Bradlees Reports 10.2% Increase in September Comparable Store Sales.BRAINTREE, Mass.--(BUSINESS WIRE)--Oct. 7, 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 October 2, 1999 increased 10.2% over the prior-year period. The continued improvement in sales was realized despite the fact that as many as seven of the Company's stores had been adversely affected by Hurricane Floyd This article is about the 1999 hurricane. For other storms of the same name, see Tropical Storm Floyd (disambiguation). Hurricane Floyd was the sixth named storm, fourth hurricane, and third major hurricane in the 1999 Atlantic hurricane season. . Total sales for the five-week period increased 9.5% to $129.8 million, compared to $118.6 million in the prior-year period. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. comparable store sales for the 35-week period ended October 2, 1999 increased 14.9% over the prior-year period. Total sales for the 35 weeks were up 13.6% to $943.2 million, compared to $830.0 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 opened two new stores September 30 - one in Philadelphia and one in Hamilton, New Jersey - the first new store openings in almost four years. Grand Opening events are planned for the two stores this weekend. "Our September results continue our strong sales momentum, and those results have put us at the top of our industry," said Peter Thorner, Bradlees Chairman and Chief Executive Officer. "In addition we are excited about the growth of our business in Pennsylvania and New Jersey. The early sales for our new stores give us great optimism about the contribution they will make to our Company." Bradlees is a leading regional discount retailer with 104 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 10K and in other SEC filings. |
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