Claire’s Stores Q3 disappoints
Chicago – Claire’s Stores Inc. had a disappointing third quarter, slightly increasing its net loss to $26.82 million from $25.47 million. A variety of expenses continued to outweigh Claire’s gross profit.
Net sales totaled $350.7 million, down 2% from $356.94 million. The decrease was attributable to the effect of store closures, a consolidated 1.4% decrease in same-store sales and an unfavorable foreign currency translation effect on the company’s non-U.S. sales, partially offset by new store sales and an increase in shipments to franchisees. So far, Claire’s is reporting flat same-store sales for the fourth quarter.