Bradlees Reports 8.4% Increase in February Comparable Store Sales.Business Editors BRAINTREE, Mass.--(BUSINESS WIRE)--March 2, 2000 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) today announced that comparable store sales for the four weeks ended February 26, 2000 increased 8.4% over the prior-year period. Total sales for the period increased 9.7% to $95.1 million from $86.7 million in the prior-year period. "Our sales results in February build upon our strong sales momentum, and come on top of a 9.9% comparable store sales increase in February 1999," said Peter Thorner, Bradlees Chairman and Chief Executive Officer. "Customers are responding to our merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. and our singular focus on delivering value. The combination of fashion, quality, selection and price that we offer has tremendous appeal to both existing and new customers." As announced last month, the Company is considering early adoption of the Securities and Exchange Commission's Staff Accounting Bulletin No. 101 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc revenue recognition of 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 for its prior year (fiscal 1999), the results of which are expected to be released in mid-March. The new standards require that layaway 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. Under the new standards, adjusted comparable store sales for February would have increased 6.0% over the prior-year period. Bradlees is a leading regional discount retailer with 104 stores in seven Northeast states and 1999 sales of more than $1.5 billion. 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 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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