Le Chateau reports record breaking sales & profits for Q1
30 Jun '05
4 min read
We have placed specific emphasis on expanding into secondary markets. These stores are among the highest in profit margin per square foot. This strategy is consistent with our focus on bottom line growth, not just top line sales growth," remarked Ms. Di Raddo.
The ability to manufacture in Canada with shorter lead times has now become even more of a competitive advantage for the Company. Le Château remains committed to domestic production in the interest of speed and flexibility, enabling it to better manage fashion risk and therefore profit margins.
Through its vertically integrated operations it manufactures approximately 50% of its clothing in its Montreal facilities. "We celebrate product through differentiation and uniqueness, not price, and we focus on the exclusivity of our in-house designs. The talent, creativity and passion of our Canadian design and buying team clearly gives us a distinct personality within the industry." said Ms. Di Raddo.
Current year update "2005 is off to a great start as we set quarterly records for both sales and profits," said Ms. Di Raddo. For the first quarter ended April 30, 2005 sales increased 19.6% to $60.6 million. Comparable store sales increased 16.9% compared with the same period a year ago. Net earnings for the first quarter increased 112% to $4.6 million or $0.79 per share (basic) from $2.2 million or $0.42 per share (basic) last year.
For the first eight weeks of the second quartd quarter of fiscal 2005, total retail sales increased 23% and same store sales increased 17% compared to the same period last year.
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