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Tween Brands total inventories flat at end of 2007
20
Feb '08
Tween Brands Inc reported earnings per diluted share of $1.00 for the thirteen weeks ended February 2, 2008 compared to the $0.86 reported for the fourteen weeks ended February 3, 2007. The $1.00 includes the recognition of a pretax restructuring charge of $4.4 million, or $0.11 per diluted share.

Excluding the restructuring charge, earnings per diluted share increased 29% to $1.11. A reconciliation of earnings per diluted share on a GAAP basis to earnings per diluted share excluding the restructuring charge, a non-GAAP financial measure, is shown at the end of this release.

Net sales for the thirteen weeks of the fourth quarter of 2007 reached a record $315.8 million, a 16% increase on the $272.3 million in sales for the fourteen weeks of the fourth quarter 2006. Comparable store sales for the 2007 period increased 8% compared to the 2% increase for the 2006 quarter. By brand, Justice delivered a 29% increase in comparable store sales and Limited Too delivered a 3% increase. The company's e-commerce sales increased 125%.

Commenting on the improved fourth quarter results, Tween Brands Chairman and CEO Mike Rayden said, "In addition to great sales growth, we controlled our inventory, managed markdowns, and delivered better than expected operating income."

Total inventories at the end of 2007 were flat on a per square foot at cost basis compared to inventories at the end of 2006. In-store inventories were down 5% per square foot at cost.


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