50-OFF Stores, Inc. reports October, third quarter and fiscal 1996 year-to-date sales.SAN ANTONIO San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , Texas--(BUSINESS WIRE)--Nov. 6, 1995--San Antonio based off-price off-price adj. 1. Of, relating to, or being a retail store that sells merchandise at prices lower than usual. 2. For sale at prices lower than usual: off-price assortments of women's clothing. retailer 50-OFF Stores, Inc., which currently operates 102 stores in 11 states in the southern and southwestern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , announced net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the five-week period ended Nov. 3, 1995 of $13.9 million as compared to $17.1 million for the comparable period last year. The company operated eight fewer stores during the current period. Net sales on a comparable store basis for the period decreased 15.6 percent. Excluding the company's 13 border stores (stores located on the Texas/Mexico border whose sales have been adversely affected by a continuing economic crisis following last December's peso devaluation devaluation, decreasing the value of one nation's currency relative to gold or the currencies of other nations. It is usually undertaken as a means of correcting a deficit in the balance of payments. ), net sales on a comparable store basis decreased 10.9 percent. For the 13 weeks ended Nov. 3, 1995, net sales were $37.9 million as compared to $45.2 million. The company operated a weighted average of 102.1 stores in the fiscal 1996 period as compared to 110.7 in 1995. Net sales on a comparable store basis decreased 12.8 percent for the period. Excluding the border stores, net sales on a comparable store basis decreased 7.7 percent. For the 39 weeks ended Nov. 3, 1995, net sales were $124.9 million as compared to $136.8 million. The company operated a weighted average of 105.1 stores in the fiscal 1996 period as compared to 112.0 in 1995. Net sales on a comparable store basis decreased 6.2 percent for the period. Excluding the border stores, net sales on a comparable store basis were flat. Charles Siegel, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "The sales results were disappointing but not surprising considering the persistent warm weather in the company's market areas and its adverse effect on apparel sales during the October period. During October last year, apparel sales increased dramatically as a result of the only significant cool weather we had prior to Christmas. However, the cold weather which reportedly 'sent consumers scurrying scur·ry intr.v. scur·ried, scur·ry·ing, scur·ries 1. To go with light running steps; scamper. 2. To flurry or swirl about. n. pl. scur·ries 1. The act of scurrying. for coats and jackets' in parts of the U. S. has reached the areas where the company operates and positively affected our apparel sales this past weekend." Management is enthusiastic about the company's prospects for the Christmas selling season. Siegel commented, "We are well-positioned to provide our targeted lower income customers with the best prices on a variety of merchandise they need at our conveniently located neighborhood stores. Sales in the border stores since the Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum government raised its duty free limit from $50 to $400 per person on November 1st only increase our optimism." CONTACT: Charles "Hop" Fuhrmann, 50-OFF Stores, Inc., 210/805-9300 |
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