By  on May 26, 2010

Claire’s Stores Inc., the accessories and jewelry retailer, reported an almost 10 percent rise in first-quarter sales and a stronger sales trend at the outset of the second quarter.

In a regulatory filing with the Securities and Exchange Commission, the Hoffman Estates, Ill.-based specialty chain said sales for the three months ended May 1 rose 9.9 percent to $322 million from $293 million in the first quarter of 2009 and were up 7.2 percent excluding the positive effect of foreign currency translation.

Comparable-store sales rose 7.6 percent, including an 8.9 percent gain in North America and a 5 percent advance in Europe.

Through the first 11 days of the second quarter, comps ran ahead in the low-single-digit range. Comps are computed in local currencies, eliminating the effect of changes in foreign exchange rates.

Claire’s said it expects first-quarter adjusted EBITDA — earnings before interest, taxes, depreciation and amortization and excluding the impact of expenses related to its 2007 acquisition by Apollo Management LP and other nonrecurring items — of between $47 million and $50 million, up from $36 million in the prior-year period. The company didn’t provide projections for EBITDA or net income but did say that it expected to provide full details and hold a conference call to discuss them this month. A call is scheduled for Thursday.

Cash and cash equivalents hit $220 million at the end of the quarter, versus $198.7 million at the end of the previous fiscal year on Jan. 30. The company didn’t disclose the status of its debt, which totaled $2.52 billion at the end of fiscal 2009.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus