Bradlees, Inc. Reports 24.8% Increase in June Comparable Store Sales.BRAINTREE, Mass.--(BUSINESS WIRE)--July 8, 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 five weeks ended July 3, 1999 increased 24.8% over the prior-year period. Total sales for the five-week period increased 23.8% to $162.3 million, compared to $131.1 million in the prior-year period. Year-to-date comparable store sales for the 22-week period ended July 3, 1999 increased 15.6% over the prior-year period. Total sales for the 22 weeks were up 14.2% to $604.9 million, compared to $5 29.9 million in 1998. Sales for the period in 1998 included five stores which were closed in February and March of last year. One store was closed in March, 1999. The company experienced strong sales growth in June across most categories. In hardlines, sales of home textiles, housewares house·wares pl.n. Cooking utensils, dishes, and other small articles used in a household, especially in the kitchen. , furniture, toys and sporting goods Noun 1. sporting goods - sports equipment sold as a commodity commodity, trade good, good - articles of commerce sports equipment - equipment needed to participate in a particular sport were particularly strong. In softlines, sales of children's apparel, men's apparel and women's sportswear increased significantly. "I am delighted with our results for June," said Peter Thorner, Bradlees Chairman and Chief Executive Officer. "This is our fifth consecutive month of very strong sales gains, clearly demonstrating that our customers are responding positively to our efforts to make Bradlees the discount department store of choice in our markets. We will continue to focus on offering quality and fashion merchandise, on being in stock, and on providing superior customer service to build on our momentum." Bradlees is a leading regional discount retailer with 102 stores in seven Northeastern states and 1998 sales of $1.4 billion. The Company plans to open two additional stores in October, the first new store openings in four years. Bradlees offers an assortment 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 and Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act 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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