Bradlees, Inc. Reports 12.6% Increase in May Comparable Store Sales.BRAINTREE, Mass.--(BUSINESS WIRE)--June 3, 1999-- Bradlees, 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 :BRAD BRAD British Rate And Data BRAD Bidirectional Reference Array Derived BRAD Bowdoin Random Access Device :-) BRad Bachelor of Radiology ) today announced that comparable store sales for the four weeks ended May 29, 1999 increased 12.6% over the prior-year period. Total sales for the four-week period increased 11.7% to $117.7 million, compared to $105.4 million in the prior-year period, which included one store which was closed in March, 1999. Year-to-date comparable store sales for the 17-week period ended May 29, 1999 increased 12.6% over the prior-year period. Total sales for the 17 weeks were up 11.0% to $442.6 million, compared to $398.8 million in 1998. Sales for the period in 1998 included five stores which were closed in February and March of last year and one store closed in March, 1999. The company experienced strong sales growth in May across most categories. In hardlines, sales of home products, electronics and toys were particularly strong. In softlines, sales of children's apparel, men's apparel, and accessories increased significantly. "After a strong first quarter, we've clearly continued our sales momentum in May," said Peter Thorner, Bradlees' Chairman and Chief Executive Officer. "Customers are responding to our focus on quality and fashion merchandise at discount prices, on being in stock, and on impactful marketing and store-level execution." Bradlees is a leading regional discount retailer with 102 stores in seven Northeastern states and 1998 sales of $1.4 billion. Bradlees offers an assortment assortment /as·sort·ment/ (ah-sort´ment) the random distribution of nonhomologous chromosomes to daughter cells in metaphase of the first meiotic division. as·sort·ment n. of merchandise focused on basic and casual apparel, basic and fashion items for the home, and commodity and convenience products. General information about Bradlees, including corporate background and press releases, is available on the internet at http://www.bradlees.com. To find the nearest store location call toll-free 1-877-272-3533 or visit the web site. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement: this press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Any such statements are subject to important factors which could cause the Company's actual results to differ from those anticipated by the forward-looking statements. These factors are referenced in the Company's latest Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and in other SEC filings. |
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