Bradlees Reports July Comparable Store Sales.Business Editors BRAINTREE, Mass.--(BUSINESS WIRE)--Aug. 3, 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 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 July 29, 2000 decreased 4.6% over the prior-year period. Total sales for the period decreased 1.1% to $100.6 million, compared to $101.8 million in the prior-year period. Comparable store sales for the 13-week second quarter decreased 6.3% over the prior-year period. Total sales for the 13 weeks decreased 2.3% to $374.5 million, compared to $383.4 million in the prior-year period. Year-to-date comparable store sales for the 26-week period ended July 29, 2000 decreased 4.0% over the prior-year period. Total sales for the 26 weeks decreased 0.8% to $699.8 million, compared to $705.3 million in the prior-year period. "We were aware July 2000 would be a challenging sales period, given that we were up against a 19.5% comparable store sales increase in fiscal July 1999," said Peter Thorner, Bradlees Chairman and Chief Executive Officer. "Our hardlines businesses, however, with the exception of seasonal electrics and toys, continued to perform well and customers continued to respond to the tremendous value represented by our Certified See certification. Value and WOW (1) (World Organization of Webmasters, Folsom, CA, www.joinwow.org) A membership organization for professionals who are involved with creating and maintaining Web sites. WOW also provides certification via testing centers throughout the U.S. programs. We continued to experience softness in our apparel businesses, attributable primarily to the cooler weather in July 2000 compared with the previous year." Bradlees is a leading regional discount retailer with 105 stores in seven Northeastern states and 1999 sales of $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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion