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Le Château net earnings increase by 35.5%

04
Apr '08
Le Château Inc reported that net earnings for the year ended January 26, 2008 increased 35.5% to $33.6 million from $24.8 million for the year ended January 27, 2007. Earnings per share for the year increased to $1.35 per share from $1.02 per share the previous year.

Earnings before interest, income taxes, depreciation and amortization (EBITDA) for the year increased 32.0% to $69.7 million or 20.7% of sales, compared to $52.8 million or 17.4% of sales last year, resulting primarily from continued improvements in gross margins.

Sales for the year increased 10.6% to $336.1 million from $303.9 million for the same period last year. Comparable store sales increased by 5.6% versus the same period a year ago.

During the year, the Company opened 18 new stores, closed four stores and expanded 11 existing locations, resulting in the addition of 111,000 square feet or 13.0% to the Le Château network, bringing the total floor space at end of year to 965,000 square feet.

Net earnings for the fourth quarter increased 48.8% to $12.2 million from $8.2 million the previous year. Earnings per share for the period increased to $0.49 per share from $0.34 per share for same period last year.

Earnings before interest, income taxes, depreciation and amortization (EBITDA) for the fourth quarter increased 34.5% to $23.0 million or 23.0% of sales, compared to $17.1 million or 18.3% of sales last year.

Sales rose 7.5% to $100.0 million for the three months ended January 26, 2008, compared to $93.0 million last year. Comparable store sales increased 2.4% over the same period a year ago.

The Board of Directors has declared a quarterly dividend (constituting eligible dividends for income tax purposes) of $0.125 per Class A subordinate voting share and Class B voting share.

This is the 58th consecutive dividend declared by Le Château, and is payable on May 19, 2008 to the shareholders of record at the close of business on May 5, 2008.

Le Château Inc


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