PEMBROKE PINES, Fla., April 12 /PRNewswire-FirstCall/ -- Claire's
Stores, Inc. (NYSE: CLE) today reported that for the five weeks ended April
7, 2007 comparable store sales increased eight percent compared to the five
week period last year that ended on April 1, 2006 when comparable store
sales declined by three percent. Total sales during the five week period
ended April 7, 2007 increased 17 percent to $136,600,000 compared with
$116,666,000 for the comparable five week period last year.
Comparable store sales results for March 2007 compared to March 2006
were as follows:
-- Claire's North America: positive low double digits
-- Claire's International: positive mid single digits
-- Icing by Claire's: positive mid single digits
Please note that our comparable store sales numbers are calculated in
local currencies. Total sales numbers give effect to the impact of foreign
exchange.
Marla Schaefer and Bonnie Schaefer, Co-Chairmen and Co-CEO's jointly
stated that, "Once again we are experiencing a shift in comparable store
sales driven by the timing of Easter. Although Easter fell on April 8th,
the surge in sales we typically experience immediately before the holiday
fell into the March reporting period. In contrast, last year, both Easter
and the pre- Easter shopping week fell into April. For this reason, we
recommend that March and April results should be viewed on a consolidated
basis to obtain the most comprehensive picture of our comparable store
sales performance during this season."
They went on to note that, "We are very pleased to report an exciting
development relating to the further globalization of Claire's. At the end
of 2006, we entered into a new licensing and merchandising agreement with a
subsidiary of Al Shaya Co., Ltd., our partner in the Middle East and
Turkey. This agreement grants them the exclusive rights to open Claire's
stores across Russia for an initial period of ten years, with renewal
options if certain conditions are met. The first store opened in Russia in
January. To date the store count is 11, and we expect to have approximately
20 stores open by the end of Fiscal 2008."
CLAIRE'S STORES, INC.
(Monthly Sales in 000's)
REPORTING TOTAL COMP. STORE
PERIOD FY 2008 FY 2007 CHANGE CHANGE
February $ 98,898 $ 90,939 9% 1%
March $136,600 $116,666 17% 8%
Year-to-Date $235,498 $207,605 13% 5%
Acquisition Status
As previously announced, the Company entered into a definitive
agreement to be acquired by an affiliate of Apollo Management, L.P., a New
York based private equity firm. Under the terms of the agreement, Claire's
Stores, Inc. shareholders will receive $33 in cash for each share of
Claire's Stores, Inc. common stock or Class A common stock that they hold,
which represents a transaction value of approximately $3.1 billion.
Completion of the transaction is subject to customary closing
conditions, including regulatory review and the approval of the transaction
by Claire's Stores, Inc.'s shareholders. On April 11, 2007, the Company
received notice of early termination of the waiting period under the
Hart-Scott-Rodino Act of 1976, as amended.
Important Legal Information:
In connection with the proposed merger, the Company will prepare a
proxy statement to be filed with the SEC. When completed, a definitive
proxy statement and a form of proxy will be mailed to the shareholders of
the Company. Before making any voting decision, the Company's shareholders
are urged to read the proxy statement regarding the merger carefully and in
its entirety because it will contain important information about the
proposed merger. The Company's shareholders will be able to obtain, without
charge, a copy of the proxy statement (when available) and other relevant
documents filed with the SEC from the SEC's website at http://www.sec.gov.
The Company's shareholders will also be able to obtain, without charge, a
copy of the proxy statement and other relevant documents (when available)
by directing a request by mail or telephone to Corporate Secretary,
Claire's Stores, Inc., 3 S.W. 129 Avenue, Pembroke Pines, FL 33027,
telephone: 954-433 3900, or from the Company's website,
http://www.claires.com .
The Company and its directors and officers may be deemed to be
participants in the solicitation of proxies from the Company's shareholders
with respect to the proposed merger. Information about the Company's
directors and executive officers and their ownership of the Company's
common stock is set forth in the Company's annual report on Form 10-K for
the fiscal year ended January 28, 2006 and the Company's proxy statement
for the Company's 2006 Annual Meeting of Shareholders. Shareholders may
obtain additional information regarding the interests of the Company and
its directors and executive officers in the merger, which may be different
than those of the Company's shareholders generally, by reading the proxy
statement and other relevant documents regarding the proposed merger, when
filed with the SEC.
Forward-looking Statements
This press release contains "forward-looking statements" which
represent the Company's expectations or beliefs with respect to future
events. Statements that are not historical are considered forward-looking
statements. These forward-looking statements are subject to certain risks
and uncertainties that could cause actual results to differ materially from
those anticipated. Those factors include, without limitation: changes in
consumer preferences and consumer spending for pre-teen, teen and young
adult apparel and accessories; competition; general economic conditions
such as inflation and increased energy costs; general and political social
conditions such as war, political unrest and terrorism; natural disasters
or severe weather events; currency fluctuations and exchange rate
adjustments; changes in laws; uncertainties generally associated with the
specialty retailing business; disruptions in our supply of inventory;
inability to increase comparable store sales at recent historical rates;
inability to design and implement new information systems; delays in
anticipated store openings or renovations; uncertainty that definitive
financial results may differ from preliminary financial results due to,
among other things, final GAAP adjustments and other changes to comply with
applicable laws, rules and regulations; the reactions of the Company's
customers and suppliers to the transaction; and diversion of management
time on merger-related issues. These and other applicable risks, cautionary
statements and factors that could cause actual results to differ from the
Company's forward-looking statements are included in the Company's filings
with the SEC, specifically as described in the Company's annual report on
Form 10-K for the fiscal year ended January 28, 2006. The Company
undertakes no obligation to update or revise any forward-looking statements
to reflect subsequent events or circumstances. The historical results
contained in this press release are not necessarily indicative of the
future performance of the Company.
Company Overview
Claire's Stores, Inc. is a leading international specialty retailer
offering value-priced costume jewelry and accessories to fashion-aware
tweens, teens and young adult females through its two store concepts:
Claire's and Icing by Claire's. While the latter operates only in North
America, Claire's operates internationally. As of April 7, 2007, Claire's
Stores, Inc. operated approximately 3,000 stores in the United States,
Canada, Puerto Rico, the Virgin Islands, the United Kingdom, Ireland,
France, Switzerland, Austria, Germany, Spain, Portugal, Belgium and the
Netherlands. Claire's Stores, Inc. operates through its subsidiary,
Claire's Nippon, Co., Ltd., approximately 195 stores in Japan as a 50:50
joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.), a $40 billion
specialty retailer headquartered in Japan. The Company also licenses
approximately 135 stores in the Middle East, Turkey and Russia under a
licensing and merchandising agreement with Al Shaya Co., Ltd. and eight
stores in South Africa under similar agreements with The House of Busby
Limited.
Additional Information:
Note: Other Claire's Stores, Inc. press releases, a corporate profile
and most recent 10-K and 10-Q reports are available via Claire's corporate
website: http://www.clairestores.com. For information about our products
and stores, please go to http://www.claires.com.
SOURCE Claire's Stores, Inc.
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Related links:
http://www.clairestores.com
http://www.claires.com
http://www.prnewswire.com/comp/174913.html/
CONTACT:
Marisa F. Jacobs, Esq., Vice President of
Corporate Communications and Investor Relations of Claire's
Stores, Inc., +1-212-594-3127, Fax: 212.244.4237, or
marisa.jacobs@claires.com
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