Claire's Store Q1 profit down 6.4%
Teen jewelry and accessories retailer Claire's Store saw net sales reach $299.6 million during the first quarter, a decrease of $20.3 million, or 6.4% compared to the same quarter last year.
The Chicago-based company attributed the quarter-sales drop to a "decrease in same store sales, the effect of store closures, an unfavorable foreign currency translation effect of our non-US net sales and decreased shipments to franchisees."
Consolidated same store sales decreased 5.1%, with North America same store sales decreasing 0.8% and Europe same store sales decreasing 12.7%. The company said it computes same store sales on a local currency basis, which eliminates any impact from changes in foreign currency exchange rates.
Net sales would have decreased 5.9% excluding the impact of foreign currency exchange rate changes, said the group, in a statement.
The firm added, however, the previous quarter did see an increase in new concession store sales and new store sales.
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