Claire's Stores Inc. posted a 25 percent jump in fourth-quarter earnings as spring sales and gift card redemptions buoyed results.

For the three months ended Feb. 3, net income rose to $86.5 million, or 93 cents a diluted share, from $69.1 million, or 69 cents a share, in the year-ago period. Results include a boost of 6 cents a diluted share associated with the repatriation of $95 million of foreign earnings.

Sales rose 14 percent to $472.3 million from $414.7 million, while same-store sales increased 1 percent.

Full-year earnings climbed 10 percent to $188.8 million, or $1.96 a diluted share, from $172.3 million, or $1.73, last year. Sales grew 8 percent to $1.48 billion from $1.37 billion.

"During the fourth quarter of fiscal 2007, our European business continued to face many of the same issues that have impacted results throughout the year, which we have identified and continue to address," Bonnie Schaefer, co-chairman and co-chief executive officer, said in a statement.

Claire's had to delay the release of its fourth-quarter and fiscal 2007 results due to an accounting issue related to its stores in France.

During the quarter, the costume jewelry and accessories retailer said it would be bought by a private equity firm for $3.1 billion.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus