After opening 15 new stores and closing two units through the first half of 2006, the company will open 13 new units and close one through the rest of the year, ending with 228 stores.
"As we look ahead, we feel good about where we are and where we are headed," said Millard Drexler, chairman and CEO. "We're excited about our business and the opportunities that lie ahead."
That includes the introduction of new concepts. During the quarter, the company opened its second Crewcuts children's boutique, in White Plains, NY, joining a unit in Dallas that opened earlier this year.
"They're off to a good start," Drexler reported.
On Aug. 22, the company opened its first Madewell casual women's store in Dallas. Madewell, "is R&D for us," Drexler said. Two more units will open this year: a store at Century City in Los Angeles, on Sept. 2, and a third to be announced.
Future expansion will increase square footage by 7% to 9% going forward, said CFO James Scully. The company also plans to push its Internet business to exploit all selling avenues.
Revenues for the second quarter came to $269.2 million, a 17% increase from the second quarter of fiscal 2005. Comparable store sales increased 16%. Operating income increased 33% to $26.8 million compared to the second quarter of fiscal 2005.
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