Bonnie Schaefer, Co-Chairman and Co-CEO, offered additional commentary on the second quarter of Fiscal 2007. "The performance of our International division during the second Fiscal quarter was not in line with our internal projections, which called for positive comparable store sales growth. Although our performance was impacted to a small extent by adverse external factors, we have been identifying specific operational issues within the organization where improvements can be implemented. This is our immediate focus, as we are committed to building as strong an operation abroad as we enjoy in North America. Until that goal has been met, we anticipate continued fluctuations in our International comparable store sales results."
For the first six months of fiscal 2007, revenues grew five percent to $661.1 million from $627.8 million. Net income increased to $65.7 million from $65.2 million and on a diluted per share basis, net income increased two percent to $0.67 per diluted share from $0.66 per diluted share during the first six months of fiscal 2006. Comparable store sales increased three percent, compared with an increase of five percent during the first six months of fiscal 2006.
For the third quarter of fiscal 2007, the company is estimating revenues between $347 and $351 million, an increase of six to seven percent. Comparable store sales are projected to rise by two to three percent. This follows an increase of nine percent in the third quarter offiscal 2006. Net income is projected to reach $0.38 to $0.40 per diluted share, assuming an average of approx. 95.0 to 95.5 million shares outstanding.
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