CHICAGO, Dec. 5, 2012 /PRNewswire/ -- Claire's Stores Inc. (the "Company"), one of the world's leading specialty retailers of fashionable jewelry and accessories at affordable prices for young women, teens, tweens, and kids, announced the recent opening of the first Claire's stores in China. The first China store opened today, December 5th, and is located in DaNing Life Hub in Shanghai. The second China store will open on December 7, 2012 in Grand Gateway Mall in Shanghai. The Company has entered China on an owned and operated basis and has established a new division based in Shanghai. The Company believes China represents a significant market opportunity for the Claire's brand.
Chief Executive Officer Jim Fielding stated, "We are extremely excited to announce the opening of our first two China stores, and the establishment of our new China division in Shanghai. This opening extends our global reach to 39 countries.
"The China market opportunity is very large within our industry and we have put together an exceptional local management team led by our China Managing Director, Catherine Kang, to fully develop this very important, unique market.
"We have spent more than two years preparing for this market entry, and believe we are bringing the best of our Claire's brand to China. These first stores are possible because of the tremendous effort and support of our global divisions, as well as the strong partnership we have received from our local partners in China. We are looking forward to building a long-term, successful business in China with their support."
Claire's Stores, Inc. is one of the world's leading specialty retailers of fashionable jewelry and accessories at affordable prices for young women, teens, tweens and girls ages 3 to 27. The Company operates through its two store concepts: Claire's® and Icing®. As of October 27, 2012, Claire's Stores, Inc. operated 3,088 stores in North America and Europe. The Company also franchised or licensed 381 stores in Japan, the Middle East, Turkey, Greece, Guatemala, Malta, Ukraine, Mexico, India, Dominican Republic, El Salvador, Venezuela, and Panama. More information regarding Claire's Stores is available on the Company's corporate website at http://www.clairestores.com.
This press release contains "forward-looking statements" which represent the Company's expectations or beliefs with respect to future events. Statements that are not historical are considered forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation: changes in consumer preferences and consumer spending; competition; our level of indebtedness; general economic conditions; general political and social conditions such as war, political unrest and terrorism; natural disasters or severe weather events; currency fluctuations and exchange rate adjustments; uncertainties generally associated with the specialty retailing business, such as decreases in mall traffic due to high gasoline prices or other general economic conditions; disruptions in our supply of inventory; inability to increase same store sales; inability to renew, replace or enter into new store leases on favorable terms; increase in our cost of merchandise; significant increases in our merchandise markdowns; inability to grow our store base in Europe, China, or expand our international franchising operations; inability to design and implement new information systems or disruptions in adapting our information systems to allow for expansion into new geographic markets or grow our e-commerce sales; delays in anticipated store openings or renovations; uncertainty that definitive financial results may differ from preliminary financial results due to, among other things, final U.S. GAAP adjustments; results from any future asset impairment analysis; changes in applicable laws, rules and regulations, including changes in federal, state or local regulations governing the sale of our merchandise, particularly regulations relating to the content in our merchandise, general employment laws, including laws relating to overtime pay and employee benefits, health care laws, tax laws and import laws; product recalls; data or security breaches of confidential information; loss of key members of management; increases in the cost of labor; labor disputes; unwillingness of vendors and service providers to supply goods or services pursuant to historical customary credit arrangements; increases in the cost of borrowings; unavailability of additional debt or equity capital; and the impact of our substantial indebtedness on our operating income and our ability to grow. These and other applicable risks, cautionary statements and factors that could cause actual results to differ from the Company's forward-looking statements are included in the Company's filings with the SEC, specifically as described in the Company's Annual Report on Form 10-K for the fiscal year ended January 28, 2012 filed with the SEC on April 4, 2012. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.
Note: Other Claire's Stores, Inc. press releases, a corporate profile and the most recent Form 10-K and Form 10-Q reports are available on Claire's business website at: http://www.clairestores.com.
J. Per Brodin, Executive Vice President and Chief Financial Officer
Phone: (847) 765-1100, or E-mail, email@example.com
SOURCE Claire's Stores, Inc.