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Too Inc. Comps Rebound

NEW ALBANY, OH-Tween girls came to the Limited Too and Justice concepts in strong numbers during the holidays.

By Dees Stribling | Updated on February 16, 2005

NEW ALBANY, OH-Too Inc., which owns the Limited Too and Justice brands of clothing stores for the “tween” girl set (age 7 to 14), improved its comparable store sales for both its fourth fiscal quarter (ended Jan. 29) and its fiscal 2004, ended the same day. Comps for the fourth quarter were up 5% compared with the same quarter in 2003; at this time last year, the Q4 2003 comps turned in a 6% decrease when compared with Q4 2002. Comparable store sales for fiscal 2004 increased 4%, versus a 13% decrease for 2003.

Too Inc. had fourth-quarter 2004 net income of $23.3 million, or $0.66 per share, on net sales of $206.8 million, compared to fourth-quarter 2003 net income of $17.7 million, or $0.51 per share, on net sales of $183.0 million. The company’s fiscal 2004 net income was $41.4 million, or $1.18 per share, on net sales of $675.8 million, compared to fiscal 2003 net income of $22.6 million, or $0.65 per share, on net sales of $598.7 million.

Too Inc. may be obliged to restate its previous financial statements “to correct an error in its lease accounting to record construction allowances provided by landlords as deferred rent,” said Robert Atkinson, VP of investor relations, during Wednesday’s earning conference call. “The company is in the process of evaluating the impact of the correction on its previously issued financial statements, and a final determination is still pending. However, any restatement would not have a significant impact on its consolidated statements of income for prior periods or the current period.”

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