Mothers Work Posts Higher Fiscal 3Q Profit
Philadelphia Maternity apparel retailer Mothers Work Inc. said on Tuesday a rise in same-store sales and the absence of a debt redemption charge a year ago helped its fiscal third-quarter profit soar.
Profit jumped to $4.1 million from $1 million a year ago.
Excluding the loss on the debt extinguishment, adjusted profit in the third quarter declined to $4.2 million compared with profit of $5.5 million a year ago.
Sales declined to $152.2 million from $153.2 million due mostly to the closing of leased department locations at Sears stores and shuttered underperforming stores.
During the quarter, same-store sales rose 2.4%. Same-store sales decreased 8.2% during the third quarter of fiscal 2007.