Costume jewelry retailer Claire's Stores Inc announced financial results for the second quarter of fiscal 2007. The company also provided guidance relating to the third quarter of fiscal 2007 as well as the full fiscal year.
Results for the second quarter of fiscal 2007, which ended July 29th 2006, were as follows: Net income rose one percent to $36.0 million compared to $35.5 million during the second quarter of fiscal 2006, which ended July 30th 2005. On a per share basis, diluted net income during the second quarter of fiscal 2007 rose three percent to $0.37 from $0.36 per share.
For the second quarter of fiscal 2007, net sales increased seven percent to $349.2 million from $325.0 million for the same period last year. Comparable store sales for the second quarter of fiscal 2007 increased two percent, after achieving a five percent increase in last year's second fiscal quarter.
Second quarter comparable store sales by brand were as follows:
-- Claire's North America: positive mid single digits
-- Claire's Europe: negative low single digits
-- Icing by Claire's: positive low single digits
Co-Chairman and Co-CEO, Marla Schaefer, said, "Our diluted earnings per share slightly exceeded our guidance due to our disciplined controlling of costs. Sales have continued to deliver year over year growth, however the pace of that growth has moderated somewhat after several years of strong expansion. In our first quarter press releasewe indicated that our expectations for the second quarter were conservative in light of transaction levels that have shown a slight decline. Until these trends reverse themselves, we believe that our conservative stance remains appropriate. At the same time, we continue to believe that our back to school and fall merchandise is very much on target in terms of complementing the latest apparel offerings."
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