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By
Reuters
Published
May 20, 2009
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Tween Brands posts narrower-than-expected Q1 loss

By
Reuters
Published
May 20, 2009

May 20 (Reuters) - Tween Brands Inc (TWB.N) reported a narrower-than-expected first-quarter loss, aided by a tight control of expenses and inventory levels, and said it was on track to "comfortably satisfy" its credit facility covenants.


Tween Brands

For the quarter ended May 2, the teen-apparel retailer posted a loss of $1.4 million, or 6 cents a share, compared with a profit of $4.3 million, or 17 cents a share, last year.

Net sales fell 18 percent to $205.2 million, dragged by a 23 percent drop in comparable-store sales.

Analysts on average were expecting loss of 19 cents a share, before special items, on revenue of $218.2 million, according to Reuters Estimates.

Total inventories were down 22.5 percent at the end of the quarter.

Store operating, general and administrative expenses fell to $62.9 million, from $77.9 million in the year-ago quarter.

"The majority of the decline was associated with reductions in store payroll, home office headcount, and marketing expense," the company said.

In February, the company -- which caters to girls in the 7-to-14 age group -- said it would reduce an additional 85 positions to cut costs. It had cut 150 positions last year.

Shares of Tween Brands were up about 28 percent at $3.99 before the bell. They closed at $3.13 Tuesday on the New York Stock Exchange. (Reporting by Mihir Dalal in Bangalore; Editing by Himani Sarkar)

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