Barbeques Galore Reports First Fiscal Quarter Sales.Business Editors IRVINE, Calif.--(BUSINESS WIRE)--May 13, 2003 Barbeques Galore Limited (Nasdaq:BBQZ) today announced that total company sales for the first fiscal quarter ended April 30, 2003 fell 0.6% to $35.2 million from $35.4 million last year. 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 in the U.S. declined 6.2% to $21.4 million from $22.9 million in the corresponding prior-year period. In Australia, net sales increased 9.6% to $13.8 million from $12.5 million for the same period a year ago, and in Australian dollars fell 6.5% to A$22.8 million from A$24.4 million, respectively. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of in the U.S. decreased 8.1% for the first quarter. For the Australian stores, comparable sales decreased 1.6%. The average exchange rate between the Australian dollar and the U.S. dollar for the quarter ended April 30, 2003 was A$1 = US$0.6019, which is a 14.8% increase in the Australian dollar from the corresponding quarter last year, where A$1 = US$0.5243. During the first quarter, Barbeques Galore opened one new store in Myaree, Western Australia Myaree is a suburb of Perth, Western Australia, located within the City of Melville. Myaree gets its name from an aboriginal word meaning foliage. Myaree is a predominantly light industrial area. and relocated its store at Blacktown, New South Wales
Blacktown . As previously reported, its store in Keswick, South Australia
Keswick is a suburb of Adelaide in the City of West Torrens. • • was totally destroyed by fire in April 2003. The company is taking a temporary location to preserve its market share in Adelaide. No new stores were opened and no existing stores closed in the U.S. during this period. As part of its plan to implement potentially significant cost savings and margin enhancement opportunities by sourcing a number of its proprietary barbecues from China, Barbeques Galore, subsequent to the close of the year, determined to downsize Downsize Reducing the size of a company by eliminating workers and/or divisions within the company. Notes: When a company downsizes, it is attempting to find ways to improve efficiency and increase profitability. It is sometimes referred to as trimming the fat. its manufacturing operation in Sydney, Australia. The company expects to realize benefits from this program later this year. The full financial impact of this program, including costs associated with the downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing , will be recognized in fiscal 2004 pursuant to SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 146, Accounting for Costs Associated with Exit or Disposal Activities. Barbeques Galore is the leading chain of specialty retail stores devoted to sales of barbecues, fireside products and related accessories. The company owns and operates 63 stores in the U.S. and 35 stores in Australia. In addition, it has 9 franchised stores in the U.S. and 50 licensed stores in Australia. Through its U.S. e-commerce Web site, www.bbqgalore.com, the company sells an extensive line of barbecue and fireside products and related accessories. |
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