USA: Too, Inc. First Quarter Net Income Triples
Too, Inc. (NYSE: TOO) today reported net income of $3.1 million, or $.10 per diluted share, for the quarter ended April 29, 2000 compared to adjusted net income of $1.0 million, or $.03 per diluted share, for the quarter ended May 1, 1999. The 1999 results were adjusted to reflect additional interest expense, net of related income taxes, which would have been incurred if the Company's current capital structure had been in place. Basic and diluted earnings per share, on a historical basis (excluding net interest expense), were $.05 for the first quarter 1999.Net sales for the first quarter 2000 increased 25%, to $118.8 million compared to $95.0 million for the 1999 period.Comparable store sales increased 10% for the first quarter 2000 on top of a 10% increase in comparable store sales for the same period in 1999. The first quarter's comparable store increase marks the 15th consecutive quarter of positive comparable store sales increases, 13 of which were double-digit improvements."Our successful Too Bucks promotion, introduction of the spring catazine in February, and an aggressive plan for new store construction and openings were all key elements behind the substantial growth in quarterly sales," said Too, Inc. Chairman and CEO Michael W. Rayden. "The application of value engineering practices in planning and constructing our 'Girl Power' format stores has enabled the Company to open more stores, quicker and at lower cost per square foot."Limited Too plans to open at least 55 new stores in 2000. The Company has opened 12 new stores to date during the current fiscal year.Too, Inc. is a rapidly growing specialty retailer that sells apparel, swimwear, sleepwear, underwear, lifestyle and personal care products for active, fashion-aware girls between 7 and 14 years of age. The company operates 362 stores in 44 states and distributes a catazine under the "Limited Too" brand name. Visit the Company's Web site at
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