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Le Château holds annual general meeting
20
Jun '08
At annual general meeting, Le Château Inc reported that for the first seven weeks of the second quarter of fiscal 2009, total retail sales have increased 6.4% and comparable store sales are up 2.0% compared to the same period last year.

On a year-to-date basis, total retail sales increased 2.1% and same store sales decreased 1.8% compared to the same period last year.

To date, the Company has opened nine new stores and expanded six existing locations, resulting in the addition of 57,000 square feet or 5.9% to the Le Château network, bringing the total floor space at end of period to 1,022,000 square feet.

Net earnings for the first quarter ended April 26, 2008 increased 33.3% to $5.6 million from $4.2 million. Earnings per share (basic) for the first quarter increased to $0.23 per share from $0.17 per share the previous year.

Sales for the first quarter increased 0.3% to $70.6 million from $70.4 million for the same period last year. Comparable store sales decreased by 4.6% versus the same period a year ago.

On June 5, 2008, the Board of Directors increased the regular quarterly dividend by 20% from $0.125 to $0.15 per Class A subordinate voting share and Class B voting share and declared a special dividend of $0.25 per share.

Both dividends (constituting eligible dividends for income tax purposes) are payable on August 19, 2008 to the shareholders of record at the close of business on July 25, 2008.

The Board of Directors is pleased to announce the appointment of Ms. Jane Silverstone Segal as Chairman of the Company. Ms. Silverstone Segal, currently Chief Executive Officer, replaces Mr. Richard Cherney.

Ms. Silverstone Segal became CEO of Le Château in September 2006. Mr. Cherney was appointed non-executive Chairman of the Company in February 2007 after Company Founder, Mr. Herschel Segal, stepped down. Both Mr. Cherney and Mr. Segal remain as Directors of the Company.

Le Château Inc


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