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Le Château reports second quarter results

10
Sep '10
Le Château Inc. reported that sales for the second quarter ended July 31, 2010 increased 6.3% to $86.5 million from $81.4 million for the second quarter ended August 1, 2009. Comparable store sales increased by 1.2% versus the same period a year ago.

Net earnings for the second quarter ended July 31, 2010 increased to $8.2 million from $7.8 million for the second quarter ended August 1, 2009. Earnings per share (diluted) for the second quarter were $0.33 per share versus $0.32 per share the previous year. Earnings before interest, income taxes, depreciation and amortization (EBITDA) for the second quarter amounted to $16.6 million or 19.2% of sales, compared to $16.3 million or 20.0% of sales last year.

In June 2010, the Toronto Stock Exchange approved the Company's previously announced normal course issuer bid to purchase up to 1,003,328 Class A subordinate voting shares. Since June 21, 2010, no Class A subordinate voting shares have been purchased by the Company.

Six-month Results
Net earnings for the six-month period were $12.6 million or $0.51 per share (diluted) compared to $12.9 million or $0.53 per share the previous year. Earnings before interest, income taxes, depreciation and amortization (EBITDA) for the first six months amounted to $27.6 million or 17.5% of sales, compared to $28.3 million or 18.5% of sales last year.
Sales increased 2.7% to $157.4 million for the six months ended July 31, 2010, compared to $153.2 million last year. Comparable store sales decreased 1.6% versus the same period a year ago.

During the first six months of the year, the Company opened 4 stores, closed 2 and expanded 13 existing locations, resulting in the addition of 53,000 square feet or 4.6% to the Le Château network, bringing the total floor space at end of period to 1,199,000 square feet.

Dividend declaration
The Board of Directors has declared a quarterly dividend (constituting eligible dividends for income tax purposes) of $0.175 per Class A subordinate voting share and Class B voting share. This is the 68th consecutive dividend declared by Le Château, and is payable on November 16, 2010 to the shareholders of record at the close of business on October 29, 2010.

Le Château is a leading Canadian brand in specialty retailing, offering a broad array of contemporary fashion apparel, accessories and footwear for style-conscious women and men. The Le Château brand is synonymous with ageless fashion at accessible prices and is sold exclusively through the Company's 234 retail locations, of which 231 are located in Canada and 3 in the New York City area. The Company's stores are primarily found in major urban shopping malls, complemented with high pedestrian-traffic, street-front locations. In addition, the Company has 9 stores under license in the Middle East.

Le Château Inc


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