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Mothers Work Q2 profit rises, ups FY guidance

25
Apr '06

Maternity apparel retailer Mothers Work Inc announced strong operating results for the second quarter of fiscal 2006 ended March 31st 2006, and significantly increased its targeted earnings guidance range for the full year fiscal 2006.

The net income after stock option expense for the second quarter of fiscal 2006 was $0.5 million, or $0.09 per common share (diluted).

The net income after stock option expense for the first six months of fiscal 2006 was $0.9 million, or $0.17 per common share (diluted).

Given the company's second quarter results, its very strong sales performance thus far in April, and its plans for the rest of the year, the company is significantly increasing its targeted diluted earnings per share range for fiscal 2006.

The company is increasing its targeted diluted earnings per share range for fiscal 2006 to between $1.05 and $1.25 per share after stock option expense, from its previous after-option expense guidance range of between $0.79 and $1.03 per share.

The net sales for the second quarter of fiscal 2006 increased 3.3 percent to $144.6 million from $140.0 million in the same quarter of the preceding year.

The increase in net sales for the quarter was primarily driven by sales from the expansion of the company's proprietary Two Hearts Maternity collection to an additional 497 Sears locations during late March 2005 and, to a lesser extent, increases in comparable store sales and internet sales.

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