Le Château Inc reported that sales increased 15.0% to $70.4 million for the first quarter ended April 28, 2007 as compared with $61.2 million for the first quarter ended April 29, 2006.
Comparable store sales increased by 10.0% versus the same period a year ago. Net earnings for the first quarter increased 68.6% to $4.6 million or $0.74 per share from $2.7 million or $0.45 per share for the same period last year.
Earnings before interest, income taxes, depreciation and amortization (EBITDA) for the first quarter increased 46.6% to $10.8 million or 15.3% of sales, compared to $7.4 million or 12.0% of sales last year.
Le Château's CEO Jane Silverstone Segal said, "The sales growth achieved during the first quarter resulted from a combination of the strong appeal of the Company's product offerings, as well as increased footage arising from new store openings and the expansion of certain stores."
During the first quarter, the Company opened four new stores, closed one store and expanded nine existing locations, resulting in the addition of 27,000 square feet or 3% to the Le Château network.
For the first five weeks ended June 2, 2007, total retail sales have increased 17.8% and comparable store sales have increased 12.5% over the same period a year ago.
The Board of Directors has declared a quarterly dividend (constituting eligible dividends for income tax purposes) of $0.50 per Class A subordinate voting share and Class B voting share (on a pre-split basis).
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