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Reports August Same Store Sales Increase Eight Percent
PEMBROKE PINES,
Fla., September 4, 2003 -- Claire's Stores, Inc. (NYSE:CLE) reported
today that same store sales for the four weeks ended August 30, 2003
increased eight percent, versus an increase of five percent during
August of Fiscal 2003. Total sales during that four-week period increased
13 percent to $87,686,000 compared with $77,917,000 for the same four-week
period last year.
Same store sales by brand for August were as follows:
* Claire's North America: positive low double digits
* Claire's Europe: even
* Icing by Claire's (Afterthoughts): positive high single digits
For the first seven months of Fiscal 2004, sales have increased by 12
percent to $592,462,000 compared to sales of $527,006,000 for the comparable
period last year. Same store sales increased six percent for the first seven
months of this fiscal year, versus an increase of one percent during the first
seven months of Fiscal 2003.
Bonnie Schaefer, acting Co-Chairman and Co-CEO of Claire's Stores, Inc.
said, "We are beginning to see what we hope will represent continuous
improvement in Europe. During August our performance improved, with same
store sales moving from negative low single digits last month to a flat
position in August. This improvement occurred despite the terrible heat that
prevailed throughout Europe and the measurable decline in American, Canadian
and Asian tourists that are typically present. Margins remained strong
throughout the month. Our new fall merchandise is flowing into the stores on
a daily basis and initial acceptance appears to be positive."
Marla Schaefer, acting Co-Chairman and Co-CEO of Claire's Stores, Inc.
said, "The month of August saw strong traffic in North American malls. Both
Claire's and Icing by Claire's customers found new jewelry and accessories in
our stores that coordinates perfectly with the hottest fall apparel trends.
Early results indicate that our fall merchandise is being met with enthusiasm.
As in Europe, margins remain strong."
Company Overview
Claire's Stores, Inc., is a leading international specialty retailer
offering value-priced costume jewelry and accessories to fashion-aware tweens,
teens and young adults through its two store concepts: Claire's Accessories
(North America and Europe) and Icing by Claire's. As of August 31, 2003,
Claire's Stores, Inc. operated approximately 2,800 stores in the United
States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland,
Switzerland, Austria, Germany and France. Claire's Stores, Inc. also operates
through its subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as
a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.).
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 and teen apparel and accessories, competition,
general economic conditions, currency fluctuations, uncertainties generally
associated with the specialty retailing business, and potential difficulties
or delays in identifying, attracting and retaining qualified individuals to
serve in senior management positions 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 February 1, 2003. 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.
Reports Record Second Quarter Earnings PEMBROKE PINES, Fla., August 21, 2003 -- Claire's Stores, Inc. (NYSE:CLE) today announced results for the second quarter of Fiscal 2004 and provided guidance relating to financial results for the third quarter and the balance of the year. The Company also announced the declaration of the regular quarterly dividend on its Common and Class A Common stock. Income from continuing operations for the second quarter of Fiscal 2004, which ended August 2, 2003, increased by 47 percent to a record $22.2 million, or a record $0.45 per diluted share, compared with $15.1 million or $0.31 per diluted share for the same period last year. For the second quarter of Fiscal 2004 net sales increased 11 percent to $264.9 million, compared with $238.7 million for the same period last year. Same store sales increased five percent during this period versus four percent in the second quarter of last year. Net income for the second quarter was a record $22.2 million or $0.45 per diluted share, compared to $16.9 million and $0.35 per diluted share for last year's second quarter. Quarterly comparable same store sales by brand were as follows: -- Claire's
North America: positive high single digits Commenting on second quarter results, Acting Co-Chairman and Co-Chief Executive Officer, Marla Schaefer, said, "Our first quarter produced significant growth in revenues and EPS, a trend we continued during the second quarter. Signs of economic improvement are tentative at best. Despite this factor, we successfully drew customers into our stores and generated strong sales during the second quarter without the need for some of the promotional activity initially planned. As a result, we generated additional revenue and stronger than anticipated margins, giving rise to substantial growth in diluted EPS from continuing operations versus the second quarter of Fiscal 2003. The retail environment undoubtedly remains challenging. We believe, however, that our continued strong performance is attributable to our success at providing customers with merchandise that is simultaneously fresh, desirable and affordable." Bonnie Schaefer, Acting Co-Chairman and Co-Chief Executive Officer, made further comments with respect to second quarter results and also provided guidance with respect to the third quarter and full fiscal year. Claire's North America and Icing by Claire's each generated positive same store sales results that were in line with our internal projections. The shortfall, and negative same stores sales results, experienced in Europe are attributable to a number of unusual events, some of which were not foreseeable. Strikes in France and an extraordinary heat wave across Europe negatively impacted store traffic, with France being the most severely affected. Inventory issues in France have been addressed and fresh merchandise is now flowing into the stores. Our projections for the second half of the year take into account not only the continuing difficulties in Europe but the exceptionally high growth in same stores sales produced during the second half of last year in contrast to performance in the months following September 11, 2001. Revenues for the third quarter of Fiscal 2004 are projected within a range of $249 to $251 million compared to $230 million during the third quarter of last year, while same stores sales are projected to rise by approximately four percent. Income from continuing operations is estimated at $15 to $16 million for the third quarter, with diluted EPS of $0.31 to $0.32. For the full year, we are raising our guidance with respect to diluted EPS to $2.05 from our most recent guidance of $1.95. This compares to the $1.59 per diluted share reported for the fiscal year ended February 1, 2003. Year to Date Results For the first six months of Fiscal 2004, revenues grew 12.3 percent to $504.7 million from $449.1 million, while gross profit margins increased by 300 basis points to 52 percent versus 49 percent. Net income from continuing operations increased to $37.7 million or $0.77 per diluted share, from $23.4 million or $0.48 per diluted share, an increase of 61 percent. Same store sales increased six percent, versus an increase of only one percent during the first six months of fiscal 2003. Regular Quarterly Dividend The Company also announced that its Board of Directors has declared the regular quarterly cash dividend of $0.06 per share of Common stock and $0.03 per share on its Class A Common stock. Payment will be made on September 19th, 2003 to shareholders of record on September 5th , 2003. Conference Call Information The Company will host a conference call for the second quarter of Fiscal 2004 on August 21, 2003, at 10:00 a.m. (EST). The call in number is 312-470-0029 and the password is Claires. A replay will be available through Friday August 29, 2003, at 2.00 p.m. The replay number is 402-998-0758 and the password is 25247. The conference call is also archived on the Company's corporate website at http://www.clairestores.com under the link for Financial Information. Company Overview Claire's Stores, Inc., is a leading international specialty retailer offering value-priced costume jewelry and accessories to fashion-aware tweens, teens and young adults through its two store concepts: Claire's (North America and Europe) and Icing by Claire's. As of August 2, 2003, Claire's Stores, Inc. operated approximately 2,800 stores in the United States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland, Switzerland, Austria, Germany and France. Claire's Stores, Inc. also operates through its subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.). 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 and teen apparel and accessories, competition, general economic conditions, currency fluctuations, uncertainties generally associated with the specialty retailing business, and potential difficulties or delays in identifying, attracting and retaining qualified individuals to serve in senior management positions 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 February 1, 2003. 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. Invites You to Join Its Second Quarter Earnings Conference Call
PEMBROKE PINES, FL., August 18, 2003 -- In conjunction with Claire's
Stores, Inc.'s (NYSE:CLE) second quarter earnings release, you are
invited to listen to its conference call on Thursday, August 21, 2003
at 10:00 am EST with Marla Schaefer, Acting-Co-Chairman & Chief
Executive Officer; Bonnie Schaefer, Acting-Co-Chairman & Chief
Executive Officer; and Ira Kaplan, Chief Financial Officer, Claire's
Stores, Inc.
