Increase in Net Income and Earnings Per Share
Net income for the third quarter was $48.7 million or $0.96 per share, up from $44.2 million or $0.88 per share in the prior year. Year-to-date net income was $128.9 million or $2.55 per share, compared to $118.3 million or $2.35 per share last year.
Strong Sales Growth
Net sales for the third quarter increased by 9.3% to $320.8 million, with comparable store sales up 8.3% and online sales increasing by 13.6% to $53 million.
Women's Merchandise Growth
Women's merchandise sales increased by 19%, with denim sales up 17.5% and average price points rising from $81.15 to $86.95.
Improvement in Gross and Operating Margins
The quarter's gross margin was 48%, up 30 basis points from the previous year. The operating margin was 19%, compared to 18.6% last year.
Kids Business Expansion
The kids segment saw a strong growth of 22% year-over-year.