USA: Too Inc's Q3 Earnings Leap 40%
Young girls' clothing retailer Too Inc has reported a 40 per cent hike in third-quarter earnings, as its boosted sales and improved its merchandise margin.
Quarterly net income totalled $16.0 million compared to $203.5m last year, as net sales grew 16 per cent and same-store sales rose 8 per cent.
Limited Too posted an 8 per cent rise in same-store sales compared to an 11 per cent rise last year. Justice's same-store sales were up 19 cent.
Chairman, president and chief executive officer Mike Rayden said: "Limited Too and Justice are producing great top-line results, while remaining less promotional and controlling expenses".
For the nine months ended 29 October, Too's net income totalled $27.4m compared to restated income of $18.0m last year. Net sales were $522.9m compared to $469.1m a year ago.
Justice opened 20 stores during the 2005 third quarter, while Limited Too remodeled 11 stores and opened 9 new ones.
Limited Too sells sportswear, related accessories and lifestyle items for active, fashion-aware girls between the ages of seven and 14.
Justice sells sportswear, accessories and lifestyle items to value-conscious 7-to 14-year-olds.
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