What: Claire's Stores, Inc. Second Quarter Earnings Conference
Call
When: Thursday, August 21st at 10:00 am EST
How: Call In: 1-312-470-0029
Password: CLAIRES
Live over the Internet: Log onto our web site:
http://www.irconnect.com/cle/pages/conference.mhtml
Instant Replay: 1-402-998-0758
Password: 25247
The conference call will be archived on our web site
through August 29, 2003
http://www.irconnect.com/cle/pages/conference.mhtml
Company Overview
Claire's Stores, Inc., is a leading international specialty retailer
offering value-priced costume jewelry and accessories to fashion-aware
tweens, teens and young adults through its two store concepts: Claire's
Accessories (North America and Europe) and Icing by Claire's. As of
July 31, 2003, Claire's Stores, Inc. operated approximately 2,800
stores in the United States, the Caribbean, Puerto Rico, Canada, the
United Kingdom, Ireland, Switzerland, Austria, Germany and France.
Claire's Stores, Inc. also operates through its subsidiary Claire's
Nippon, Co., Ltd., over 100 stores in Japan as a 50:50 joint venture
with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.).
Reports July Same Store Sales Increase Four Percent
PEMBROKE PINES, Fla., August 7, 2003 -- Claire's Stores, Inc. (NYSE:CLE) reported today that same store sales for the four weeks ended August 2, 2003 increased four percent. Total sales during that four-week period increased eight percent to $85,871,000 compared with $79,713,000 for the same period last year. Same store sales by brand for July were as follows: * Claire's North America: positive mid single digits Sales for the second quarter ended August 2, 2003, increased 11 percent to $265,201,000 compared with $238,584,000 for the second quarter of last year. Same store sales increased five percent compared with an increase of four percent in the second quarter of last year. For the first six months of fiscal 2004, sales increased 12 percent to $504,776,000 compared to sales of $449,089,000 for the comparable period last year. Year to date, same store sales increased six percent compared with an increase of one percent during the first six months of fiscal 2003. Bonnie Schaefer, acting Co-Chairman and CEO of Claire's Stores, Inc. said, "Europe continues to be a challenging business environment, especially in France. The slowdown in sales in that country has led to certain merchandise categories being over-inventoried. We are addressing this situation by taking higher than normal promotions to move merchandise during the government regulated sales period. These additional promotions, however, negatively impacted our overall July same store sales performance in Europe. We expect trends in France to change as stores receive their fresh fall merchandise assortment. On a positive note, our European operations continue to benefit from improved foreign exchange rates, which are helping us to maintain strong margins in that region." Marla Schaefer, acting Co-Chairman and CEO of Claire's Stores, Inc. said, "On the domestic front, Claire's North America and Icing by Claire's performed well and are continuing to benefit from the strength in jewelry. The changes in buying practices instituted at Icing by Claire's several months ago are beginning to take effect. While we do not expect highly visible results before September, the improvement in same store sales at Icing is early evidence that our actions are being well received by the Icing customer. We are raising our guidance with respect to second quarter EPS on a diluted basis from $0.40 to a range of $0.42 to $0.43, primarily as a result of stronger merchandise margins in both North America and Europe than earlier expected." The Company will host a conference call for the second quarter of Fiscal 2004 on Thursday August 21, 2003, at 10:00 a.m. (E.D.T.). The call in number is 312-470-0029 and the password is "Claire's". A replay will be available through Friday August 29, 2003, at 2:00 p.m. (E.D.T.). The replay number is 402-998-0758 and the password is 25247. Company Overview Claire's Stores, Inc., is a leading international specialty retailer offering value-priced costume jewelry and accessories to fashion-aware tweens, teens and young adults through its two store concepts: Claire's Accessories (North America and Europe) and Icing by Claire's. As of July 31, 2003, Claire's Stores, Inc. operated approximately 2,800 stores in the United States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland, Switzerland, Austria, Germany and France. Claire's Stores, Inc. also operates through its subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.). 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 and teen apparel and accessories, competition, general economic conditions, uncertainties generally associated with the specialty retailing business, and potential difficulties or delays in identifying, attracting and retaining qualified individuals to serve in senior management positions 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 February 1, 2003. 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.
Reports June Same Store Sales Increase Four Percent
PEMBROKE PINES, Fla, July 10, 2003 -- Claire's Stores,
Inc. (NYSE:CLE) reported today that same store sales for the five weeks ended
July 5, 2003 increased four percent. Total sales during that five-week period
increased eleven percent to $101,072,000 compared with $91,068,000 for the
same period last year.
Same store sales by brand for June were as follows:
* Claire's North America: positive mid single digits
* Claire's Europe: even
* Icing by Claire's (Afterthoughts): positive low single digits
E. Bonnie Schaefer, acting Co-Chairman and CEO of Claire's Stores, Inc.
said, "On the international front, June turned out to be a month of major
swings in weekly performance. As we previously reported, the early part of
the month was particularly difficult in Europe where the weak economy
continued to impact sales and strikes throughout France had a negative effect
on our business in that country. The last half of the month however saw a
significant upturn in our U.K. business as good weather and higher traffic
drove sales. In France, strikes wound down, enabling business to return to a
more normal pattern. Together, these events enabled us to finish even in
Europe in contrast to the negative results we anticipated earlier."
Marla Schaefer, acting Co-Chairman and CEO of Claire's Stores, Inc. said,
"On the domestic front, Claire's North America performed in line with our
expectations. We are continuing to refine the Icing concept and have
instituted new initiatives to better address that core customer. We expect
those changes to be reflected in our September sales.
We believe we are on track to meet the five to six percent increase in
consolidated same store sales projected for the second quarter. We are
planning a four percent increase in consolidated same store sales for July.
Based on performance to date and our internal projections for the balance of
the month, we believe we will meet that target."
Company Overview
Claire's Stores, Inc., is a leading international specialty retailer
offering value-priced costume jewelry and accessories to fashion-aware tweens,
teens and young adults through its two store concepts: Claire's Accessories
(North America and Europe) and Icing by Claire's. As of June 30, 2003,
Claire's Stores, Inc. operated approximately 2,800 stores in the United
States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland,
Switzerland, Austria, Germany and France. Claire's Stores, Inc. also operates
through its subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as
a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.).
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 and teen apparel and accessories, competition,
general economic conditions, uncertainties generally associated with the
specialty retailing business, and potential difficulties or delays in
identifying, attracting and retaining qualified individuals to serve in senior
management positions 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 February 1, 2003. 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.
