502 20,457 Stores Open at End of Period 1,025 963 39 Weeks Ended (in thousands except per share data and stores) Oct. 31, Nov. 2, 1992 1991 (A) Net Sales $162,660 $160,436 Income (Loss) Before Income Taxes 3,935 (1,039) Net Income (Loss) 2,934 (788) Earnings (Loss) Per Share .14 (.04) Weighted Average Shares Outstanding 20,497 20,405 Stores Open at End of Period 1,025 963 (A) -- Prior year statements have been restated to conform with the current presentation. -0- 11/10/92 /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
AW-JB -- FL003 -- 9126 11/10/92 09:20 EST
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|Date:||Nov 10, 1992|
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