US: Rue21 lifts outlook on Q3 profit hike
- Q3 profit up 19.5% to $7.1m from $6.0m
- Net sales rose 19.5% to $163.9m from $137.1m
- Comparable store sales increased 1.8%
Apparel retailer Rue21 Inc has raised its full year guidance after booking a 19.5% hike in third quarter profit thanks to higher sales and margins.
"We continue to successfully deliver fashion and quality at a great value to underserved communities while at the same time building our presence and market share in larger markets," noted president and CEO Bob Fisch.
"We have exciting initiatives to drive the sales this holiday season, and we believe that rue21's increasing brand awareness combined with the strength of our product categories and assortments will allow us to achieve our goals."
Looking ahead the company, which operates 628 stores, raised its full year guidance, and now expects earnings per share in the range of $1.17 to $1.20, compared to $0.96 a year earlier.
Fourth quarter sales growth is likely to be in the range of 19% to 21%, with earnings per share of $0.40 to $0.43.
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