Revises Second Quarter Guidance While Reaffirming Guidance For Fiscal 2004
PEMBROKE PINES, Fla., June 24, 2003 -- Claire's Stores,
Inc. (NYSE:CLE) announced that at its 2003 Annual Meeting held earlier today
two new independent directors were added to the Board. The Company also
announced modified same store sales guidance and reaffirmed diluted earnings
per share guidance.
Election of Directors
Nine directors were elected to serve for a term of one year each at the
2003 Annual Meeting of Shareholders held today. They are: Rowland Schaefer;
Marla Schaefer; E. Bonnie Schaefer; Ira Kaplan; Bruce Miller; Steven Tishman;
Todd Jick; Ann Spector Lieff; and Carl Youngman.
Ann Spector Lieff and Carl Youngman are newly elected Directors. With
their presence on the Board the number of independent directors rises to five,
constituting a majority of the Board.
Ann Spector Lieff is the founder and President of The Lieff Company, a
consulting group specializing in CEO mentoring, leadership development and the
development of corporate strategies to further business objectives.
Prior to founding The Lieff Company, Ms. Spector Lieff spent over twenty-
five years at SPEC's Music, a specialty retailer, where she focused on
merchandising, marketing, operations and real estate. She held a variety of
positions within the company, including serving as CEO from 1980 through 1998,
and steered the company through its initial public offering in 1985 and sale
to Camelot Music in 1998.
Ms. Spector Lieff serves on the Board of Directors of Herzfeld Caribbean
Basin Fund, Hastings Entertainment, Inc. and Mayors Jewelers, Inc. She also
sits on the Executive Advisory Board of the University of Denver, Daniels
College of Business. She is the past president of the National Association of
Record Merchandisers (NARM) and currently is a member of the Committee of 200
and the World President's Organization.
Carl Youngman has served, since 1972, as Senior Partner in Youngman and
Charm, a consulting firm that provides directorship services and helps
management teams address operational and financial issues. Throughout his
career he has worked with a variety of companies engaged in diverse
businesses, and served as Chairman, CEO, President, Director or advisor to
many of those companies. Representative clients include Ben & Jerry's
Homemade, Inc., Au Bon Pain, Hub Mail, Docktor Pet Centers, Inc., Command
Performance and The Sun Times Distribution Company.
Currently, he is the Chairman of Omni Facility Services, a company
specializing in maintenance services, a position he has held since 2001, and
Chairman of Uniscribe Professional Services, which provides outplacement
services to legal and industrial firms, a position he has held since 2002.
Since 2000, Mr. Youngman has served as a Managing Director of Triumph Capital
Group, Inc., a venture capital firm.
Marla Schaefer, Acting Co-Chairman and CEO stated, "We are extremely
pleased that Ann and Carl have joined the Claire's Stores Board of Directors.
As you know, it can be extremely difficult to identify independent directors
with appropriate backgrounds. In addition, their presence on our Board
results in early compliance with proposed NYSE rules we expect to be formally
adopted later this year."
E. Bonnie Schaefer, Acting Co-Chairman and CEO added that, "Our objective
was not merely to increase the number of independent directors on our Board
but to add individuals possessing expertise that will benefit management and
help contribute to the Company's growth and enhancement of shareholder value.
We are confident that they will each bring fresh and valuable insights to the
Board."
Earnings Guidance Reaffirmed
The Company reported that due to benefits resulting from the strength of
the euro along with continued strong margins in North America, it is
reiterating its EPS guidance. Specifically, the Company remains comfortable
with a projected diluted EPS of $0.40 for the second quarter and also believes
that diluted EPS for the full fiscal year can reach $1.95, an increase of
approximately 23 percent over fiscal 2003.
The Company modified its guidance with respect to second quarter same
store sales, reducing its projection to a range of five to six percent versus
an earlier projection of eight percent growth. Sales in Europe have been
weaker than originally expected as the economy has continued to suffer.
Furthermore, public sector strikes in France have continued to cause a variety
of significant disruptions, including reduced access to public transportation.
These disruptions have had an unanticipated negative effect on store traffic.
Company Overview
Claire's Stores, Inc., is a leading international specialty retailer
offering value-priced costume jewelry and accessories to fashion-aware tweens,
teens and young adults through its two store concepts: Claire's Accessories
(North America and Europe) and Icing by Claire's. As of May 31, 2003,
Claire's Stores, Inc. operated approximately 2,800 stores in the United
States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland,
Switzerland, Austria, Germany and France. Claire's Stores, Inc. also operates
through its subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as
a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.).
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 and teen apparel and accessories, competition,
general economic conditions, uncertainties generally associated with the
specialty retailing business, and potential difficulties or delays in
identifying, attracting and retaining qualified individuals to serve in senior
management positions 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 February 1, 2003. The Company undertakes no obligation to
update or revise any forward-looking statements to reflect subsequent events
or circumstances.
Reports May Same Store Sales Increase Seven Percent
PEMBROKE PINES,
Fla., June 5, 2003 -- Claire's Stores, Inc. (CLE) reported today same
store sales for the four weeks ended May 31, 2003 increased seven
percent. Total sales during that four-week period increased 15 percent
to $78,257,000 compared with $67,803,000 for the same period last
year.
Same store sales by brand for May were as follows:
* Claire's Accessories North America: positive low double digits
* Claire's Accessories Europe: negative low single digits
* Icing by Claire's (Afterthoughts): positive high single digits
E. Bonnie Schaefer, acting Co-Chairman and CEO of Claire's Stores, Inc. said, "Sales have been difficult in Europe due to economic uncertainties and public sector strikes in France. Despite this, we are seeing improved margins which, coupled with tight expense controls, are keeping us on track."
Marla Schaefer, acting Co-Chairman and CEO of Claire's Stores, Inc. said, "The consolidated sales we are reporting for the month of May are above plan. Despite bad weather in many parts of this country and the slowdown that routinely occurs after Easter and spring break, store traffic has continued to be strong. We remain comfortable with our guidance of earnings from continuing operations of $0.40 per diluted share for the second quarter of fiscal 2004. "
Company Overview
Claire's Stores, Inc., is a leading international specialty retailer offering value-priced costume jewelry and accessories to fashion-aware tweens, teens and young adults through its two store concepts: Claire's Accessories (North America and Europe) and Icing by Claire's. As of May 31, 2003, Claire's Stores, Inc. operated approximately 2,800 stores in the United States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland, Switzerland, Austria, Germany and France. Claire's Stores, Inc. also operates through its subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.).
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 and teen apparel and accessories, competition, general economic conditions, uncertainties generally associated with the specialty retailing business, and potential difficulties or delays in identifying, attracting and retaining qualified individuals to serve in senior management positions 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 February 1, 2003. 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.
Adopts Shareholder Rights Plan
PEMBROKE PINES, Florida, May 30, 2003 -- Claire's Stores, Inc. (NYSE:
CLE) announced today that its Board of Directors had adopted a
shareholder rights plan. The adoption of the rights plan provides
protection against unfair takeover tactics, and is designed to
encourage anyone seeking to acquire the Company or a significant stake
to first negotiate with the Board. The rights plan is similar to plans
adopted by many public companies, including other retailers. The
Company believes that the rights plan provides a sound and reasonable
means of safeguarding the interests of all shareholders should a
hostile effort be made to acquire the Company or a significant stake in
the Company.
