Jewelry and accessories retailer Claire’s Stores Inc., Pembroke Pines, Fla., on Thursday reported income before items fell nearly 10% due to lower mall traffic and declining sales at its North American stores.
The Florida-based chain posted earnings before items for its quarter ended May 4 of $8.3 million, or 17 cents per share, compared with $9.2 million, or 19 cents per share, a year ago, Reuters reported. Net income of 17 cents per share was higher versus 16 cents per share a year ago due to a loss from a discontinued operation in the 2001 quarter.
Claire’s on Thursday also said it expects second-quarter sales to be flat versus a year ago and sales at stores open at least one year should fall about 2%, Reuters reported. The company expects earnings from continuing operations of 17 cents per share for the second quarter and $1.09 per share for the fiscal year.