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FOOL GLOBAL WIRE LEXINGTON, KY. (November 8): After announcing same-store sales growth of 7% for last month, Claire's Stores management is trying its best to appease shareholders who have suffered through the stock's recent nose-dive (performance since October 4). The company announced today that it had a record third quarter (ending November 2) for both sales and earnings. Claire's releases its earnings report on the 12th. "Obviously we have had a very good third quarter," said Chairman Rowland Schaefer. "We expect the fourth quarter also to set new records in sales and earnings and for that momentum to continue into the first quarter of Fiscal 1998." Schaefer also noted the company's inventory levels are in line with plans and that inventory turns are at a 3.0-times-per-year rate. "We're also planning to open another 200 new stores next year and we're actively looking for appropriate acquisition targets," he said. The stock didn't budge today. The only other company news for Investing for Growth was Coca-Cola's announcement that it opened a new bottling plant in Accra, Ghana. One of the first of this type in West Africa, the plant will produce Coca-Cola, Fanta, Sprite, and Krest at the new production facility and at the existing plant in Kumasi, Ghana. The new weekly Investing for Growth rankings are posted and with the exception of Nike and Nautica Enterprises swapping places for top honors on the list, there are no changes from last week's rankings. Look for all the details and the Unemotional Growth updates later this weekend in the IFG Statistics Center (Monday if you're reading via our Web site). |
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