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Claire's stock plummets
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April 13, 2000: 12:12 p.m. ET
Retailer's shares tumble as company warns fiscal 1Q earnings will fall short
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NEW YORK (CNNfn) - Shares of Claire's Stores Inc. fell more than 23 percent Thursday, one day after the accessories retailer warned investors disappointing sales will cause its earnings estimates to fall below Wall Street expectations.
Pembroke Pines, Fla.-based Claire's (CLE: Research, Estimates) late Wednesday said it expects to earn 18 cents per diluted share for its fiscal first-quarter, lower than analysts' estimates of 27 cents per share due to weak sales for February, March and early April.
Company Chairman and Chief Executive Officer Rowland Schaefer said Wednesday, "We were disappointed with the negative same stores sales trends in March and expected stronger April sales trends than we have seen to date."
 Shares of Claire's fell 5-1/16 to 16-13/16 in late morning trade Thursday. The company operates more than 3,000 boutiques under the trade names Claire's Accessories, Afterthoughts, The Icing and Bijoux One. The stores, primarily located in malls, sell inexpensive accessories and jewelry popular among teen-aged girls.
Claire's sales at stores open at least one year fell 11 percent in March from the year-earlier period, marking the third consecutive month its sales declined. 
--from staff and wire reports
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Claire's Stores
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