Bonnie Schaefer, Co-Chairman and Co-Chief Executive Officer, offered additional commentary on the second quarter of Fiscal 2006. "Several exciting events made the second quarter noteworthy with respect to Claire's international operations. The opening of stores in Spain and the execution of our first leases in Holland mark a new phase in their international expansion, as we entered two countries by means of organic growth, rather than through an acquisition. From a financial perspective, our stores in Europe generated comparable store sales increases that reached the high single digits for the second quarter in a row. This is continued evidence that the work we have undertaken in Europe over the past two years has produced measurable improvements. The customers are finding more merchandise that appeals to their fashion sense than they did several years ago, and we in turn are experiencing a healthy increase in comparable store sales as a result."
Year to Date Results
For the first six months of Fiscal 2006, revenues grew seven percent to $627.8 million from $586.8 million. Net income increased to $65.2 million or $0.66 per diluted share, from $60.4 million or $0.61 per diluted share, an increase of eight percent both in absolute terms and on a diluted per share basis. Comparable store sales increased five percent, compared with an increase of 11 percent during the first six months of Fiscal 2005.
Business Outlook for the Third Fiscal Quarter and Full Year -- Fiscal 2006
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