Deb Shops Inc a leading teen apparel retailer reported financial results for the second quarter and six months periods ended July 31, 2007.
For the second quarter of fiscal 2008, net sales increased 2.8% to $77.7 million compared to $75.7 million in the second quarter a year ago. Gross profit, which is net of buying and occupancy costs, was $29.9 million resulting in a gross margin of 38.4% for the period.
This compares to gross profit of $28.5 million and a 37.7% gross margin in the second quarter of fiscal 2007. Second quarter net income was $6.2 million compared to $5.9 million in the year ago period, while diluted earnings per share were $0.43 compared to $0.41 in last year's second quarter.
As of July 31, 2007, the Company had $130.9 million in cash and marketable securities, shareholders' equity of $149.5 million, and no debt.
Net sales for the first six months of fiscal 2008 increased 2.8% to $161.5 million from $157.1 for the comparable prior year period. Gross profit, which is net of buying and occupancy costs, increased to $53.1 million resulting in a gross margin of 32.9% for the period.
This compared to gross profit of $51.4 million and a 32.7% gross margin in the comparable prior year period. Net income for the period was $8.7 million, or $0.61 per diluted share, versus $8.6 million, or $0.60 per diluted share in the first half of fiscal 2007.
Marvin Rounick, President and CEO of Deb Shops, stated: "Our second quarter results were in-line with internal expectations and when combined with our first quarter performance, represent a solid first half of fiscal 2008."
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