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Claire's Stores Inc (CLE)

Revenue at Claire's Stores, Inc. Catches Wall St. By Surprise

07/09/2004 On Thursday, Claire's Stores, Inc. (CLE) announced that sales increased by 11%, exceeding Wall Street's expectations. The company also increased their guidance for the second quarter and the full year.

While the S&P 500 fell 1.1% for the week, CLE's stock jumped 8.5% on the positive announcement. CLE is part of our High-Dividend Blue Chip Stock Portfolio which has an average annual return of 27.3%.

Excerpts from the company's news release follows:

PEMBROKE PINES, Fla., July 8 -- PRNewswire-FirstCall/ -- Claire's Stores, Inc. (NYSE: CLE - News) reported today that comparable store sales for the five weeks ended July 3, 2004 increased 11 percent after increasing four percent during the corresponding five-week period last year. Total sales during the five-week period ended July 3, 2004 increased 16 percent to $116,757,000 compared with $101,072,000 for the comparable five-week period last year.

Comparable store sales results for June 2004 compared to June 2003 were as follows:

* Claire's North America: positive low teens
* Claire's International: positive mid single digits
* Icing by Claire's: positive high teens

Bonnie Schaefer, Co-Chairman and Co-CEO of Claire's Stores, Inc. said, "We are pleased that our efforts overseas have given rise to the reported improvement in comparable store sales. We have repeatedly stated that we are in the midst of a comprehensive overview of our international business and that numerous changes were being implemented. We do not expect to see the full impact of our actions until the second half of the fiscal year, but it is now clear that real progress is being made which we believe is both sustainable and transferable to each of the countries that make up the international division."

Marla Schaefer, Co-Chairman and Co-CEO of Claire's Stores, Inc. said, "The double digit performance of our North American business is continuing, with sales driven by jewelry and accessory selections that are providing customers with the looks they are seeking at attractive prices. Jewelry continues to be a great seller across the board, with interest as strong as it has been all year. Summer accessories such as sunglasses, flip flops and temporary tattoos are also selling well. Our back to school items will debut later this month, as we are setting that plan-o-gram in mid July."

Forward-looking Statements

This press release contains "forward-looking statements" which represent the Company's expectations or beliefs with respect to future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation: changes in consumer preferences and consumer spending for pre-teen, teen and young adult apparel and accessories; competition; general economic conditions; currency fluctuations and exchange rate adjustments; uncertainties generally associated with the specialty retailing business; disruptions in our supply of inventory; and uncertainty that definitive financial results may differ from preliminary financial results due to, among other things, final GAAP adjustments. These and other applicable risks, cautionary statements and factors that could cause actual results to differ from the Company's forward-looking statements are included in the Company's filings with the SEC, specifically as described in the Company's annual report on Form 10-K for the Fiscal year ended January 31, 2004. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. The historical results contained in this press release are not necessarily indicative of the future performance of the Company.

The company's complete press release can be found at www.claires.com.

Source: Claire's Stores, Inc.

 




 

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