Clothestime Inc. said net income for its 1986 fiscal year ended Jan. 26 totaled a record $10 million, more than triple the $3.3 million reported for the prior year.
The Anaheim-based women's discount clothing retailer said sales for the year were $126.5 million, up 29% from $98 million.
For the fiscal fourth quarter, net income was $1.4 million, a 150% increase from net income of $563,000 for the comparable period in fiscal 1985. The results marked the 19th consecutive record-setting quarter for the company. Sales for the quarter were $28.8 million, up 10% from $25.9 million.
The company attributed the continued improved results to extensive cost controls and a refocusing of its efforts on younger customers, "with an emphasis on fashion." The company had attempted to attract older, career-oriented women for about 18 months but decided younger women "were the customers we know best," said Bill Mowbray, senior vice president and chief financial officer.
Michael P. DeAngelo, chairman and chief executive, said the outlook for fiscal 1987 is "extremely positive" and said earnings for the first quarter are expected to "substantially exceed" the comparable period of fiscal 1986, when the company reported net income of $1.4 million.