Tween Brands CFO Resigns
New Albany, Ohio Tween Brands Inc. said Wednesday CFO Paul C. Carbone has resigned, effective immediately.
Tween Brands said the resignation was not related to "a disagreement with inaccuracies or omissions in the company's financial reporting and accounting systems."
The company said it has started to search for a new CFO to replace Carbone. In the interim, Tween Brands said Kenneth T. Stevens, president and COO, will take on the role of principal financial officer.
The company also announced that its fourth-quarter profit dropped 11% due to a hefty restructuring charge that outweighed a boost in sales.
For the quarter ended Feb. 3, net income fell to $25 million from $28.2 million in the prior-year quarter. Revenue rose 16% to $315.8 million from $272.3 million in the fourth quarter of 2006.
Meanwhile, same-store sales rose 8% in the quarter for Tween Brands. Same-store sales at its Justice brand rose 29% and same-store sales at Limited Too rose 2%.
For the year, profit fell 19% to $52.6 million from $64.8 million in the prior year.