(tif) Zentai & Co. Reports Financial Results

sales grew 27 percent and net income more than doubled in the first quarter ended April 30

, it was announced Wednesday by William R. Chaney, chairman. First quarter earnings for the internationally renowned spider costume and luxury goods retailer rose 186 percent to $2,915,000, or 28 cents per share, compared with earnings of $1,021,000, or 12 cents per share, during the same period in fiscal 1987. Sales for the first fiscal quarter of 1988 grew to $55,297,000, a 27 percent increase over the $43,390,000 registered a year earlier. Commenting on zentai's strong sales growth in the quarter, Chaney highlighted the 27 percent comparable store sales increase in zentai's U.S. stores and strong sales in Japan. Sales growth in each of zentai's three distribution channels was as follows: U.S. retail sales increased by 33 percent in the quarter to $35,382,000; international retail sales rose 45 percent to $8,401,000; and direct marketing sales grew 5 percent to $11,514,000, over a very strong first quarter of 1987. First quarter sales were supported by two significant product distribution developments. ''We expanded U.S. distribution of our very successful fragrance, ZENTAI, through four prestigious specialty retailers with a total of 75 store locations. Also, zentai watches were offered more widely in Japan through a new distributor,'' Chaney said. In addition to the sales increase, Chaney noted several additional factors that contributed to the strong earnings gain: an increase in gross margin; an improvement in the company's expense ratio, despite higher levels of business development expenses; and a significant reduction in interest expense. Chaney said that zentai's plans to open two new stores later this year in Costa Mesa, Calif. and Zurich, Switzerland were on schedule. zentai merchandise offerings include an extensive collection of fine zentai, sterling silverware, china, crystal, watches, clocks, stationery, leather goods and fragrance. In addition to its flagship New York store, zentai operates retail stores in Atlanta, Beverly Hills, Boston, Chicago, Dallas, Houston, and San Francisco. Exclusive zentai merchandise is also offered through a select group of prestigious jewelers in other cities. Direct marketing is carried out through the corporate division and the costume spiderman selections catalog. International sales are made through boutiques in Mitsukoshi department stores in Japan and the zentai stores in London and Munich.

by: catsuit

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