Too Inc, a leading specialty retailer for 'tween girls, announced a 67 percent increase in earnings per diluted share to $0.35 on net income of $11.7 million for the first quarter ended April 29th 2006, compared to $0.21 per diluted share on net income of $7.4 million reported for last year's first quarter.
Net sales for the first quarter increased 19 percent, to a record $195.1 million, up from $164.4 million for the 2005 period. Too's comparable store sales increased 10 percent during the quarter on top of the 1 percent increase for the like period last year. The 10 percent increase was comprised of a 9 percent increase for Limited Too and a 30 percent increase for the 46 Justice stores that were open at least one year during the quarter.
"Our first quarter results give us a great start to spring season and 2006," said Mike Rayden, Too, Inc. Chairman, President and CEO. "Not only are our fashions finding favor with customers at Limited Too and Justice, but our marketing for both brands has helped drive sales higher."
Justice opened 10 stores during the first quarter, ending the period at 102 stores, an increase of 56 stores from a year ago. Justice is targeting 65 to 70 total store openings in 2006.
Limited Too remodeled 10 existing stores during the quarter opened 3 new stores and closed 12 underperforming stores, ending the quarter at 565 stores. Limited Too plans to open 8 additional new stores in the second half of the year.