Mothers Work Reports 1Q Earnings Increase
Philadelphia, Mothers Work, Inc. announced its net income for the first quarter ended Dec. 31, 2006 was $1.4 million, up from $0.4 million from the same period the year before. Net sales for the quarter decreased 1.9% to $148.5 million from $151.4 million in the same quarter of the preceding year. The decrease in net sales for the quarter was primarily driven by a decrease in comp-store sales.
Comp-store sales decreased 2.1% during the first quarter of fiscal 2007 compared to an increase of 3.1% during the first quarter of the previous year.
During the quarter, the company opened three stores and closed six stores, with one of the store closings related to a prior period multi-brand store opening. As of the end of December 2006, the company operated 807 stores, 787 leased department locations and 1,594 total retail locations.
The company also announced it is currently exploring ways to refinance the remaining $90 million of its 11-1/4% Senior Notes with lower cost debt.