USA: Barneys Q1 Pre-Tax Earnings Soar 104%
The company, which operates flagship stores in New York City, Beverly Hills and Chicago, also reported a 23.5 per cent increase in net sales for the quarter to $112.8m, up from $91.4m in the previous first quarter.
In addition, comparable store sales went up 22 per cent during the three-month period, while net income rose to $3.5m from a year-ago loss of $1.2m.
CEO Howard Socol said the first quarter results represented a "very positive start" to the current fiscal year.
"Sales were strong in substantially all merchandise categories and across all of our store formats," he said.
"These results are a testament to the continued execution of our core business strategies and the current momentum in the high-end retail sector."
In addition to its flagship locations, Barneys operates three regional full-price stores, three Co-Op Barneys New York stores, 12 outlet stores and two semi-annual warehouse sales events.
Companies: Barneys New York Inc
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