Ames Reports May Sales.Business Editors ROCKY HILL Rocky Hill, town (1990 pop. 16,554), Hartford co., central Conn., a suburb of Hartford, on the Connecticut River; settled c.1650, inc. 1843. Chemical coatings and synthetic textiles are made there. Rocky Hill was an important river port from 1700 to 1820. , Conn.--(BUSINESS WIRE)--June 1, 2000 Ames Department Stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AMES) today announced that 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 four-week period ended May 27, 2000 were $283.1 million, compared with net sales of $288.6 million in the year earlier period, an decrease of 1.9 percent. Last year's May sales results included the Grand Opening results from the Phase I Hills stores and $65.1 million in proceeds from the liquidation sales at Phase II and III Hills stores. The higher volumes generated at both liquidation stores and Grand Opening sales account for the decrease in revenues this month. Net sales for the seventeen-week year-to-date period were $1.114 billion, compared with $1.105 billion in the year earlier period, an increase of 0.8 percent. Comparable store sales for the period were $185.1 million, compared with $181.8 million in the year earlier period, an increase of 1.8 percent. Comparable store sales were based on 290 stores. Comparable store sales for the year-to-date period were $710.9 million, compared with $701.6 million last year, an increase of 1.3 percent. Reported sales for both the current and prior year reflect a change in the method of accounting for layaway An agreement between a retail seller and a consumer that provides that the seller will retain designated consumer goods for sale to the consumer at a specified price on a future date, if the consumer deposits with the seller an agreed upon sum of money. sales to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" SEC Staff Accounting Bulletin No. 101 on revenue recognition. The Company adopted the change in accounting for layaway sales in the fourth quarter of fiscal 1999. As a result of this change, approximately $10 million in sales were not reflected in the reported sales for the year-to-date period. Joseph R. Ettore, Ames' Chairman and Chief Executive Officer, said, "Sales were strong at the beginning of May but the unseasonably cold and damp weather in much of our trade area in the last two weeks of the month brought comp store sales for the month to a gain of just 1.8 percent over last year's 6.4 percent increase. We are pleased, however, that better performing categories for May were ladies apparel, infants wear, jewelry, appliances, home entertainment and hardware. The Company is well positioned to start our June Block Party events which kick-off this month and promise a lot of excitement and bargains for our customers." With 460 stores located in 19 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , Ames is the nation's largest regional, full-line discount retailer with annual sales of $4 billion. Ames offers a broad range of merchandise categories including family apparel, housewares house·wares pl.n. Cooking utensils, dishes, and other small articles used in a household, especially in the kitchen. , domestics, electronics, ready-to-assemble and patio furniture pa´ti`o fur´ni`ture 1. Furniture such as chairs, tables, settees or loungers, suited for use on a patio , i.e. such that will not be damaged by exposure to rain, sun or other outdoor elements. , jewelry, craft and pet supplies, health and beauty care items, stationery, sporting goods, toys, seasonal products and more. For fax copies of Ames' most recent news releases, dial 1 800 925 7792. To find the location of the Ames store nearest you, dial 1-800-SHOP-AMES. http://www.AmesStores.com http://espanol.AmesStores.com (in Spanish) |
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