CSK Auto Corp. Sales Update.PHOENIX -- CSK Auto CSK Auto Inc. is the largest specialty retailer of automotive parts and accessories in the western United States and one of the largest retailers of such products in the entire country. Corp. (NYSE NYSE See: New York Stock Exchange : CAO), the parent company of CSK Auto Inc., a specialty retailer in the automotive aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. , today announced that same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of for the first nine weeks of the second fiscal quarter (ending Aug. 1, 2004) were below sales for the same period in fiscal 2003 by 2% (comprised of negative 2% from the retail business and negative 1% from the commercial business). As a result of current sales trends, second quarter 2004 earnings per share are expected to be below our previously announced guidance. If the current sales trends continue for the remainder of the quarter, the company expects earnings for the second quarter of approximately $0.27 - $0.31 per diluted share. "We believe that our recent sales have been negatively impacted by unseasonably cool weather, which has resulted in weak demand for products in heat-related categories, and reduced miles driven by consumers as a result of higher gas prices. We remain committed to our ongoing merchandising and marketing efforts and will continue to focus on successful implementation of our existing strategies. We are continuing to focus on opportunities within our control and are taking appropriate actions to respond to current conditions," said Maynard Jenkins, chairman and chief executive officer. Based on second quarter sales trends, the company anticipates that full year earnings may be negatively impacted; however, the company believes it is premature to update full year earnings guidance. The company plans to release its second quarter earnings on Sept. 2, 2004 and discuss the outlook for the remainder of the year on its conference call to be held that afternoon at 5 p.m. Eastern Time. CSK Auto Corp. is the parent company of CSK Auto Inc., a specialty retailer in the automotive aftermarket. As of May 2, 2004, the company operated 1,117 stores in 19 states under the brand names Checker Auto Parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
Certain statements contained within this release are forward-looking statements. They discuss, among other things, expected growth, business strategies, future revenues and future performance. The forward-looking statements are subject to risks, uncertainties and assumptions, including, but not limited to, competitive pressures, demand for the company's products, the state of the economy, inflation, changes in the level of consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. on or preferences in automotive-related merchandise, and the weather. Other risk factors are detailed in the company's Report on 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. for the fiscal year ended Feb. 1, 2004 filed with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission on April 15, 2004. Actual results may differ materially from anticipated results described in these forward-looking statements. |
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