Cost Plus, Inc. Announces Second Quarter Sales Up 23.4%; Comps Up 6.1%.Business Editors OAKLAND, Calif.--(BUSINESS WIRE)--Aug. 8, 2002 Cost Plus, Inc. (Nasdaq:CPWM CPWM Certified Public Works Manager (New Jersey state license) CPWM Controlled Pulsewidth Modulation ) announced today that its total sales for the second quarter ended August 3, 2002 were $138.3 million, a 23.4% increase over $112.1 million for the same quarter last year. Year-to-date, total sales were $272.7 million, a 21.2% increase over $225.0 million in the first two quarters of fiscal 2001. 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 second quarter increased 6.1% compared to a 0.5% decrease for the second quarter of fiscal 2001. Year-to-date, same store sales increased 5.0% on top of a 2.0% increase for the same period last year. Murray Dashe, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "Comparable store sales increases accelerated during the quarter reflecting strong customer demand for our summer merchandise and continuing consumer demand for value priced merchandise. With better than anticipated sell-through of our summer inventories, we are in an excellent position to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. sales for the fall season. In addition, we experienced strong sales for new stores opened thus far this year, particularly in the new markets of Appleton, WI; Birmingham, AL; Des Moines Des Moines, city, United States Des Moines (dĭ moin`), city (1990 pop. 193,187), state capital and seat of Polk co., S central Iowa, at the junction of the Des Moines and Raccoon rivers; inc. , IA and Minneapolis/St. Paul, MN. Our California stores also experienced better sales results which we attribute to a shift in advertising strategy." During the quarter, the Company opened seven stores, as previously forecasted, one each in Woodbury, MN; Bloomington, MN; Minnetonka, MN; Des Moines, IA; Appleton, WI; Englewood, CO and Turtle Creek Turtle Creek may refer to: Streams
The Company's second quarter earnings conference call will be on August 22, 2002 at 8:00 a.m. PST PST Paroxysmal supraventricular tachycardia, see there . It will be held in a "listen-only" mode for all participants other than the sell-side and buy-side investment professionals who regularly follow the Company. Phone numbers for the call are 415/537-1906 or 212/896-6099. Callers are advised to dial in approximately 15 minutes prior to the scheduled start time. A telephonic replay will be available at 800/633-8284, Access Code: 20732405, from 10:00 a.m. to 10:00 p.m. PST on Thursday, August 22. Investors may also access the live call or the replay over the internet at www.streetevents.com; www.companyboardroom.com and www.costplus.com. The replay will be available approximately 60 minutes after the live call concludes. Cost Plus, Inc. is a leading specialty retailer of casual home furnishings and entertaining products. As of August 3, 2002, the Company operated 163 stores in 22 states compared to 137 stores in 19 states at this time last year. The above statements related to future financial results are "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. " which are based on current expectations and are subject to various risks and uncertainties which could cause actual results to differ materially from those forecasted. Such risk factors include, but are not limited to: changes in economic conditions that affect 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. ; changes in the competitive environment; interruptions in the flow of merchandise; a material unfavorable outcome with respect to litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , claims and assessments against the Company; further terrorist attacks and the nation's response thereto and changes in accounting rules and other regulations. Please refer to documents on file with the Securities and Exchange Commission for a more detailed discussion of the Company's risk factors. The Company does not undertake any obligation to update its forward-looking statements. |
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