Rue21 bullish on expansion; to open 125 stores in 2013
Warrendale, Pa. -- Teen fashion retailer Rue21 opened its 900th store on March 21, in the Southern Hills Shopping Center of West Plains, Missouri. The company also reported that its fourth quarter income increased 16% on strong sales.
Rue21, which has opened more than 500 stores in the last five years, expects to open another 125 stores in 2013 and has opened 23 stores so far this year. It expects to open its 1,000th store in the fourth quarter. The retailer’s long term plan is to grow the chain to more than 1,700 stores in the United States. It currently operates some 900 stores in 47 states.
“Beyond new store openings, we have many strategic initiatives for 2013 and beyond to take this company to the next level of its growth, including e-commerce, and we are look forward to the possibilities ahead of us,” said Bob Fisch, CEO and president, Rue21.
For the fourth quarter, ended Feb. 2, Rue21 reported that it earned net income of $15 million, compared to $12.9 million in the year-ago period.
Revenue increased 22.4% to $269.1 million from $219.9 million. Same-store sales inched up 0.7%.