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Deb Shops Profit Falls

PHILADELPHIA-A challenging economic environment took its toll on teen apparel retailer, Deb Shops, where Q2 profits dropped 11%.

By Beverly Ford | Updated on August 25, 2006

PHILADELPHIA-Teen apparel retailer Deb Shops reported an 11% drop in second quarter profits, saying “a challenging economic environment” caused by higher fuel and interest charges had caused consumers to cut back on spending.

The retailer, which operates 335 specialty apparel stores in 42 states under the DEB and Tops ‘N Bottoms brands, also cut its full year financial guidance and said it expects sales at stores open at least a year to see lower sales in the remaining two quarters. Four stores opened and one closed during the three month period, the company said.

Net income for the quarter was $5.9 million, or 41 cents per share, compared to $6.6 million, or 46 cents per share, in the prior year’s quarter. Sales also dropped 0.4% to $75.7 million from $76 million in last year’s second quarter.

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