RETAIL/LEISURE : Clothestime Planning 65 New Stores Across the Country This Year
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Flush with $35 million in cash and double-digit sales growth, Clothestime Inc. is planning to open 65 new stores this year, including five next month.
The off-price retailer of fashionable women’s clothes plans to stick to its strategy of locating its stores in strip malls instead of higher-priced shopping malls.
The Anaheim-based company plans to open additional stores in the two states where it is strongest--California and Florida. But it also plans to open stores in Atlanta, Phoenix, Dallas, Houston, San Antonio, Chicago, Seattle, Detroit, Atlanta and Washington. Currently the chain operates 402 Clothestime stores in 16 states.
While many other retailers struggle through the recession, Clothestime’s financial performance continues to dazzle. For the nine months ended Oct. 26, the company’s profits rose 241% to $4.1 million, up from just $17,000 a year earlier. Sales were $187.9 million, up 23% from $152.3 million.
While financial results for the year aren’t expected to be released for another week, Clothestime reported strong holiday sales.
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