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Jewelry retailer Claire's Stores Inc declares Q2 results

18
Aug '05
Costume jewelry retailer Claire's Stores Inc announced financial results for the second quarter of Fiscal 2006. The Company also provided guidance relating to the third quarter of Fiscal 2006 as well as the full fiscal year.

Second Quarter
Results for the second quarter of Fiscal 2006, which ended July 30, 2005, were as follows: Net income rose eight percent to $35.5 million compared to $32.7 million during the second quarter of Fiscal 2005, which ended July 31, 2004. On a per share basis, diluted net income during the second quarter of Fiscal 2006 rose nine percent to $0.36 from $0.33 per share.

For the second quarter of Fiscal 2006, net sales increased seven percent to $325.0 million from $305.2 million for the same period last year. Comparable store sales for the second quarter of Fiscal 2006 increased five percent, after achieving a ten percent increase in last year's second fiscal quarter.

Commenting on second quarter results, Co-Chairman and Co-Chief Executive Officer Marla Schaefer said, "They are pleased that our financial results for the second quarter exceeded their guidance due to stronger than expected comparable store sales. Their cautious stance when issued guidance for the second fiscal quarter stemmed from the fact that were up against strong comparable store sales in last year's second fiscal quarter. They were also concerned about the impact on customer behavior of shifting levels of consumer confidence as well as steadily increasing fuel prices. Despite our concerns, July business was brisk as customers took advantage of sales in the early part of the month and then returned to the stores later to begin stocking up on back to school and fall items."


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