Specialty retailer United Retail Group Inc announced earnings for the first quarter, ended April 29th 2006.
Net sales increased 2.7 percent to $109.4 million in the quarter from $106.5 million in the prior year period. Comparable store sales increased 3 percent in the quarter.
Comparable store sales data does not include online ('Shop @ Home') sales. Shop @ Home sales increased 73 percent for the first quarter. Operating income for the first quarter increased 251 percent to $3.0 million, or 2.8 percent of sales, from $0.9 million, or 0.8 percent of sales, in the comparable quarter last year.
Net income for the first quarter increased 93 percent to $1.9 million, or $0.14 per diluted share, versus $1.0 million, or $0.08 per diluted share, in the comparable quarter last year.
Raphael Benaroya, the Company's Chairman, President and CEO, said, "I am pleased with the solid first quarter results. The sales growth reflects strong customer acceptance across a broad range of products. Also, the sales momentum built up as the quarter progressed and, notably, was strongest in the company's two southernmost fashion regions."
He added, "Our online sales continued to grow rapidly. Importantly, the infrastructure is in place for us to leverage additional growth from the Internet."
United Retail Group Inc is a specialty retailer of large-size women's fashion apparel, footwear and accessories featuring Avenue brand merchandise. It operates 496 Avenue stores with 2,182,000 square feet of selling space, as well as the Avenue.com website at http://www.avenue.com.
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