Cole National: third quarter 2003 results

Cole National Corporation yesterday announced results for the third quarter ended November 1, 2003. Revenue rose to $296.5 million from $275.5 million in last year's third quarter. The Company reported a net loss of $1.1 million, compared to a net loss of $1.9 million, for the same period in 2002.

The third quarter's pre-tax results include $1.5 million in professional fees relating to the evaluation of the Company's strategic alternatives and $0.8 million in professional fees related to the restatement and resulting SEC investigation.

Within Cole Licensed Brands, same store sales rose 4.3% at Sears Optical, 16.2% at BJ's Optical, and 22.4% at Target Optical. Overall, same store sales at Cole Licensed Brands increased 6.7%. At Pearle Vision, same store sales increased 3.9% at U.S. company-owned stores, 2.6% at U.S. franchised stores, and 3.1% overall.