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Limited Too's sportswear sales fall

11
Apr '08
Tween Brands Inc announced that based on the results for the first nine weeks of the first quarter ending May 3, 2008, it expects earnings per diluted share to be in the range of $0.12 to $0.17 compared to its previous guidance of $0.35 to $0.40 per diluted share. The company reported earnings per diluted share of $0.39 for the first quarter 2007.

The company said that the expected earnings shortfall is largely a result of Limited Too's projected first quarter 2007 comparable store sales percentage decrease of 7% to 9%, a decrease greater than had been previously estimated.

The revised guidance also reflects $0.04 per diluted share for anticipated executive severance costs that were not included in Tween Brands' previous guidance.

The company said that Limited Too's sales were weak for the last two weeks of February and most of March. Sales trends have improved with the latest floorset at Limited Too stores beginning April 2nd.

“Limited Too's spring sportswear assortment has not resonated with our tween customer,” said Tween Brands Chairman and Chief Executive Officer, Mike Rayden.

“We did not offer her styles in the colors she wanted this spring and there has been a continuing absence of a meaningful casual bottom business.

Additionally, our marketing programs have not been as effective in driving store sales as in the past. That said, we believe that the changes to the creative and operational leadership of the business will have a positive long-term impact.


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