Claire's grows faster in Europe than the US

Claire's Stores, the US holding company for Claire's Accessories in the UK, has revealed strong growth in its Euorpean businesses for its first quarter of the year ending on April 30. The retailer said net income rose 7 per cent to US$29.7 million (£16.2 million). Net sales rose 7.5 per cent to US$302.7 million (£164.8 million). Comparable store sales were up 5 per cent.

The retailer refused to give a breakdown of the figures, but said that comparable store sales rose in Europe by high single digits, compared with low single digit sales growth in the US. Approximately 24 per cent of the retailer's stores are in Europe.

Co-chief executive Bonnie Schaefer said: 'inventory analysis and product testing have substantiated our belief that the major fashion trends driving our North American business are having a similar impact in Europe and on a similar time-frame.'