ClothesTime Reports Increase in Net Income for 2nd Quarter
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ClothesTime Inc., the Anaheim-based operator of women’s discount apparel stores, said net income for its fiscal second quarter was $5.2 million, up 17% from $4.4 million in the year-earlier quarter.
Sales for the quarter ended Aug. 1 climbed 19% to $49.4 million from $41.3 million in the previous year.
The results mark ClothesTime’s 22nd consecutive quarter of record sales and earnings, said Michael P. DeAngeles, chairman and chief executive officer. The company opened 35 stores in the first half of its fiscal year and an additional 18 stores in August.
For the six months, ClothesTime posted earnings of $7.7 million, up 24% from the prior year’s first-half earnings of $6.2 million.
Sales for the first half also rose 24% to $90.2 million from $72.6 million.
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