This isn’t good news for teen store fave Claire’s.
The accessories and jewelry chain which caters to the tween/teen population saw a decline in profits in its third quarter.
Reports show their income dropped 48% to $1.9 million. Last year they brought in $3.6 million.
And while their US stores saw a small 2.2% rise in sales, their European stores saw a 7.1% drop.
The company’s CEO revealed:
“While we are clearly disappointed with our same-store sales performance in both operating divisions during the third quarter, we believe we have identified the contributing factors and developed the actions we need to take to improve near-term and future performance. Our global team is dedicated to delivering the best possible result and I am confident in their ability to achieve our objectives.”
As for their fourth quarter projections, it’s slightly down as well, primarily due to their European stores.
Let’s hope they can get their numbers up.