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CLAIRE'S STORES REPORTS THIRD QUARTER RESULTS; NET INCOME PER SHARE MORE THAN DOUBLES TO $.17 VS. $.08

 PEMBROKE PINES, Fla., Nov. 16 /PRNewswire/ -- Claire's Stores Inc. (NYSE: CLE) today reported on an unaudited basis that net income for the third quarter ended Oct. 30, 1993 more than doubled to $3,477,000 or $.17 per share from $1,633,000 or $.08 a year earlier. Sales increased 13 percent to $65,242,000 from $57,547,000 a year ago with same-store sales increasing 7 percent.
 Earnings for the nine months ended Oct. 30, 1993 more than doubled to $8,147,000 or $.40 per share vs. $2,934,000 or $.14 in the previous year. Sales increased 14 percent to $185,078,000 from $162,661,000 in the prior year with same-store sales increasing 8 percent.
 "We are proud to have achieved these excellent sales and earnings results as disciplined purchasing and markdown policies coupled with strong financial controls resulted in higher gross margins, lower SG&A as a percentage of sales and de minimus interest expense. By focusing on efficiency we have again achieved record inventory turnover of 3.2 times on a trailing 12 month basis and we remain in an excellent inventory position entering the important holiday selling season," stated Rowland Schaefer, Claire's chairman and president.
 "Excellent cash flow continues to allow funding of capital expenditures to be internally generated and our expansion plans for the forthcoming year call for an accelerated pace of at least 125 store openings based upon both continued growth in our domestic market and international expansion in Canada and the Caribbean," Schaefer stated.
 "I look forward to sharing with you the important details of our fourth quarter as it promises to be a successful conclusion to a most profitable 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 1,087 stores in 48 states and the Caribbean primarily under the names "Claire's Boutiques," "Topkapi," and "Dara Michelle."
 CLAIRE'S STORES, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (Unaudited) (A)
 Three Months Ended
 Oct. 30, 1993 Oct. 31, 1992
 Net sales $ 65,242 $ 57,547
 Cost of sales, occupancy
 and buying expenses 31,123 28,245
 Gross Profit 34,119 29,302
 Other expenses:
 Selling, general
 and administrative 25,233 22,964
 Depreciation and amortization 3,234 3,274
 Interest expense, net 89 431
 28,556 26,669
 Income before income taxes 5,563 2,633
 Income taxes 2,086 1,000
 Net income $ 3,477 $ 1,633
 Net income per share $ .17 $ .08
 Dividends per share
 of common stock $ .025 $ .025
 Weighted average number of common
 stock and equivalents outstanding 20,574 20,502
 Stores open at end of period 1,082 1,025
 Nine Months Ended
 Oct. 30, 1993 Oct. 31, 1992
 Net sales $185,078 $162,661
 Cost of sales, occupancy
 and buying expenses 89,387 79,621
 Gross Profit 95,691 83,040
 Other expenses:
 Selling, general
 and administrative 72,836 67,161
 Depreciation and amortization 9,616 9,806
 Interest expense, net 322 1,336
 82,774 78,303
 Income before income taxes 12,917 4,737
 Income taxes 4,770 1,803
 Net income $ 8,147 $ 2,934
 Net income per share $ .40 $ .14
 Dividends per share
 of common stock $ .075 $ .075
 Weighted average number of common
 stock and equivalents outstanding 20,560 20,499
 Stores open at end of period 1,082 1,025
 Oct. 30, 1993 Oct. 31, 1992
 BALANCE SHEET DATA
 Current Assets $ 55,482 $ 49,502
 Inventories 28,375 27,196
 Net Property and Equipment 58,696 63,874
 Total Assets 119,514 116,150
 Total Current Liabilities 27,692 29,414
 Long-Term Debt 6,000 20,000
 Deferred Credits 1,879 1,172
 Stockholders' Equity 83,943 65,565
 (A) -- All data in thousands except per share and number of stores.
 -0- 11/16/93
 /CONTACT: David Buchsbaum, director of financial relations of Claire's Stores, 305-433-3900/
 (CLE)


CO: Claire's Stores, Inc. ST: Florida IN: REA SU: ERN

RK-SS -- FL002 -- 4880 11/16/93 08:26 EST
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Publication:PR Newswire
Date:Nov 16, 1993
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