Tween Brands Sets Sales Record for Holiday 2007
NEW ALBANY, Ohio--(Business Wire)--Tween Brands, Inc. (NYSE: TWB), today announced record sales for the nine-week period ended January 5, 2008. Total sales increased 21% over the same period last year to $264.6 million. Total sales through Limited Too stores rose 5%, while total sales at Justice leaped 87%. Comparable store sales for the nine-week period rose 4% at Limited Too and 31% at Justice, for a consolidated comparable store increase of 9% versus 4% during the same period last year. Revenue from all other sources nearly doubled, including a 134% increase in e-commerce sales. "Our sales for November and December exceeded our expectations," said Mike Rayden, Tween Brands CEO. "Both Limited Too and Justice delivered increases in comparable store transactions and our disciplined inventory management has made it possible to finish a challenging 2007 in a much cleaner inventory position compared to last year," said Mr. Rayden. Mr. Rayden added that sales of lifestyle items, which include such popular items as Webkinz(TM) virtual pets, Hannah Montana and Jonas Brothers licensed merchandise and electronics, made a significant contribution to the company's holiday sales success. "Our brands constantly strive to be the first to market with the hottest fashion for tweens, whether that fashion is in apparel, lifestyle merchandise or whatever is important in our tween's world," said Mr. Rayden. Tween Brands plans to release its complete operating results for the fourth quarter and fiscal year 2007 on Wednesday, February 20, 2008, before the opening of trading on the New York Stock Exchange. About Tween Brands, Inc. Tween Brands, Inc. is a leading specialty retailer for tweens (ages 7 to 14). At Limited Too, the company sells sportswear, related accessories and key lifestyle items for active, fashion-aware tween girls. Limited Too currently operates 594 stores across the United States, and has 25 international franchised stores. Limited Too publishes a catazine coinciding with key tween shopping times throughout the year and conducts e-commerce on its Web site, www.limitedtoo.com. Justice is the company's newer specialty retail concept for tween girls, offering moderately-priced sportswear, accessories and lifestyle items in predominantly off-the-mall store sites. Justice also publishes a catazine for its tween customers and currently operates 257 stores across the United States, the locations of which can be found on their Web site, www.justicejustforgirls.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press release contains various "forward-looking statements" specifically related to the company's operating result for fiscal 2007, within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Such statements can be identified by the use of the forward-looking words "anticipate," "estimate," "project," "target," "predict," "believe," "intend," "plan," "expect," "hope," "risk," "could," "pro forma," "potential," "prospects, " "outlook," or similar words. These statements discuss future expectations, contain projections regarding future developments, operations or financial conditions, or state other forward-looking information. These forward-looking statements involve various important risks, uncertainties and other factors that could cause our actual results for 2007 to differ materially from those expressed. The following factors, among others, could affect our future financial performance and cause actual future results to differ materially from those expressed or implied in any forward-looking statements included in this press release: changes in consumer spending patterns, consumer preferences and overall economic conditions; decline in the demand for our merchandise; the impact of competition and pricing; the effectiveness of our brand awareness and marketing programs; a significant change in the regulatory environment applicable to our business; risks associated with our sourcing and logistics functions; the impact of modifying and implementing new information technology systems; changes in existing or potential trade restrictions, duties, tariffs or quotas; currency and exchange risks; availability of suitable store locations at appropriate terms; ability to develop new merchandise; ability to hire and train associates; the potential impact of health concerns relating to severe infectious diseases, particularly on manufacturing operations of our vendors in Asia and elsewhere; acts of terrorism in the U.S. or worldwide; and other risks that may be described in other reports and filings we make with the Securities and Exchange Commission. Future economic and industry trends that could potentially impact revenue and profitability are difficult to predict. Therefore, there can be no assurance that the forward-looking statements included here will prove to be accurate. The inclusion of forward-looking statements should not be regarded a representation by us, or any other person, that our objectives will be achieved. The forward-looking statements made herein are based on information presently available to us, as the management of the company. We assume no obligation to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Company home page: www.tweenbrands.com Tween Brands, Inc. Robert Atkinson, 614-775-3739 Copyright Business Wire 2008
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