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Too Inc announces Q2 results, net income increases 150%

17
Aug '05
Ohio based specialty retailer Too Inc announced its operating results for the second quarter ended July 30, 2005, which included:

- Net sales for the quarter up 11 percent to $154.9 million;

- Gross income as a percentage of net sales improving by 290 basis points;

- Net income increasing 150 percent to $4.0 million.

Second Quarter Results
Too Inc had second quarter 2005 net income of $4.0 million, or $0.12 per diluted share, on net sales of $154.9 million, compared to second quarter 2004 restated net income of $1.6 million, or $0.05 per diluted share, on net sales of $139.9 million. The restatement for the 2004 period was the result of the company's previously disclosed change in accounting practices for store leases.

The company said the earnings increase for the 2005 period was primarily a result of higher sales and an improved merchandise margin.

Limited Too had a 5 percent increase in comparable store sales against a 3 percent decrease for the like period last year.

To-date, Too has repurchased more than $59.2 million worth of its common stock under the $125 million authorization approved by the Board of Directors in November 2004.

Six Month (Spring Season) Results
For the six months ended July 30, 2005, Too, Inc. had net income of $11.4 million, or $0.33 per diluted share, on net sales of $319.3 million, compared to restated net income for the like period last year of $6.6 million,or $0.19 per share, on net sales of $294.1 million. The earnings improvement was largely a result of higher sales and merchandise margin improvement.


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