Rue21 Q4 income up, will open 110 stores in 2011
Pittsburgh -- Teen retailer rue21 said that its fourth quarter net income increased 41% to $10.9 million from $7.7 million in the year-ago period. Net sales for the quarter increased 22.3% to $190.1 million, from $155.4 million. Same-store sales rose 1.5%.
“We opened 105 stores in 2010 which performed above our expectations,” said Bob Fisch, rue21's President and CEO. “The company had strong growth across all categories, with our etc! accessories merchandise leading the way as we converted 31 stores during the year to our larger etc! format. We are planning for 110 new stores and approximately 35 conversions in 2011.”
For the full year, net income increased 37.4% to $30.2 million, and net sales increased 20.8% to $634.7 million. Same-store sales rose 2.1%.
The company opened 105 stores, closed two locations, and converted 31 stores to its rue21 etc! format. It ended the year with 638 stores in 44 states.