Leading Canadian fashion specialty retailer Le Château Inc reported that sales increased 22.1 percent to $69,007,000 for the second quarter ended July 30, 2005, compared with sales of $56,528,000 for the second quarter ended July 31, 2004.
Comparable store sales increased by 16.3 percent in the second quarter of 2005 compared with the same period a year ago. Increased sales resulted from a combination of the strong appeal of the Company's selection of spring merchandise, as well as increased square footage. Year-to-date, eight new stores have been opened and several existing locations have been expanded, resulting in an addition of 60,000 square feet to the Le Château network. The majority of the new locations are in secondary markets.
Net earnings for the second quarter increased 65 percent to $6,240,000 or $1.05 per share from $3,780,000 or $0.71 per share last year, resulting primarily from continued improvements in gross margins and better leverage of store and head office costs.
Le Château President Emilia Di Raddo said the Company's strategic direction, geared toward attracting fashion customers of all ages, continues to deliver results. "They remain committed to goal of delivering high-quality, unique, design-driven product to an ever-widening base of customers."
Six-month results Sales rose 20.9 percent to $129,608,000 for the six months of the year, compared to $107,205,000 last year.
Net earnings for the six-month period increased 82 percent to $10,878,000 or $1.84 per share from $5,968,000 or $1.13 per share the previous year. Comparable store sales increased 16.6 percent over the same period a year ago.
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