CLE - nice job on the news release, I think it will GAP up big in the am:
PEMBROKE PINES, Fla., Jan. 26 /PRNewswire/ -- Les Dunavant, president and
chief operating officer of Claire's Boutiques, Inc., has retired from the
company effective immediately, according to an announcement today by Rowland
Schaefer, chairman and chief executive officer of Claire's Stores, Inc.
(NYSE:CLE). Claire's Boutiques, Inc. is a wholly owned subsidiary of
Claire's Stores, Inc.
Mark Hoffman, executive vice president of Claire's Boutiques, will become
president and chief operating officer, Mr. Schaefer said.
Mr. Schaefer also said that Mr. Dunavant will remain as a consultant to
Claire's.
Mr. Hoffman joined Claire's in May 1994. Previously he had been president
and chief executive officer of Accessory Place, Inc., and before that served
from 1984 to 1987 as executive vice president of Ann Taylor. "Mark has done an
extraordinary job for Claire's, particularly in establishing the highly
profitable growth of Claire's UK as well as providing guidance for Claire's
Nippon," Mr. Schaefer said.
Mr. Schaefer also commented on the unusual activity in Claire's stock
Monday, which apparently was generated by rumors. He said any concern about
Claire's strength or future was unfounded.
"Our year doesn't end until January 31," Mr. Schaefer noted, "but there
are a number of points we can make with confidence just from preliminarynumbers.
"Fiscal 1998, just ending, will be our fifth consecutive record year in
terms of both sales and profits. Preliminary figures show:
1) Revenues of $500 million 2) After tax profits of $58 million (11%)
3) Cash on hand $135 million 4) No debt
5) New catalog to be introduced in February
6) 225 new stores planned for Fiscal 1999
"We looking forward to a continuation of our growth in the new fiscal year
and we have every expectation of achieving new records."
Claire's Stores, Inc., the nation's premier retailer specializing in one-
stop shopping for teens' fashion accessories, currently owns and operates more
than 1,700 stores in 49 states, the Caribbean, Canada, Japan and the United
Kingdom. |
