Luxury store group Barneys New York Inc has reported increased third quarter profits, due to strong same-store sales growth in all three of its flagship, regional and Co-Op store divisions.

Net income increased to $4.3m, or 28 cents per diluted share, for the third quarter, from $4.1m and 29 cents per diluted share in the year ago period.

Third-quarter net sales rose 13.5 per cent to $126.9 million from $111.9m in the same period last year. Same-store sales increased 12.5 per cent.

Operating income increased 25.1 per cent in the third quarter to $10.3m in the three months, versus $8.2m in the same period last year.

Net sales for the nine months ended 30 October grew 17.0 per cent to $341.7m from $292.0m in the corresponding period last year. Same-store sales increased 15.9 per cent.

Operating income jumped 95.3 per cent to $24.5m in the nine months, from $12.5m in the prior year period. Net income rose to $8.8m, or 59 cents per diluted share, for the nine months, from $0.8m and 6 cents per diluted share in the same period last year.

Harold Socol, chairman, president and chief executive officer said: "We are energized by the completion of another quarter of strong double-digit comparative-store sales growth."
 
Socol added that the company was in the process of considering possible sites for additional flagship stores.

Barneys New York has flagship stores in New York City, Beverly Hills and Chicago. In addition, the company operates three regional full price stores, four Co-Op Barneys New York stores and eleven outlet stores.