Claire’s European sales lag
Accessories retailer boosted by strong home sales
November 22 2003
Claire’s European sales growth is still lagging behind its core US operation, the accessories retailer has reported.
In the three months to November 1, profits increased by 109 per cent to $25.3m on sales up 15 per cent to $264.2m
Total same store sales for the third quarter increased eight per cent, with Claire’s North America and the Icing by Claire’s chain seeing growth in the low teens, compared to a decline in Claire’s Europe in low single digits.
Bonnie Schaefer co-chairman and co-chief executive said: “Our performance in North America generated strong same store sales results at both Claire’s North America and Icing by Claire’s.
“We are particularly pleased with the third quarter improvement at our Icing by Claire’s stores. Increased differentiation of the two store concepts is bringing new vitality to our Icing chain, which caters to a core customer ranging in age from 16-23.
“Our European stores continue to deliver improved operating results in terms of margins, cash flow and profitability while lagging behind their US counterparts in terms of same store sales growth.”
Claire’s operates over 2,900 stores, including 690 in its European division.
