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Deb Shops CEO pleased with strong sales results for Q1
24 May '07
3 min read
Deb Shops Inc a leading teen apparel retailer reported financial results for the first quarter ended April 30, 2007.
For the first quarter of fiscal 2008, net sales increased 2.9% to $83.8 million compared to $81.5 million in the first quarter a year ago. Gross profit, which is net of buying and occupancy costs, was $23.3 million resulting in a gross margin of 27.8% for the period.
This compares to gross profit of $22.9 million and a 28.1% gross margin in the first quarter of fiscal 2007. First quarter net income was $2.6 million compared to $2.7 million in the first quarter of fiscal 2007, while diluted earnings per share was $0.18 compared to $0.19 in last year's first quarter.
As of April 30, 2007, the Company had $131.6 million in cash and marketable securities, shareholders' equity of $145.2 million, and no debt.
Marvin Rounick, President and CEO of Deb Shops, stated: "We are
satisfied with our start to fiscal 2008. Despite a challenging environment for specialty retailers during the first quarter we were able to deliver results that were in- line with our expectations. Our team has worked hard over the past several months to improve our product offering and provide our customers with a merchandise assortment that better reflects current fashion trends."
"As we move towards the summer and back-to-school selling seasons we are confident that our recent initiatives have us well positioned to capitalize on future prospects and increase our share of the market."
For the first quarter of fiscal 2008, net sales increased 2.9% to $83.8 million compared to $81.5 million in the first quarter a year ago. Gross profit, which is net of buying and occupancy costs, was $23.3 million resulting in a gross margin of 27.8% for the period.
This compares to gross profit of $22.9 million and a 28.1% gross margin in the first quarter of fiscal 2007. First quarter net income was $2.6 million compared to $2.7 million in the first quarter of fiscal 2007, while diluted earnings per share was $0.18 compared to $0.19 in last year's first quarter.
As of April 30, 2007, the Company had $131.6 million in cash and marketable securities, shareholders' equity of $145.2 million, and no debt.
Marvin Rounick, President and CEO of Deb Shops, stated: "We are
satisfied with our start to fiscal 2008. Despite a challenging environment for specialty retailers during the first quarter we were able to deliver results that were in- line with our expectations. Our team has worked hard over the past several months to improve our product offering and provide our customers with a merchandise assortment that better reflects current fashion trends."
"As we move towards the summer and back-to-school selling seasons we are confident that our recent initiatives have us well positioned to capitalize on future prospects and increase our share of the market."
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