Despite expecting a slower holiday season than originally anticipated, the company is reducing its promotional activity, holding a major sale only on Black Friday rather than the entire Thanksgiving weekend.
"We are guarded in our outlook," predicting a low single-digit comp-store increase, said Michael Rayden, CEO. However, "November sales are encouraging."
Shoppers have limited spending dollars, and without a compelling fashion item, have chosen to spend them on other items. Still, net sales increased 13% to $260.9 million from $230.5 million. Comparable store sales rose 4%, with a 17% increase at its Justice stores and a 1% increase for Limited Too. Net income for the quarter was $13.0 million, compared with net income of $19.0 million for the 2006 period.
Tween Brands, Inc. operates 593 Limited Too stores across the United States, and also has 25 international franchised stores. It also operates 254 Justice units.
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