Le Chateau reports record breaking sales & profits for Q1

30 Jun '05

4 min read

Leading Canadian fashion specialty retailer Le Château Inc shareholders attending today's annual meeting were told that Company initiatives which have resulted in three consecutive years of record breaking sales and profits should continue to sustain profitable growth in 2005 and beyond.

- Le Château appealing to a broader range of customers
- Expect to have one million square feet in Canada by 2009

Sales for the year ended January 29, 2005 increased 6.3% to reach a record level of $241.1 million and comparable store sales increased 4.9% over the same period a year ago. Net earnings increased 49% to $15.9 million or$2.96 per share (basic) from $10.6 million or $2.07 per share (basic) in 2003.

"2004 was certainly a momentous year for the Company," said Le Château Inc. President, Emilia Di Raddo. "Clearly, our strategies which are targeted towards broadening our appeal and attracting fashion customers of all ages continued to prove successful. Growing the top line is obviously necessary, but all of our product and sales strategies have been carefully designed to maximize bottom line profit growth opportunities, thereby enhancing shareholder value."

Based on the strength of the Company's financial results and position, in December 2004, the Board of Directors approved a 16.7% increase in the quarterly dividend from $0.15 to $0.175 per share or $0.70 per share on an annual basis. This was in addition to a 50% increase approved by the Board of Directors in April 2004, increasing the rate from $0.10 per share to $0.15 per share.

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