Low price apparel retailer One Price Clothing Stores Inc has continued to make good progress in its strategy of refocusing the company's resources on its core apparel and accessories categories.

For the thirteen-week period ended 3 August 2002, the company reported net income of $112,000 compared with a net loss of $1.22 million in the same period last year. Second quarter EBITDA (earnings before interest, taxes, depreciation and amortisation) was $2.9 million compared with last year's $3.0 million. Net sales were $90.1 million against $93.3 million last year.

The company operated 13 fewer stores on average in the second quarter of 2002 than in the same period last year, and comparable store sales decreased 2.8 per cent.

For the twenty-six week period net income was $546,000. This compares with a net loss of $961,000 for the same period last year. Net sales for the half-year were $177.4 million, down from $184.2 million for the same period last year. The company operated 16 fewer stores in the first six months of 2002 than in the same period last year, and comparable store sales decreased 2.6 per cent during the period.