Too racks up 78% EPS increase
Aug 14, 2002 12:00 PM, by David Sokol, Associate Editor
Ohio retailer Too, Inc. has reported earnings per diluted share (EPS) of $.16 for the second quarter 2002, which exceeds its previously expected range of $.14 to $.15 per share. Today’s figure represents a 78% increase over second quarter 2001 earnings per diluted share. Net income for the quarter was $5.5 million compared to $2.9 million reported for 2001.
The company attributed the earnings improvement primarily to Limited Too's higher merchandise margins and lower expenses as a percentage of net sales. Net sales are consistently higher than 2001’s balance sheets; for example, net sales for the first half of fiscal year 2002 were $299.8 million, compared to $262.1 the year prior, a 14% increase. In the 13 weeks ended August 3, it was $11.4 million versus $6.7 million for the same period in 2001.
Same-store sales, however, have been flat in comparison to the second quarter of 2001. The company’s impressive EPS increase, then, may have something to do with store expansion. And indeed, that’s exactly what the girls’ and young women’s specialty retailer is doing.
The company sells apparel and its accoutrements (swimwear, footwear and personal care products, to name a few) to girls ages 7-14, and Limited Too now has 485 stores in 46 states and Puerto Rico, as well as a catalog, to its name. Too also operates 11 ‘mishmash’ stores throughout the U.S., offering personal care products, sportswear, intimate apparel, shoes, accessories and lifestyle products for 14-19 year-olds.
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