Cost-U-Less Reports Rise in Same Store Sales for Third Quarter.Business Editors PRESTON, Wash.--(BUSINESS WIRE)--Oct. 1, 2002 Cost-U-Less, Inc. (the "Company") (Nasdaq:CULS CULS Capital University Law School (Columbus, Ohio) ) today reported an increase of 3.7% in comparable store sales (stores open a full 13 months), for the fiscal quarter ending Sept. 29, 2002. "Despite market conditions that show little or no improvement, the value proposition that we provide in each of our markets continues to drive positive sales," said J. Jeffrey Meder, the Company's 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. . "We experienced particularly strong sales in the Caribbean driven by high comparable sales in St Thomas and improving business-to-business sales throughout the region." Total sales for the quarter increased 0.9% to $43.2 million for the fiscal quarter ending Sept. 29, 2002, compared to $42.8 million for the same period a year ago. The company will report its fiscal third quarter results on Oct. 29, 2002. The Company also reported that it has extended its working line of credit with the Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. until April 1, 2003. The Company believes that it will work with a different financial institution on a credit facility that will extend beyond April 1, 2003. As of the end of the fiscal quarter ending Sept. 29, 2002, the outstanding balance on the line of credit was at $3.3 million. Cost-U-Less currently operates eleven stores in the Caribbean and Pacific region: U.S. Virgin Islands (2), Netherlands Antilles Netherlands Antilles, island group, an autonomous part of the Netherlands (2005 est. pop. 220,000), 371 sq mi (961 sq km), West Indies. Formerly known as the Dutch West Indies and Netherlands West Indies, they are divided into two groups. (2), Hawaiian Islands (2), California (1), Guam (2), American Samoa American Samoa, officially Territory of American Samoa, unincorporated territory of the United States (2000 pop. 57,291), comprising the eastern half of the Samoa island chain in the South Pacific. (1), and Republic of Fiji (1). The Company builds its business through delivering high-quality U.S. and local goods, progressive merchandising practices, sophisticated distribution capabilities, and superior customer service, primarily to island markets. Additional information about Cost-U-Less is available at www.costuless.com This press release contains statements that are forward-looking. These statements are made pursuant to the 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. provisions of 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. These statements are based on current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. These factors include, without limitation; future market opportunities for existing and planned products and services; our small store base; the mix of geographic and product revenues; relationships with third parties; 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. ; our ability to maintain existing credit facilities and obtain additional credit; business and economic conditions and growth in various geographic regions; pricing pressures; political and regulatory instability in various geographic regions; and other risks and uncertainties detailed in the Company's filings with the SEC. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion