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Mothers Work falls Q1 guidance
25
Jan '08
Mothers Work Inc announced operating results for the first quarter of fiscal 2008 ended December 31, 2007 and announced the appointment of its new Chief Merchandising Officer.

Net loss for the first quarter of fiscal 2008 was $(0.4) million, or $(0.06) per common share (diluted), compared to net income for the first quarter of fiscal 2007 of $1.4 million, or $0.23 per common share (diluted). Net income before the debt repurchase charge for the first quarter of fiscal 2007 was $2.7 million, or $0.43 per common share (diluted). There was no debt repurchase charge in the first quarter of fiscal 2008.

The net loss for the first quarter of fiscal 2008 of $(0.06) per share was consistent with the Company's updated first quarter earnings per share guidance range of a loss of between $(0.04) and $(0.08) per share provided in its January 10, 2008 press release, but was below its previous diluted earnings per share guidance range of between $0.11 and $0.25 per share provided in its November 20, 2007 press release.

Net sales for the first quarter of fiscal 2008 decreased 3.8% to $142.9 million from $148.5 million in the same quarter of the preceding year. Comparable store sales decreased 4.1% during the first quarter of fiscal 2008 (based on 1,352 locations) versus a comparable store sales decrease of 2.1% during the first quarter of fiscal 2007 (based on 1,454 locations).

For the quarter ended December 31, 2007, the Company opened seven stores, including two new multi-brand stores, which included the Company's 15th Destination Maternity superstore, and closed 16 stores, including eight store closings related to multi-brand store openings. During the quarter, the Company also closed 23 leased department locations within Sears


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