Clothestime Inc. Lists $2.5-Million Net Income

Clothestime Inc., the Anaheim-based operator of women’s discount apparel stores, said net income for its fiscal first quarter was $2.5 million, up 42% from $1.8 million.

Sales for the quarter ended May 2 increased 31% to $40.8 million from $31.2 million in the previous year.

The results mark Clothestime’s third consecutive quarter of sales gains in excess of 30%, said Michael P. DeAngelo, chairman and chief executive officer. Ralph Sato, chief financial officer, attributed the upswing to “excellent sales” throughout the chain and to the opening of 21 new stores in the first quarter. An additional 12 stores have been opened this month, giving Clothestime a total of 296 stores in 16 states.