Leading annual stockholder meeting of Tween Brands Inc, three directors were elected to three year terms on the Company's Board of Directors. David A. Krinsky, Kenneth T. Stevens and Kenneth J. Strottman were each elected to serve three-year terms expiring at the 2010 annual meeting. Stockholders also ratified the selection of Deloitte & Touche LLP as the company's independent registered public accounting firm for the current fiscal year.
Tween Brands Chairman and CEO Mike Rayden reported to stockholders on the Company's financial and operating performance during 2006, and gave an update on the strategies for future growth. Highlights of Mr. Rayden's report included:
• Record net sales for 2006 of $883.7 million, a 17% increase on 2005 sales:
• A 22% increase in earnings per diluted share for 2006 to $1.95, another record;
• A return of nearly $130 million to shareholders during 2006 and early 2007 through the company's on-going share repurchase program;
• The opening of 67 new Justice stores throughout the U.S. during 2006;
• The successful launch of birthday parties at Justice stores and the brands first catazine issues;
• The plan to open 100 Justice stores in 2007 and a net increase of 25 to 30 new Limited Too stores and the remodeling of 40 to 50 older stores;
• The expansion of the Company's home office to accommodate the growing needs of the business and the acquisition of adjacent property to provide for future growth;
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