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United Retail net sales up 1% for Q1 fiscal 2007

25 May '07
2 min read

United Retail Group Inc announced earnings for the first fiscal quarter, ended May 5, 2007.

Net sales for the first quarter of fiscal 2007 increased 1% to $111.0 million from $109.4 million in the prior year period. Comparable store sales for the quarter were flat.

Comparable store sales data does not include online sales from avenue.com, which increased 51% for the quarter versus the same quarter last year.

Net income for the quarter was $114,000, or $0.01 per diluted share, versus $1.9 million, or $0.14 per diluted share, in the first quarter last year.

The provision for income taxes was $0.1 million for the first quarter of fiscal 2007 and $1.2 million for the comparable quarter last year.

Raphael Benaroya, the Company's Chairman, President and Chief Executive Officer, commented, “Sales in the first quarter were soft, as the cold weather affected traffic and seasonal merchandise. The soft retail environment in general caused us to have more inventory than we needed during the quarter."

"In response, we intensified marketing and promotions, which resulted in lower profits. I view the factors affecting the quarter's results as transient in nature. Going forward, our concept remains sound and on track. The Avenue brand is well positioned and our product teams are energized.”

He added: “My outlook for the year remains favorable. Four key growth initiatives continue to be our priority for 2007 and beyond. We are focused on improving store productivity, opening new stores, expanding the AVENUE BODY intimates business and further growing online sales.”

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