ClothesTime Reports Record Net Income
ClothesTime Inc., an Anaheim-based operator of women’s discount apparel stores, reported record net income for its fiscal 1987 third quarter of $3.9 million, up 17% from $3.4 million for the same period the prior year.
Revenue for the period ended Oct. 26 climbed 32% to $45.5 million from $34.5 million.
For the first three quarters of its fiscal year, ClothesTime’s net income was $10.2 million, an 18% increase from $8.5 million for the comparable period in fiscal 1986. Nine-month revenue was $118 million, up 20% from $97 million.
ClothesTime officials attributed the gains in earnings and revenue to an aggressive sales promotion program. Since July, the company has boosted sales by combining heavy radio advertising and a direct mail campaign with storewide price cuts averaging 10%, said Norman Abramson, chief operating officer.