SUNGLASS HUT NET SOARS 80.4% IN QUARTER
NEW YORK — Profits at Sunglass Hut International Inc. surged 80.4 percent to $5 million, or 9 cents a share, in the fourth quarter ended Feb.3.
In the year-ago quarter ended Jan. 28, profits came to $2.7 million, or 6 cents a share. Sales in the latest quarter climbed 49.4 percent to $111.7 million from $74.8 million and same-store sales gained 10.5 percent.
In the full year, after a $10.1 million charge for the June 1995 acquisition of Sunsations Sunglass Co., profits moved ahead 20.4 percent to $20.9 million, or 38 cents a share, from $17.3 million, or 34 cents, a year ago. Sales grew 44.2 percent to $418.2 million from $290 million and same-store sales advanced 10.3 percent.
Sunglass Hut also said that starting in May it would launch Watch Station, a specialty chain offering more than 1,500 styles of fashion, sport, function and novelty watches. The company expects to open up to 25 Watch Station locations through the second quarter. The watches will retail from $45 to $500.
Sunglass Hut operates 1,702 sunglasses stores, 51 licensed sunglasses departments and four EyeX optical stores. — Fairchild News Service