"Our real growth in the future will come from Justice," said Mike Rayden, the company's chairman, president and CEO. Justice replaced the retailer's Mishmash chain, a sportswear concept that it discontinued last year.
Future growth could also come from abroad. Rayden revealed that his company has entered a venture with a Saudi Arabian firm and now has eight stores in the Middle East with plans to open more, Rayden says.
Besides opening new stores Too Inc. is also renovating its 569-unit Limited Too chain into a format it is calling "It's a Girl's World." The stores are more "architecturally clean," and have improved lighting, as well as iPod listening stations, Rayden says. Next year the company plans to remodel 25 to 30 of its existing Limited Toos. Four stores have been renovated so far.
Too Inc. reported a same-store sales increase of 11% compared to the same year-ago period. In 2003, Q3 same-store sales were down 17%. Net sales jumped 20%, to $174.9 million during the quarter. Company officials say sales shot up, in part, because of their first-ever, back-to-school television advertising campaign. Meanwhile, the company's board authorized a $125 million share repurchase plan "as a means of further enhancing shareholder value."
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