3 September 1998: US-based Sunglass Hut International Inc. said it expects operating efficiencies, which resulted in strong second quarter profits, to continue for the remainder of the year.
“The pos…
3 September 1998: US-based Sunglass Hut International Inc. said it expects operating efficiencies, which resulted in strong second quarter profits, to continue for the remainder of the year. “The positive results we achieved in the second quarter resulted from a combination of comparable store sales increases, a return to normalised gross margin, well controlled inventories, the positive impact of our store closing programme and tight expense controls,” said company president and chief executive officer John Watson in a recent statement. “We are pleased with our overall second quarter performance, and expect continued progress in the balance of the year,” he added. Earlier the company said net income for the second quarter ended 1 August rose 32% to US$ 18.7 million or US$ 0.34 per share from US$ 14.2 million or US$ 0.26 per share during the second quarter of 1997. Sales for the second quarter rose to US$ 193.1 million from US$ 185.2 million for the comparable period in fiscal 1997. Comparable store sales for the second quarter increased 2.8%.