"The purpose of the rights plan is to allow our Board to have
sufficient time to study and respond to any unsolicited attempt to
acquire the company or a significant stake in our company, and enable
all shareholders of Claire's to realize the full value of their
investment," said Marla Schaefer, Acting Co-Chairman and Co-Chief
Executive Officer. "The adoption of the rights plan is part of our
ongoing effort to implement prudent business practices, and is not in
response to any proposal or attempt to acquire Claire's," said Bonnie
Schaefer, Acting Co-Chairman and Co-Chief Executive Officer.
In connection with the adoption of the rights plan, the Board declared
a dividend of one preferred share purchase right for each outstanding
share of the Company's common stock and Class A common stock. Each
right, which is not presently exercisable, entitles the holder to
purchase one one-thousandth of a share of Series A Junior Participating
Preferred Stock. In the event that any person beneficially acquires 15%
or more of the outstanding shares of the Company's common stock, each
holder of a right (other than the acquiring person or group) will be
entitled to receive, upon payment of the exercise price, shares of
common stock having a market value of two times the exercise price. The
exercise price was set by the Board, after consultation with an
independent investment banking firm, at $130 per share. The rights will
trade with the Company's common stock and Class A common stock unless
they are separated upon the occurrence of certain future events. In
order to retain flexibility and the ability to maximize shareholder
value in the event of unknown future transactions, the Board retains
the power to redeem the rights for a nominal amount.
The distribution of the rights will be made on June 17, 2003, payable
to shareholders of record at the close of business on that date. In
conjunction with the distribution, details of the rights will be
contained in a letter that will be mailed to all holders of Claire's
Stores common stock and Class A common stock as of the record date, and
a copy of the complete shareholder rights plan will be included with
the appropriate filings with the SEC. The rights will expire in ten
years, unless earlier redeemed by the Board. The adoption of the rights
plan and the distribution of the rights is not dilutive, does not
affect reported earnings per share or Claire's Stores financial
results, and is not taxable to shareholders.
Company Overview
Claire's Stores, Inc., is a leading international specialty retailer
offering value-priced costume jewelry and accessories to fashion-aware
tweens, teens and young adults through its two store concepts: Claire's
Accessories (North America and Europe) and Icing by Claire's. As of May
3, 2003, Claire's Stores, Inc. operated approximately 2,800 stores in
the United States, the Caribbean, Puerto Rico, Canada, the United
Kingdom, Ireland, Switzerland, Austria, Germany and France. Claire's
Stores, Inc. also operates through its subsidiary Claire's Nippon, Co.,
Ltd., over 100 stores in Japan as a 50:50 joint venture with AEON, Co.,
Ltd. (fka JUSCO, Co. Ltd.).
Reports Record First Quarter Results
PEMBROKE PINES, Fla., May 22, 2003 -- Claire's Stores,
Inc. (NYSE:CLE) today announced results for the first quarter of Fiscal 2004,
provided updated guidance relating to financial results and plans with respect
to its Chairman, and declared that it had increased the regular quarterly
dividend on its Common and Class A Common stock.
For the first quarter of Fiscal 2004, which ended May 3, 2003, net sales
increased 14% to $239.8 million, compared with $210.4 million for the same
period last year. Same store sales increased 8% during this period.
Net income for the first quarter of Fiscal 2004 increased by 88% to
$15.6 million, or $0.32 per diluted share, compared with $8.3 million, or
$0.17 per diluted share, for the same period last year.
Quarterly comparable same store sales by brand were as follows:
* Claire's North America: positive low double digits
* Claire's Europe: positive low single digits
* Icing by Claire's: positive mid single digits
Commenting on first quarter results, Acting Co-Chairman and Co-Chief
Executive Officer, Marla Schaefer, said, "Last year, despite the difficult
economic climate that prevailed, we succeeded in delivering financial results
that exceeded our plan and showed significant growth from the prior fiscal
year. As Fiscal 2004 unfolds, we are seeing little in the way of an economic
upturn and continued weakness in retail sales. Nevertheless, during our first
quarter we produced significant growth in revenues and EPS. We believe this
is attributable to our intense focus on providing our customers with
affordable merchandise they want due to its newness and fashion relevance."
Bonnie Schaefer, Acting Co-Chairman and Co-Chief Executive Officer, said,
"We are pleased that all divisions produced positive same store sales results
in this difficult retail environment. We expect our momentum to continue into
the second quarter and, accordingly, we are estimating earnings of $0.40 per
diluted share for the second quarter compared to $0.31 for the same period
last year. We are increasing our previous earnings guidance relating to the
full fiscal year from $1.76 per diluted share to $1.95 per diluted share.
This compares to the $1.59 per share reported for the fiscal year ended
February 1, 2003."
Chairman and Chief Executive Officer Extends Leave of Absence
The Company announced that the leave of absence of Rowland Schaefer,
Chairman and Chief Executive Officer, which began in November 2002, will be
extended for an additional six months. Marla Schaefer and Bonnie Schaefer
will continue to serve in their joint roles as Acting Co-Chairmen of the Board
and Acting CEO, as previously authorized by the Board of Directors.
Increased Quarterly Dividend
The Company also announced that its Board of Directors has declared an
increase in its cash dividend. The quarterly dividend payable on the common
stock is being increased to $0.06 per share from $0.04 per share and the
quarterly dividend on its Class A common stock is being increased to $0.03 per
share from $0.02 per share. Payment will be made on June 20th, 2003 to
shareholders of record on June 6th, 2003.
Conference Call Information
The Company will host a conference call for the first quarter of Fiscal
2004 on May 22, 2003, at 10:00 a.m. (EDT). The call in number is 312-470-0029
and the password is "Claires." A replay will be available through Friday May
30, 2003, at 3 p.m. The replay number is 402-998-0758 and the password is
25247. The conference call is also being webcast and archived until May 30th,
2003 at www.clairestores.com under the icon for financial information.
Company Overview
Claire's Stores, Inc., is a leading international specialty retailer
offering value-priced costume jewelry and accessories to fashion-aware tweens,
teens and young adults through its two store concepts: Claire's Accessories
(North America and Europe) and Icing by Claire's. As of May 3, 2003, Claire's
Stores, Inc. operated approximately 2,800 stores in the United States, the
Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland, Switzerland,
Austria, Germany and France. Claire's Stores, Inc. also operates through its
subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as a
50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.).
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 and teen apparel and accessories, competition,
general economic conditions, uncertainties generally associated with the
specialty retailing business, and potential difficulties or delays in
identifying, attracting and retaining qualified individuals to serve in senior
management positions 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 February 1, 2003. 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.
Invites You to Join Its First Quarter Earnings Conference Call
PEMBROKE PINES, Fla., May 19, 2003 -- In conjunction with Claire's
Stores, Inc.'s (NYSE: CLE) first quarter earnings release, you are
invited to listen to its conference call on Thursday, May 22, 2003 at
10:00am EST with Marla Schaefer, Acting Co-Chairman & Co-Chief
Executive Officer; Bonnie Schaefer, Acting Co-Chairman & Co-Chief
Executive Officer; and Ira Kaplan, Chief Financial Officer, Claire's
Stores, Inc.
