Claire's Stores Says Fiscal Year Set Sales And Earnings Records; Sales Up 28%, Net Income Up 46%,
Per Share Earnings Up 44%
PEMBROKE PINES, Fla., Feb. 18 /PRNewswire/ -- Claire's Stores, Inc.
(NYSE: CLE) reported today it earned record net income of $45,130,000 or
$.95 pet share for the 1997 fiscal year ended February 1, 1997, 46 percent
higher than the net income of $30,915,000 or $.66 per share reported for the
1996 fiscal year, ended February 3, 1996. Fiscal 1997 figures reported today
are unaudited, the company said.
Sales also established a record at $440,162,000 for Fiscal 1997, up
28 percent from $344,881,000 in the previous year. Same store sales were
10 percent up from last year.
The Fiscal 1997 figures marked the fourth consecutive year of record sales
and profits, the company said.
For the fourth quarter of Fiscal 1997, the company reported net income of
$23,011,000 or $.49 per share on sales of $144,416,000, versus Fiscal 1996
fourth quarter net income of $19,712,000 or $.42 per share on sales of
$119,689,000. Same stores sales were up eight percent for the quarter.
Rowland Schaefer, Claire's chairman and chief executive, said he was
pleased by both the Fiscal 1997 financial results and the company's expansion
progress, domestically and internationally.
"Fiscal l997 was the most successful year in the history of Claire's
Stores," Mr. Schaefer said. "Perhaps even more important is the fact that we
finished the year on an upswing and have started into Fiscal 1998 without any
slowdown in our momentum. The first quarter of Fiscal 1997 was
extraordinarily successful for us and we expect the first quarter of the new
year to be even better and for our strong sales trends to continue throughout
Fiscal 1998."
Mr. Schaefer also noted that the company's balance sheet continued to
strengthen during the year just finished. Cash and cash equivalents total
more than $90 million and the company is debt free. Cash flow is expected to
surpass $50 million during this year, more than enough to finance continued
planned expansion.
M. Schaefer also said that the company is continuing its aggressive search
for appropriate acquisition candidates, both domestic and international.
Claire's Stores, Inc., the nation's premier retailer specializing in
women's fashion accessories, currently owns and operates 1547 stores in
49 states, the Caribbean, Canada, Japan, England, Scotland and Wales.
CLAIRE'S STORES, INC. AND SUBSIDIARIES
YEAR AND QUARTER ENDED FEBRUARY 1, 1997
(Unaudited)
(In 000s except per share data and stores)
THREE MONTHS ENDED
February 1, 1997 February 3, 1996
Net Sales $144,416 $119,689
Income Before Income Taxes 36,604 31,538
Net Income 23,011 19,712
Earnings Per Share .49 .42
Weighted Average Shares Outstanding 47,188 47,252
TWELVE MONTHS ENDED
February 1, 1997 February 3, 1996
Net Sales $440,162 $344,881
Income Before Income Taxes 72,283 49,609
Net Income 45,130 30,915
Earnings Per Share .95 .66
Weighted Average Shares Outstanding 47,591 47,025
Stores Open at End of Period 1,547 1,325
SOURCE Claire's Stores, Inc.
CONTACT: Glenn Canary, Director of Investor Relations, Claire's Stores, Inc.
954-433-3900 |
