Girls' speciality retailer Too Inc has posted improvements in third-quarter profit and sales, boosted by closely managed inventories within its Limited Too division.

Third-quarter net income totalled $11.4 million, or $0.33 per diluted share, versus 4.5m, or $0.13 per diluted share, in the same quarter last year. The 2003 net income included a loss on discontinued operations of $683,000, or $0.02 per diluted share.

Net sales for third quarter increased 20 per cent to $174.9m, from $146.0m in the 2003 period. Same-store sales were up 11 per cent versus a 17 per cent decrease in 2003.

Mike Rayden, chairman, president and chief executive officer said: "Limited Too definitely had the right apparel product for early fall season.

"The merchandise improvement, along with closely managed inventories, allowed us to be much less promotional than last year and to achieve a greatly reduced markdown rate."