What: Claire's Stores, Inc. First Quarter Earnings
When: Thursday, May 22nd at 10:00 am EST
How: Call In: 1-312-470-0029
Password: CLAIRES
Live over the Internet: Log onto our web site:
http://www.irconnect.com/cle/pages/conference.mhtml
Instant
Replay: 1-402-998-0758
Password: 25247
Conference call will be archived on our web site
through May 30, 2003
http://www.irconnect.com/cle/pages/conference.mhtml
Claire's Stores, Inc. is a leading international specialty retailer
selling value-priced fashion accessories to predominantly appeal to
pre-teen and teenage females as well as young adults. We have two
stores concepts Claire's, which caters to girls and teens in the 7 to
14 age range, and Icing by Claire's, which caters to teens and young
women in the 15 to 26 age range. As of May 3, 2003, Claire's Stores,
Inc. operated approximately 2,800 stores in the United States, the
Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland,
Switzerland, Austria, Germany and France. Claire's Stores, Inc., also
operates through its subsidiary Claire's Nippon, Co., Ltd.,
approximately 110 stores in Japan as a 50:50 joint venture with AEON,
Co., Ltd. (fka JUSCO, Co. Ltd.).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995: This 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 and
teen apparel and accessories, competition, and economic conditions in
North America, Europe, United Kingdom and Japan. 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 February 1, 2003.
Reports April Same Store Sales Increase 15%; Increases Guidance for First Quarter
PEMBROKE PINES, Fla., May 8, 2003 -- Claire's Stores,
Inc. (NYSE:CLE) reported today same store sales for the four weeks ended
May 3, 2003 increased 15 percent while total sales increased 21 percent to
$81,910,000 compared with $67,912,000 reported for the same period last year.
Same store sales by brand for April 2003 were as follows:
* Claire's Accessories North America: positive low twenties
* Claire's Accessories Europe: positive mid single digits
* Icing by Claire's: positive low double digits
"Performance for our Claire's and Icing by Claire's divisions for the
month of April far exceeded our expectations. As a result, we are increasing
our guidance from $0.21 to a range of $0.24 to $0.26 per diluted share from
continuing operations for the first quarter of fiscal 2004, compared with
$0.17 per diluted share for the same period last year." said Marla Schaefer,
Vice Chairman of Claire's.
"Claire's and Icing by Claire's are the destination stores for jewelry and
accessories. We continue to give our customer what she wants by offering a
wide selection of fashion newness and basics to keep her coming back to our
stores. This has resulted in strong performance across all departments with
no particular item driving sales." said Bonnie Schaefer, Vice Chairman of
Claire's.
FIRST QUARTER WEBCAST AND CONFERENCE CALL INFORMATION
Claire's will host a summary of First quarter results in a live conference
call and real-time webcast at approximately 10:00 a.m. on May 22nd. Please
call 312-470-0029 and the password is Claires. A replay will be available
through Friday, May 30th. The replay number is 402-998-0758 and the password
is 25247. The webcast is located under http://www.irconnect.com/cle/pages/conference.mhtml.
Replay of this event will also be available on http://www.irconnect.com/cle/pages/conference.mhtml
until May 31st.
Claire's Stores, Inc., is a leading international specialty retailer
offering value-priced costume jewelry and accessories to fashion-aware tweens,
teens and young adults through its two store concepts: Claire's Accessories
(North America and Europe) and Icing by Claire's. As of May 3, 2003, Claire's
Stores, Inc. operated approximately 2,800 stores in the United States, the
Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland, Switzerland,
Austria, Germany and France. Claire's Stores, Inc. also operates through its
subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as a 50:50
joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.).
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 and teen apparel and accessories, competition,
general economic conditions, uncertainties generally associated with the
specialty retailing business, potential difficulties or delays in identifying,
attracting and retaining qualified individuals to serve in senior management
positions 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 February 1, 2003. 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.
Reports March Same Store Sales Increase
PEMBROKE PINES, Fla., April 10, 2003 -- Claire's Stores,
Inc. (NYSE: CLE) reported today same store sales for the five weeks ended
April 5, 2003 increased 3 percent while total sales increased 9 percent to
$90,800,000 compared with $83,551,000 reported for the same period last year.
Same store sales by brand for March 2003 were as follows:
* Claire's Accessories North America: positive mid single digits
"We expected same store sales comparisons to be positive low single digits
for Claire's North America and slightly negative for Claire's Europe for the
month of March due to the shift in Easter from March last year to April this
year. However, the performance for March came in ahead of plan in terms of
both sales and profitability. Our same store sales plan for April is in the
11 to 13 percent range," said Bonnie Schaefer, Vice Chairman of Claire's.
"Due to the better than expected performance in March and continued strong
same store sales trends, we feel comfortable increasing our earnings guidance
to 21 cents, from 19 cents, per diluted share for the first quarter of fiscal
2004. Our merchants have produced a strong spring presentation in the stores
and our customers are responding extremely well," said Marla Schaefer, Vice
Chairman of Claire's.
Claire's Stores, Inc., is a leading international specialty retailer
offering value-priced costume jewelry and accessories to fashion-aware tweens,
teens and young adults through its two store concepts: Claire's Accessories
(North America and Europe) and Icing by Claire's. As of April 1, 2003,
Claire's Stores, Inc. operated approximately 2,800 stores in the United
States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland,
Switzerland, Austria, Germany and France. Claire's Stores, Inc. also operates
through its subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as
a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.).
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 and teen apparel and accessories, competition,
general economic conditions, uncertainties generally associated with the
specialty retailing business, potential difficulties or delays in identifying,
attracting and retaining qualified individuals to serve in senior management
positions 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 February 2, 2002. 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.
Names Chief Operating Officer And Chief Administrative Officer of Claire's North America
PEMBROKE PINES, Fla., April 8, 2003 -- Claire's Stores, Inc. (NYSE: CLE) today announced that two key executives have been promoted to senior management positions within Claire's North America, the Company's primary division encompassing all Claire's Stores and Icing by Claire's North American business. This action fills two crucial positions in furtherance of the Company's stated objective of increasing the depth of talent at the highest levels of Claire's North America.
Effective immediately, Nancy Rich will serve as Chief Operating Officer of Claire's North America, with responsibility for merchandising, field operations and store operations. Joseph A. DeFalco will serve as Chief Administrative Officer, with responsibility for human resources, distribution and all other Claire's North America departments except merchandising and store operations. Ms. Rich will report directly to the Co-Vice Chairmen of Claire's Stores, Inc., Marla Schaefer and Bonnie Schaefer. Mr. DeFalco will report directly to Ms. Rich.
Commenting on the announcement, Marla Schaefer stated: "We retained Herbert Mines & Associates, a recruiting firm specializing in the retail industries, to conduct this COO search. We interviewed numerous candidates, from inside and outside the company in search of the right person to fill this key position. We ultimately concluded that Nancy possessed all of the criteria we were seeking in a new COO of Claire's North America. At the same time, we determined that Joe possessed all of the qualifications needed to assume the position of CAO of Claire's North America. We are continuing to work with Herbert Mines & Associates to fill the position of COO of Claire's Stores, Inc."
