Large-size women's apparel and accessories seller United Retail Group Inc announced operating results for the second quarter and first half of fiscal 2005, ended July 30, 2005.
For the second quarter, net sales increased 13 percent to $114.7 from $101.3 million in the prior year period. Comparable store sales increased 15 percent for the fiscal quarter.
Net income for the second quarter was $4.1 million, or $0.31 per diluted share, compared with a net loss of $1.6 million, or a loss of $0.12 per share, in the second quarter of 2004.
For the first half of the fiscal year, net sales increased 11 percent to $221.2 million from $198.8 million in the prior year period. Comparable store sales increased 13 percent for the first half of the fiscal year.
Net income for the first half of the fiscal year was $5.1 million, or $0.39 per diluted share, compared with a net loss of $4.9 million, or a loss of $0.38 per share, in the prior year period.
Raphael Benaroya, the Company's Chairman of the Board, President and Chief Executive Officer, stated: "I believe improved financial results reflect a fundamental change in the business. The product, assortment composition, brand marketing and display have been the focus of company repositioning strategy. As these changes were taking hold, the customer responded more and more favorably. They will continue to focus their energy on strengthening the product line to differentiate the AVENUE brand andgenerate continued positive momentum."
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