rue21 profit falls 6.5% to $8.17 million
Teen clothing retailer rue21 Inc. said its third-quarter profit fell by 6.5 percent to $8.17 million, or 33 cents a share, although sales grew 15.6 percent due to new store growth and better results from existing stores.
Warrendale-based rue21 said its latest profit compares to $8.74 million, or 35 cents, in net earnings a year ago. Sales totaled $225.16 million, up from $194.76 million.
The company said it had a $2.9 million pretax litigation expense, or about 8 cents a share, in the third quarter related to a prospective settlement of wage and hours claims in California.
The 879-store chain raised earnings guidance to $1.83 to $1.86 a share for the year, up from $1.55 in fiscal 2011.
Kim Leonard is a staff writer for Trib Total Media. She can be reached at 412-380-5606 or firstname.lastname@example.org.
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