Bonnie Schaefer added: "Last year's retailing environment was a difficult one. Lacking a COO at Claire's North America, Nancy rose to the occasion and exhibited superb leadership qualities that contributed significantly to the strong performance of our key subsidiary. She proved her ability to assume this job and we are delighted to promote her to a more senior level within the organization. Joe's importance to Claire's has grown steadily as he has assumed additional responsibilities and proven his ability to handle increasingly complex administrative issues. We believe that working together, Nancy and Joe will contribute greatly to the future growth of Claire's North America and the continued strengthening of the Claire's Stores and Icing by Claire's brands."
Nancy Rich, a seven-year veteran of Claire's, has risen steadily within the organization. She joined the company as a Regional Sales Manager and held a variety of positions including her most recent, Executive Vice President of Claire's North America. In that capacity Ms. Rich was responsible for store operations and merchandising efforts for approximately 2,400 Claire's Stores and Icing by Claire's stores located in North America. Prior to joining Claire's, Ms. Rich held various senior management positions for specialty retail companies including Phillips Van-Heusen, Corp., Clothestime, Corp. and Rainbow Apparel (d/b/a Rainbow Shops and Foxmoor), where she was responsible for building, managing and upgrading field operations.
Mr. DeFalco joined Claire's four years ago as Vice President of Human Resources. Prior to joining Claire's, Mr. DeFalco spent approximately 20 years in human resource positions at companies including Sportmart, Inc. and Wieboldt Stores, Inc.
Background Information
Claire's Stores, Inc., is a leading international specialty retailer offering value-priced costume jewelry and accessories to fashion-aware tweens, teens and young adults through its two store concepts: Claire's Accessories (North America and Europe) and Icing by Claire's. As of March 1, 2003, Claire's Stores, Inc. operated approximately 2,800 stores in the United States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland, Switzerland, Austria, Germany and France. Claire's Stores, Inc. also operates through its subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.).
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 and teen apparel and accessories, competition, general economic conditions, uncertainties generally associated with the specialty retailing business, and potential difficulties or delays in identifying, attracting and retaining qualified individuals to serve in senior management positions. 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 February 2, 2002. 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.
Reports Fiscal 2003 Fourth Quarter and Full-Year Results
PEMBROKE PINES, Fla., March 13, 2003 -- Claire's Stores,
Inc. (NYSE:CLE) today announced sales and earnings for the fourth quarter and
fiscal year 2003, which ended February 1, 2003. All numbers are unaudited.
Fourth Quarter
Full Year
Marla Schaefer, Vice Chairman of Claire's, added, "Fiscal 2003 was an
unusually difficult year in which to do business. Weak consumer confidence
led to a very weak retail environment. The holiday season was short and bad
weather affected mall traffic in some areas of the country. We also had to
deal with the West Coast dock workers strike and the increased costs of
shipping. Despite all of these challenges, we delivered financial results
that exceeded our plan and showed an improvement from the prior fiscal year.
We also maintained our focus on the key elements for driving top and bottom
line growth with tight inventory management, strong merchandise margins and
expense control. But more importantly we kept our collective eyes on the
long-term health of our brands."
Bonnie Schaefer, Vice Chairman of Claire's said "Our goals for fiscal 2003
were to improve our financial performance with increasing sales and operating
margins. Clearly we accomplished what we set out to do as our focus resulted
in record sales and earnings which consistently exceeded expectations
throughout the year. Although we anticipate the geopolitical and economic
environment will remain challenging and mall traffic will remain weak in
fiscal 2004, we are planning for a positive 3-4% same store sales growth for
fiscal 2004. Our store-opening plan is for 150 new stores with 89 store
closings. Going forward, the majority of our store openings will be
concentrated in Europe."
BUSINESS OUTLOOK FOR THE FIRST QUARTER AND FULL FISCAL YEAR 2004
FOURTH QUARTER WEBCAST AND CONFERENCE CALL INFORMATION
Claire's Stores, Inc., is a leading international specialty retailer
offering value-priced costume jewelry and accessories to fashion-aware tweens,
teens and young adults through its two store concepts: Claire's Accessories
(North America and Europe) and Icing by Claire's. As of March 1, 2003,
Claire's Stores, Inc. operated approximately 2,800 stores in the United
States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland,
Switzerland, Austria, Germany and France. Claire's Stores, Inc. also operates
through its subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as
a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.).
Forward-looking Statements
Reports February Same Store Sales Increase 6%
PEMBROKE PINES, Fla., March 6, 2003 -- Claire's Stores,
Inc. (NYSE:CLE) reported today same store sales for the four weeks ended
March 1, 2003 increased 6 percent while total sales increased 13 percent to
$66,918,000 compared with $59,042,000 reported for the same period last year.
Same store sales by brand for February 2003 were as follows:
* Claire's Accessories North America: positive low double digits
"Last year we strategically took a conservative approach with our Icing by
Claire's division until we had gone through a complete business cycle. That
division made great strides and beat plan for fiscal 2003. We believe we have
a huge opportunity in terms of both sales and earnings for fiscal 2004 and
feel comfortable taking a more aggressive approach with that division for
fiscal 2004," said Marla Schaefer, Vice Chairman of Claire's.
"We were pleased that February same store sales continued our positive
trends despite continued economic and geopolitical pressures as well as tough
weather conditions over the key Presidents holiday weekend. In fact, February
marks the tenth consecutive month of positive same store sales for Claire's
and a great start for fiscal 2004. During February our margins remained strong
and we feel our inventory levels are appropriate for current sales
expectations," said Bonnie Schaefer, Vice Chairman of Claire's.
Fourth Quarter Webcast And Conference Call Information
Claire's Stores, Inc., is a leading international specialty retailer
offering value-priced costume jewelry and accessories to fashion-aware tweens,
teens and young adults through its two store concepts: Claire's Accessories
(North America and Europe) and Icing by Claire's. As of March 1, 2003,
Claire's Stores, Inc. operated approximately 2,800 stores in the United
States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland,
Switzerland, Austria, Germany and France. Claire's Stores, Inc. also operates
through its subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as
a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.).
Forward-looking Statements
Announces Regular Quarterly Dividend on Common and Class A Common Stock
PEMBROKE PINES, Fla., February 27, 2003 -- Claire's Stores,
Inc. (NYSE:CLE) announced that its Board of Directors has declared its
regular quarterly cash dividend of $.04 per share of common stock and $.02 per
share of Class A common stock. Payment will be made on March 21, 2003 to
shareholders of record March 10, 2003.
FOURTH QUARTER WEBCAST AND CONFERENCE CALL INFORMATION
Claire's will host a summary of fourth quarter results in a live
conference call and real-time webcast at approximately 10:00 a.m. on
March 13th. Please call 312-470-0029 and the password is Claires. A replay
will be available through Friday, March 21st. The replay number is
402-998-0758 and the password is 25247. The webcast is located under the
Conference Calls in the Financials section of http://www.clairestores.com.
Replay of this event will also be available on http://www.clairestores.com
until March 21st.
