Sales for the first quarter ended May 5, 2007 increased 3.5% to $230,695,000 as compared with $222,969,000 for the first quarter ended April 29, 2006.
The increase in sales is attributable to the net addition of 42 stores year over year. Comparable store sales, compared to the 13 weeks ended May 6, 2006, decreased 6.5% due to unseasonable weather conditions that were prevalent throughout the first quarter ended May 5, 2007 in virtually all significant markets, resulting in reduced customer traffic which impacted the demand for apparel.
Operating earnings before depreciation and amortization (EBITDA) for the period decreased 10.4% to $34,750,000 as compared with $38,771,000 last year.
Net earnings and diluted EPS, after recording an additional interest charge for retroactive Québec income tax assessments of $454,000 or $0.01 per share, decreased to $18,384,000 or $0.26 per share as compared to $21,674,000 or $0.30 per share for the period last year.
Excluding the effect of the retroactive Québec income tax assessments, net earnings and diluted EPS for the period would have decreased 13.1% to $18,838,000 or $0.27 per share.
Sales for the month of May (4 weeks ended June 2, 2007) increased 9.4% with comparable store sales increasing 4.7%.
During the first quarter, the Company opened 15 new stores comprised of 3 Reitmans, 1 Smart Set, 1 RW & CO., 3 Thyme Maternity, 2 Cassis, 2 Penningtons and 3 Addition Elle; 6 stores were closed.
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-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
