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Tween Brands total inventories flat at end of 2007
20 Feb '08
3 min read
Cost Savings Initiatives:
During the fourth quarter 2007, Tween Brands conducted a review of certain areas of its corporate expense base, with the aim of identifying cost savings opportunities that would benefit the company in fiscal 2008 and beyond.
As a result of that review, Tween Brands eliminated 22 positions, primarily in the company's corporate services areas, and undertook a number of non-personnel related expense reduction measures. The company does not anticipate any additional staff reductions as a result of the cost study's initiatives.
Tween Brands estimates the pretax savings resulting from the initiatives at $4.0 million in 2008 and $6.0 million in 2009.
Fiscal Year Results:
Net sales for the fifty-two week fiscal year ended February 2, 2008 reached a record $1.0 billion, a 15% increase on the $883.7 million reported for the fifty-three week fiscal year ended February 3, 2007. The sales increase for 2007 is largely attributable to a 17% increase in the number of stores and Tween Brands' comparable store sales increase of 4%.
Comparable store sales for 2007 increased 4% compared to the 6% increase for 2006. By brand, Justice delivered a 21% increase in comparable store sales and Limited Too's comparable store sales were flat. The company's e-commerce sales increased 92% during 2007.
Earnings per diluted share for 2007 were $1.81 compared to $1.95 per diluted share for fiscal 2006. The 2007 figure includes a $0.09 per diluted share restructuring charge explained above. Compared to 2006 with its extra week, the company also had a lower gross income rate, a higher store operating general and administrative rate of sales and interest expense compared to interest income in 2007.
These factors were partially offset by 12% fewer weighted average shares outstanding as a result of the company's aggressive share repurchase activity during the year.
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During the fourth quarter 2007, Tween Brands conducted a review of certain areas of its corporate expense base, with the aim of identifying cost savings opportunities that would benefit the company in fiscal 2008 and beyond.
As a result of that review, Tween Brands eliminated 22 positions, primarily in the company's corporate services areas, and undertook a number of non-personnel related expense reduction measures. The company does not anticipate any additional staff reductions as a result of the cost study's initiatives.
Tween Brands estimates the pretax savings resulting from the initiatives at $4.0 million in 2008 and $6.0 million in 2009.
Fiscal Year Results:
Net sales for the fifty-two week fiscal year ended February 2, 2008 reached a record $1.0 billion, a 15% increase on the $883.7 million reported for the fifty-three week fiscal year ended February 3, 2007. The sales increase for 2007 is largely attributable to a 17% increase in the number of stores and Tween Brands' comparable store sales increase of 4%.
Comparable store sales for 2007 increased 4% compared to the 6% increase for 2006. By brand, Justice delivered a 21% increase in comparable store sales and Limited Too's comparable store sales were flat. The company's e-commerce sales increased 92% during 2007.
Earnings per diluted share for 2007 were $1.81 compared to $1.95 per diluted share for fiscal 2006. The 2007 figure includes a $0.09 per diluted share restructuring charge explained above. Compared to 2006 with its extra week, the company also had a lower gross income rate, a higher store operating general and administrative rate of sales and interest expense compared to interest income in 2007.
These factors were partially offset by 12% fewer weighted average shares outstanding as a result of the company's aggressive share repurchase activity during the year.
Click here to view more:
Tween Brands Inc
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