Claire's Stores, Inc., is a leading international specialty retailer
offering value-priced costume jewelry and accessories to fashion-aware tweens,
teens and young adults through its two store concepts: Claire's Accessories
(North America and Europe) and Icing by Claire's. As of February 1, 2003,
Claire's Stores, Inc. operated approximately 2,800 stores in the United
States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland,
Switzerland, Austria, Germany and France. Claire's Stores, Inc. also operates
through its subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as
a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.).
Reports January Same Store Sales Increased 8%
PEMBROKE PINES, Fla., February 6, 2003 -- Claire's Stores,
Inc. (NYSE:CLE) reported today that sales for the four weeks ended February
1, 2003 increased 14 percent to $57,451,000 compared with $50,395,000 reported
for the four weeks ended February 2, 2002. The Company's same store sales
increased 8 percent.
Same store sales by brand for January were as follows:
`
* Claire's Accessories North America: positive low double digits
Sales for the fourth quarter of fiscal 2003 increased 15% to $322,206,000
versus $280,406,000 for the fourth quarter of fiscal 2002. Same store sales
for the fourth quarter increased 9 percent.
Sales for the twelve months of fiscal 2003 increased 9 percent to
$1,001,262,000 compared with $918,740,000 in fiscal 2002. Same stores sales
for the year increased 5 percent.
"We completed fiscal 2003 by exceeding a billion dollars in sales for
Claire's Stores, a significant milestone. In addition, January's same store
sales was the ninth consecutive month of positive same store sales comparison,
a phenomenal feat in this economic and retail environment." said Marla
Schaefer, Vice Chairman of Claire's.
"January sales were ahead of plan for the month and all brands produced
positive same store sales results. We continue to feel comfortable with our
previous guidance for fourth quarter estimates of earnings from continuing
operations of $0.80 per diluted share. We will report fourth quarter and
year-end earnings on March 13, 2003." said Bonnie Schaefer, Vice Chairman of
Claire's.
FOURTH QUARTER WEBCAST AND CONFERENCE CALL INFORMATION
Claire's Stores, Inc., is a leading international specialty retailer
offering value-priced costume jewelry and accessories to fashion-aware tweens,
teens and young adults through its two store concepts: Claire's Accessories
(North America and Europe) and Icing by Claire's. As of February 1, 2003,
Claire's Stores, Inc. operated approximately 2,800 stores in the United
States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland,
Switzerland, Austria, Germany and France. Claire's Stores, Inc. also operates
through its subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as
a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.).
Forward-looking Statements
Increases Guidance for Fourth Quarter
PEMBROKE PINES, Fl., January 9, 2003 --
Claire's Stores, Inc. (NYSE:CLE) reported today that same store sales for the
five weeks ended January 4, 2003 increased 10 percent. Total sales increased
17 percent to $183,065,000, compared with $157,024,000 for the comparable
period last year.
Same store sales by brand for December 2002 were as follows:
* Claire's Accessories North America: positive mid teens
For the first eleven months of fiscal 2003, the Company reported that
sales increased 9 percent to $943,694,000 compared to sales of $868,345,000
for the comparable period last year. Same store sales increased 5 percent for
the first eleven months of fiscal 2003.
"Sales for December exceeded our expectations. In fact, every division
produced positive same store sales comparisons, which is a considerable
achievement in this economic environment. Sales continued to be driven by
strong accessory and jewelry trends as well as success with our licensed
goods," said Marla Schaefer, Vice Chairman of Claire's.
"Sales were driven by full priced selling and lower than anticipated
promotional activity. With sales for December being so strong, we now feel
comfortable raising our fourth quarter income from continuing operations
estimates by $0.05 to $0.80 per diluted share from our previous guidance. We
would like to congratulate our team on a very successful holiday season," said
Bonnie Schaefer, Vice Chairman of Claire's.
Claire's Stores, Inc., is a leading international specialty retailer
offering value-priced costume jewelry and accessories to fashion-aware tweens,
teens and young adults through its two store concepts: Claire's Accessories
(North America and Europe) and Icing by Claire's. Fiscal 2002 sales exceeded
$918 million. As of January 4, 2003, Claire's Stores, Inc. operated
approximately 2,800 stores in the United States, the Caribbean, Puerto Rico,
Canada, the United Kingdom, Ireland, Switzerland, Austria, Germany and France.
Claire's Stores, Inc. also operates through its subsidiary Claire's Nippon,
Co., Ltd., over 100 stores in Japan as a 50:50 joint venture with AEON, Co.,
Ltd. (fka JUSCO, Co. Ltd.).
Forward-looking Statements
Reports November Same Store Sales Increased 5
PEMBROKE PINES, Fla., December 5, 2002 -- Claire's Stores,
Inc. (NYSE:CLE) reported today same store sales for the four weeks ended
November 30, 2002 increased 5 percent. Total sales increased 11 percent to
$81,268,000 compared with $72,987,000 for the comparable period last year.
Same store sales by brand for November 2002 were as follows:
* Claire's Accessories North America: positive low double digits
For the first ten months of fiscal 2003, the Company reported sales
increased 7 percent to $760,324,000 compared to sales of $711,321,000 for the
comparable period last year. Same store sales increased 3 percent for the
first ten months of fiscal 2003.
"November produced another strong month of same store sales results for
Claire's. Jewelry and licensed goods continue to drive business as well as
our value priced holiday "gifts to go" programs," said Marla Schaefer, Vice
Chairman of Claire's.
"Our stores look great as we continue to put an emphasis on store
presentation and quick inventory replenishment during this busy holiday
season. Customers are concentrating on value and we are well positioned with
the right merchandise to capitalize on this," said Bonnie Schaefer, Vice
Chairman of Claire's.
Claire's Stores, Inc., is a leading international specialty retailer
offering value-priced costume jewelry and accessories to fashion-aware tweens,
teens and young adults through its two store concepts: Claire's Accessories
(North America and Europe) and Icing by Claire's. Fiscal 2002 sales exceeded
$918 million. As of November 30, 2002, Claire's Stores, Inc. operated
approximately 2,800 stores in the United States, the Caribbean, Puerto Rico,
Canada, the United Kingdom, Ireland, Switzerland, Austria, Germany and France.
Claire's Stores, Inc. also operates through its subsidiary Claire's Nippon,
Co., Ltd., over 100 stores in Japan as a 50:50 joint venture with AEON, Co.,
Ltd. (fka JUSCO, Co. Ltd.).
