Bradlees Reports 15% Increase in January Comparable Store Sales.Business Editors BRAINTREE Braintree, town and district, England Braintree, town (1991 pop. 30,975) and district, Essex, E England, between the Pant (Blackwater) and Brain river valleys. It has textile, plastic, and metal-product industries. , Mass.--(BUSINESS WIRE)--Feb. 3, 2000 Bradlees Bradlees was a chain of discount department stores which operated primarily in the Northeastern United States. The chain went bankrupt in 2000 and all of its stores were closed by March 2001. , 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 January 29, 2000 increased 15.0% over the prior-year period. Total sales for the four-week period increased 16.0% to $82.8 million from $71.3 million in the prior-year period. Comparable sales for the 13-week quarter increased 7.0%. Total sales for the quarter increased 8.5% to $479.5 million from $441.9 million in the prior-year period. Comparable store sales for the 52-week fiscal year ended January 29, 2000 were 11.9% over the prior year. Total sales for the 52-week period rose 11.8% to $1.545 billion from $1.381 billion in fiscal 1998. Sales for fiscal 1998 included five stores which were closed in February and March of that year. Sales for fiscal 1999 include one store which was closed in March 1999 and two stores which were opened in October 1999. &uot;I am delighted with our sales results for January -- which come on top of a 14.3% increase in comparable store sales in January 1999 -- and extremely pleased that we concluded the year with double-digit comparable store sales,&uot; said Peter Thorner, Bradlees Chairman and Chief Executive Officer. &uot;Our relentless focus on delivering value to our customers is driving our results, and we are well-positioned to build on our success in 2000.&uot; The Company also announced it is considering early adoption of new Securities and Exchange Commission Revenue Recognition standards for fiscal 1999, rather than in the first quarter of fiscal 2000. The new standards require that 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 be recognized when the customer picks up layaway merchandise. Prevailing practice among retailers is to recognize layaway sales at the time customers place orders. If the Company adopts the new standards in January 2000, adjusted comparable store sales for that month would increase 12.8% over the prior-year period. Adjusted comparable store sales for fiscal 1999 would increase by 11.8% over the prior-year period. Layaway sales for fiscal 1999 which would be deferred into fiscal 2000 would be approximately $3.6 million. Bradlees is a leading regional discount retailer with 104 stores in seven Northeastern states. 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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