Specialist retailer Rue21 recorded a 20% rise in second quarter net profit, boosted by a 14.3% sales increase despite a 1.6% decline in comparable store sales.
Company president and CEO Bob Fisch said the business was “well on track” to meet its goal of opening 100 new stores during 2010.
He added: “I am extremely proud of the record merchandise margins we achieved this quarter, that were fuelled by improved initial mark-up through lowered costs of merchandise, not being overly promotional, and our strategy of utilising a domestic-based and domestic importer vendor network that gives us the flexibility and control to manoeuvre in the current sourcing environment.”
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