Forward-looking Statements
Reports Third Quarter Results And Announces Regular Quarterly Dividend PEMBROKE PINES, Fla., November 21, 2002, -- Claire's Stores, Inc. (NYSE:CLE) today announced results for the third quarter of Fiscal 2003, which ended November 2, 2002, and declared the regular quarterly dividend on its Common and Class A Common stock. Third quarter earnings from continuing operations increased to $12.1 million or $0.25 per diluted share versus earnings of $3.1 million or $0.06 per diluted share in the comparable period of the prior year. EBITDA (Earnings Before Interest Expense, Taxes, Depreciation and Amortization) for the third quarter from continuing operations increased by 64 percent to $29.7 million or $0.61 per diluted share compared with $18.1 million or $0.37 per diluted share in the prior year. Same store sales for the third quarter of Fiscal 2003, increased 8 percent compared to the same period ending November 3, 2001. Net sales increased 13 percent to $230,043,000 compared with $204,139,000 for the third quarter of Fiscal 2002. Net sales for the first nine months of fiscal 2003 increased 6 percent to $679,143,000 from $638,328,000 for the same period last year. Earnings from continuing operations for the first nine months of fiscal 2003 increased by 213 percent to $35,440,000 or $0.73 per diluted share, compared with $11,314,000 or $0.23 per diluted share for the first nine months of Fiscal 2002. Same store sales increased 3 percent through the first nine months of Fiscal 2003. Rowland Schaefer, Claire's Chairman and Chief Executive Officer, said, "As was the case in the preceding two quarters, we not only exceeded our own internal expectations but also analysts' estimates. Although the external environment certainly remained challenging and consumer spending continued to be disappointing, our unique business model enabled us to successfully navigate through these conditions. Specifically, our testing, ordering and replenishment strategy continues to provide us with the ability to maximize opportunities this season." "For the balance of Fiscal 2003, as well as for 2004, our goal is to improve our store productivity and our operating margins. Based on the strength of our business, we remain optimistic about the holiday selling season. In fact, with current business trends so strong, we are increasing our guidance for same store sales to 4 percent and earnings per diluted share from continuing operations to $0.75 for the fourth quarter of Fiscal 2003," Marla Schaefer, Vice-Chairman added. "We believe this holiday season will be difficult for many specialty retailers. However, due to the unique nature of our merchandise and the attractive price points we offer to our customers, we feel we will be less affected in the economic downturn, as our recent same store sales attest. We remain positive on our outlook for the company, as our management team has put in place a solid merchandise presentation and strong marketing program to help drive traffic to our stores," Bonnie Schaefer, Vice Chairman added. Same store sales by brand for the third quarter were as follows:
Regular Quarterly Dividend THIRD QUARTER WEBCAST AND CONFERENCE CALL INFORMATION BUSINESS OUTLOOK FOR THE FOURTH QUARTER OF FISCAL 2003 With that in mind, the Company expects revenue for the fourth quarter of fiscal 2003 to increase approximately 9 percent to $305 million compared to revenue of $280 million for the fourth quarter of last year. Same store sales for the fourth quarter are projected to increase approximately 4 percent. The Company projects gross margin as a percentage of sales for the fourth quarter to increase approximately to 53.5 percent compared to 52.4 percent for the fourth quarter last year. The Company expects SG&A in the fourth quarter to decrease to approximately 31.3 percent of sales, versus 31.5 percent for the same period last year. The Company expects depreciation and amortization for the fourth quarter to be approximately $10 million compared with $11.0 million for the same period last year. The decrease in depreciation and amortization is mainly due to a new accounting pronouncement, which does not require the amortization of goodwill. The amortization of goodwill in the prior year was approximately $2 million in the fourth quarter. The Company expects interest expense, net of interest income and other for the fourth quarter of Fiscal 2003 to be approximately $500,000. Interest expense, net of interest income depends on interest rates and invested cash balances during the quarter. The effective tax rate for the fourth quarter is expected to be approximately 35 percent. Earnings for the fourth quarter are expected to be approximately $37 million compared to $29.8 million from continuing operations in the previous year, a 24 percent increase. The Company estimates having approximately 49 million fully diluted shares outstanding at the end of the fourth quarter. The Company is currently comfortable with estimated fourth quarter earnings from continuing operations of $0.75 per diluted share in contrast to earnings of $0.61 cents per diluted share from continuing operations for the same period last year. For the full fiscal year, we are comfortable with earnings from continuing operations of $1.48 compared to $0.84 for the fiscal year ended February 2, 2002. Claire's Stores, Inc. is a leading international specialty retailer offering value-priced costume jewelry and accessories to fashion-aware tweens, teens and young adults through its two store concepts: Claire's Accessories (North America and Europe) and Icing by Claire's. As of October 30, 2002, Claire's Stores, Inc. operated approximately 2,800 stores in the United States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland, Switzerland, Austria, Germany and France. Claire's Stores, Inc. also operates through its subsidiary, Claire's Nippon, Co., Ltd., over 100 stores in Japan as a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.). Forward-Looking Statements
Invites You to Join Its
Third Quarter Earnings Conference Call PEMBROKE PINES, Fla., November 20, 2002 -- In conjunction with Claire's Stores, Inc.'s (NYSE:CLE) third quarter earnings release, you are invited to listen to its conference call on Thursday, November 21, 2002 at 10:00 am EST What: Claire's Stores, Inc. Third Quarter Earnings When: Thursday, November 21 at 10:00 am EST How: Call In: 1-312-470-0029 Password: CLAIRES Live over the Internet: Log onto our web site: http://www.clairestores.com -Click under "financial information" then under "conference calls". Instant Replay: 1-402-998-0758 Password: 25247 Conference call will be archived on our web site through November 29, 2002: http://www.clairestores.com - click under "financial information " then under "conference calls". Claire's Stores, Inc., is a leading international specialty retailer offering value-priced costume jewelry, accessories, cosmetics and apparel to fashion-aware tweens, teens and young adults through its two store concepts: Claire's Accessories (North America and Europe) and Icing by Claire's (Afterthoughts). As previously reported on February 6, 2002, fiscal 2002 sales exceeded $918 million. As of October 31, 2002, Claire's Stores, Inc. operated more than 2,800 stores in the United States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland, Switzerland, Austria, Germany and France. Claire's Stores, Inc., also operates through its subsidiary Claire's Nippon, Co., Ltd., approximately 100 stores in Japan as a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.). Reports October Same Store
Sales Increased 9% PEMBROKE PINES, Fla., November 7, 2002 -- Claire's Stores, Inc. (NYSE:CLE) reported today same store sales for the four weeks ended November 2, 2002 increased 9 percent. Total sales increased 14 percent to $69,618,000 compared with $60,880,000 for the comparable period last year. Same store sales by brand for October 2002 were as follows: * Claire's Accessories North America: positive low double digits
For the first nine months of fiscal 2003, the Company reported sales increased 6 percent to $679,053,000 compared to sales of $638,334,000 for the comparable period last year. Same store sales increased 3 percent for the first nine months of fiscal 2003. Rowland Schaefer, Chairman and Chief Executive Officer of Claire's Stores, Inc., said, "We are more than pleased that we posted strong same store sales in all divisions for the month of October as we continue to buck the trend of poor mall traffic and weak purchasing patterns. I am proud to report our unique business model enabled us to navigate successfully during the third quarter. Specifically, building our brand awareness as well as capitalizing on our testing and replenishment strategy continues to provide us with the ability to maximize opportunities. We will report earnings for the third quarter on November 21st." Claire's Stores, Inc., is a leading international specialty retailer offering value-priced costume jewelry and accessories to fashion-aware tweens, teens and young adults through its two store concepts: Claire's Accessories (North America and Europe) and Icing by Claire's. Fiscal 2002 sales exceeded $918 million. As of October 30, 2002, Claire's Stores, Inc. operated approximately 2,900 stores in the United States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland, Switzerland, Austria, Germany and France. Claire's Stores, Inc. also operates through its subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.). Conference Call Information Forward-looking Statements |