United Retail Group Inc announced operating results for the second quarter and first half of fiscal 2006, ended July 29th 2006.
For the second quarter, net sales increased 5% to $120.9 million from $114.7 million in the prior year period. Comparable store sales increased 6% for the fiscal quarter. Operating income increased 35% to $6.3 million from $4.6 million in the prior year period.
Net income for the second quarter increased 22% to $5.0 million, or $0.35 per diluted share, compared with $4.1 million, or $0.31 per diluted share, in the second quarter of 2005.
For the first six months of the fiscal year, net sales increased 4% to $230.3 million from $221.2 million in the prior year period. Comparable store sales increased 5% for the first half of the fiscal year.
Operating income increased 69% to $9.3 million from $5.5 million in the prior year period. Net income for the first half of the fiscal year increased 36% to $6.9 million, or $0.49 per diluted share, compared with $5.1 million, or $0.39 per diluted share, in the prior year period.
Raphael Benaroya, the Company's Chairman of the Board, President and CEO, stated, "Our results reflect broad-based strength in our business. First, there is solid sales momentum. We achieved a year-to-date 5% comp increase on top of a 13% increase last year.”
Benaroya added, "We have been focused on efforts to reposition our merchandise assortment, which has resulted in consistent sales growth. As we move forward, we will pursue additional productivity in our existing space as well as open new stores."
United Retail Group Inc is a specialty retailer of large-size women's fashion apparel, footwear and accessories featuring AVENUE brand merchandise.
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