USA: Deb Shops Sees Q4 Earnings Soar
Teen clothing chain Deb Shops Inc has posted increased fourth-quarter earnings and sales after the company enhanced its product offerings.
The company said net income totalled $10.6 million for the fourth quarter compared to earnings of $8.6m in the same period a year ago. Fourth-quarter sales rose 2 per cent to $82.6m from $80.7m last year.
For the full-year period, earnings totalled $17.9m compared with income of $12.8m last year, while sales grew 1.7 per cent to $303.8m
Marvin Rounick, president and chief executive officer, said that continued improvements of the company's operating platform had allowed a better leveraging of fixed costs.
Rounick also said that enhanced product offerings had allowed the company to meet core consumers' demands.
He added: "We believe we are well positioned from a merchandise standpoint as we begin the new year."
Deb Shops opened three new stores, refurbished an existing store, changed a junior store to a junior / plus combination store and closed eight stores within the fourth quarter.
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