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Mothers Work Comps Slip

PHILADELPHIA-The company cites competitive pressures as an adverse factor in its first quarter results.

By Dees Stribling | Updated on January 26, 2005

PHILADELPHIA-Comp-store sales were down by 4.2% for the maternity retailer Mothers Work in its first fiscal quarter of 2005 (ended Dec. 31), though that marked a slight improvement from the same quarter of the previous year, when comp-store sales dropped 5.0%. The company also reported that its net income for the first quarter was $0.1 million, or $0.01 per share, compared to net income for the first quarter of fiscal 2004 of $2.1 million, or $0.37 per share.

“Although we were able to deliver earnings for the quarter within our most recent guidance range, and higher than our previous guidance range provided in November, we aren’t satisfied with our financial results for the quarter,” said Rebecca Matthias, president and COO, during Wednesday’s earnings conference call. “We recognize the continued impact on our results of the dramatically increased competitive pressures in the maternity apparel business.”

The company ended the quarter with 880 stores and 1,111 total retail locations, compared with 870 stores and 1,027 total retail locations at the end of December 2003. In its first quarter, Mothers Work opened 12 stores, including four “multi-brand stores” (superstores), and closed 15 stores, with eight of these store closings related to multi-brand store openings. “We’re actively working to continue to refine our maternity superstore concept and to find additional suitable locations for it,” Matthias noted.

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