SAINTE-JULIE, Que. - Groupe Bikini Village Inc. (TSX:GBV) said its profit increased 18 per cent to $939,000 in the fourth quarter as revenues grew six per cent to $13.8 million.
The Quebec-based swimwear retailer earned 49 cents per diluted share for the period ended Jan. 29, compared with 59 cents a year earlier. The EPS figures took into account the one-for-125 stock consolidation in Sept. 30.
While sales grew 6.1 per cent from $13 million, comparable sales for stores open a year — or same-store sales — increased by 8.1 per cent.
For the full year, Bikini Village earned $418,000 or 26 cents per share, compared with a $1 loss in fiscal 2009.
Full-year sales increased 8.8 per cent to $44.6 million from $41 million, while same-store sales were up 10.2 per cent.
The company attributed the improvement to tightly managing inventories, focusing on full-price selling and controlling costs.
President and CEO Yves Simard said Bikini Village is more competitive after addressing operational and structural issues. It plans to focus on increasing sales while further improving profitability in 2011.
Groupe Bikini Village, which has been in business for nearly 25 years, operates 60 stores and employs about 500 people.
Its shares closed at $4.20, up more than six per cent or 24 cents in Thursday trading on the Toronto Stock Exchange.