Girls apparel retailer Too Inc net sales up 7% at $164.4mn for Q1

19 May '05

3 min read

Specialty young girls' apparel retailer Too Inc announced operating results for the first quarter ended April 30, 2005, which included:

- Net sales for the quarter up 7% to $164.4 million;
- Comparable store sales for the quarter increasing 1% percent;
- Record first quarter earnings per diluted share of $0.21 versus $0.14 last year.

First Quarter Results
Too Inc had first quarter 2005 net income of $7.4 million, or $0.21 per diluted share, on net sales of $164.4 million, compared to first quarter 2004 restated net income of $5.1 million, or $0.14 per diluted share, on net sales of $154.1 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 a higher merchandise margin.

Limited Too's comparable store sales for the 2005 first quarter increased 1% against a 2% increase for the like period last year.

"While our television advertising campaign did not provide the sales increase we had hoped for, it was a successful quarter overall," said Too Inc. Chairman, President and Chief Executive Officer Mike Rayden. "We've identified some important fashion trends that we will be reacting to for the back-to-school selling season that starts in July," added Mr. Rayden.

The company said it has repurchased more than $30.7 million worth of its common stock under the $125 million authorization approved by the Board of Directors in November 2004.

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