Too Inc. Profit Surges
Shares in
Too Inc.
(TOO) - Get Teekay Offshore Partners L.P. Report
jumped early Wednesday after the specialty clothing company said its profit more than doubled in the third quarter, thanks partly to a strong back-to-school sales period.
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Net income for the third quarter ended Oct. 30 rose to $11.4 million, or 33 cents per share, from $4.5 million, or 13 cents a share, a year earlier. Analysts expected 27 cents a share, according to Thomson First Call.
Revenue rose 20% to $174.9 million, while same-store sales jumped 11%.
Too said "merchandise improvement, along with closely managed inventories, allowed us to be much less promotional than last year and to achieve a greatly reduced markdown rate."
The company, which caters to young girls, said it was comfortable with analysts' consensus forecast of 63 cents a share for the fourth quarter.
Shares were trading at $24.10 in the premarket, a gain of $1.49, or 6.59%.
