US: Rue 21 raises guidance on strong Q1 performance
- Q1 net income jumps 20.6% to US$11.6m
- Sales were up 18.9% to US$205.6m
- Comparable store sales rose 1.7%
Rue 21 has raised its full-year forecasts after the US clothing retailer recorded a strong first-quarter performance.
The company reported a 20.6% increase in net income to reach US$11.6m over the quarter ended 28 April. Sales were up 18.9% to US$205.6m, with comparable store sales rising 1.7%.
It is now forecasting that earnings will be in the range of $1.76-1.81 per share, up on prior guidance of $1.74-1.79 per share.
"We were pleased to deliver strong results to our shareholders in the first quarter of fiscal 2012, and are looking forward to continuing our momentum into the second quarter and the remainder of the year," said president and CEO Bob Fisch.
"We believe Rue is well positioned to capitalise on the current colour and fashion trends in the industry. In addition to seeing comparable store sales increases on top of strong performance last year, our new stores continue to provide consistent and predictable sales and profit growth.
"Through our real estate expansion we are gaining market share in small and mid-size markets around the country, and we believe rue is rapidly becoming a favourite retail destination for both guys and girls who want the latest looks at every day great value."
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