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Sunglass Hut International announces first quarter 1999 earnings

3 June 1999: US-based Sunglass Hut International, Inc., the world“s largest specialty retailer of sunglasses, announced its results for the first quarter ended 1 May 1999. Results for the quarter wer…

3 June 1999: US-based Sunglass Hut International, Inc., the world“s largest specialty retailer of sunglasses, announced its results for the first quarter ended 1 May 1999. Results for the quarter were net income of US$ 6.0 million or US$ 0.13 per share, an increase of 86% compared to net income of US$ 3.8 million or US$ 0.07 per share during the first quarter of 1998. Sales for the first quarter increased 4% to US$ 152.6 million from US$ 146.6 million for the comparable period in fiscal 1998. Comparable store sales for the first quarter increased 6.4%. “We experienced ongoing positive momentum in our core businesses during the first quarter, which drove Sunglass Hut“s strong sales and profit performance,” said John X. Watson, president and chief executive officer. “These results are testament to the success of the strategies put in place in 1997 and 1998, including coordinated marketing and merchandising programs, effective inventory management, tight expense control and the elimination of marginal store locations.” During the first quarter, the company opened a total of ten sunglass specialty locations and four Watch Station locations, for a total of fourteen new units. The firm also converted five Sunglass Hut locations into Combo formats. In accordance with previously announced plans to eliminate marginal or unprofitable sites through closure, the company closed 20 underperforming locations during the first quarter. Sunglass Hut International is with stores located throughout the United States, Canada, the Caribbean, Europe, Australia, New Zealand and Southeast Asia. As of May 1, 1999, Sunglass Hut International operated 1,819 sunglass specialty locations, 109 Watch Station stores, and 59 combination sunglass and watch stores.

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