Elder-Beerman Announces July and Second Quarter Sales Results and Second Quarter Earnings Expectations.DAYTON, Ohio--(BUSINESS WIRE)--Aug. 5, 1999-- The Elder-Beerman Stores Corp. (Nasdaq/NMS:EBSC EBSC Elder-Beerman Stores Corp. EBSC East Bay Sanctuary Covenant (Berkeley, CA) EBSC Embedded Bitmap Scaling EBSC Elmbrook Swim Club (Brookfield, Wisconsin) EBSC English Bay Swim Club ) today announced its sales results for the four-week period and second quarter ended July 31, 1999. July total department store sales increased 12.3 percent over July 1998 to $37.0 million. Comparable sales for Elder-Beerman department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. for July decreased 2.7 percent from last year. Total consolidated sales increased 11.0 percent to $39.1 million. On a consolidated basis, including Bee-Gee, July comparable sales decreased 2.6 percent. Elder-Beerman also reported that total sales for its Bee-Gee Shoe Division for the month were $2.1 million, a decrease of 7.9 percent from July 1998. Comparable sales for Bee-Gee in July were 1.7 percent lower than the same period last year. For the second quarter, Elder-Beerman reported total department store sales increased 13.9 percent over the second quarter of 1998 to $133.4 million. Comparable department store sales for the second quarter decreased 1.1 percent. Consolidated sales for the second quarter increased 12.5 percent over the first quarter of 1998 to $141.1 million, and decreased 1.2 percent on a comparable store basis. Second Quarter Performance Elder Beerman also announced today its expectations for earnings for the second quarter ended July 31, 1999. Based on current estimates, the company expects its net loss in the second quarter to be in the range of $1.0 million to $1.6 million, including normalized income taxes. This equates to a loss per share in the range of $0.07 to $0.10. Frederick J. Mershad, Chairman and Chief Executive Officer, stated that, "Our second quarter loss is the result of sales and gross margins that fell short of our expectations in all three months of the quarter. Businesses that were particularly difficult were women's moderate sportswear, dresses, men's sportswear, children's apparel and furniture." Fall Season Comments For the Fall season, Mershad indicated that, "We are taking steps to address the two factors that adversely affected us in the second quarter. First, we have reviewed our Fall 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. assortment assortment /as·sort·ment/ (ah-sort´ment) the random distribution of nonhomologous chromosomes to daughter cells in metaphase of the first meiotic division. as·sort·ment n. and receipt plans and should not face a lack of any key items late in the season, which happened in certain apparel categories in the Spring. Second, we have refined our Fall merchandise and promotional strategy for both our new stores (the former Stone & Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs stores and the Erie store) and our core business. We intend to focus particularly on our moderate business to improve the assortment in strategic locations." Mershad also indicated that, "The company will institute in the Fall season a number of planned expense reductions across many expense categories. These expense reductions should not affect our ability to conduct business or continue to deliver excellent customer service." Planner/Distributor and New Store Update Commenting on the implementation of the planner/distributor merchandising process, Mershad noted, "The planner/distributor organization is now operating in three of our 13 merchandise divisions and is scheduled for introduction to five additional divisions during Fall season. Although it is still early in the conversion process, preliminary results of the impact that planner/distributor will have on our merchandising strategy are promising." Regarding the new stores to be opened in Warsaw, Indiana Warsaw is a city in, and the county seat of, Kosciusko County, Indiana, United StatesGR6. The population was 12,415, as of the 2000 census. Cradled between Winona Lake, Pike Lake and Center Lake, Warsaw is nicknamed "Lake City and Frankfort, Kentucky Frankfort is the capital of the Commonwealth of Kentucky, a state of the United States of America. It is also the county seat of Franklin County. The city has a population of 27,077 (July 2006 est.). History Gen. , Mershad added, "We are very excited about the new prototype stores. We are looking forward to their Grand Openings in the late third/early fourth quarter. Our expansions in Sandusky, Ohio Sandusky is a city in the U.S. state of Ohio and the county seat of Erie CountyGR6. The municipality is located in northern Ohio and is situated on the shores of Lake Erie, half-way between Toledo to the west and Cleveland to the east. and Winfield, West Virginia Winfield is a town in Putnam County, West Virginia, along the Kanawha River. The population was 1,858 at the 2000 census. It is the county seat of Putnam CountyGR6. Winfield was established on a 400 acre (1. are also on schedule for Grand Openings in September." The nation's eighth largest independent department store chain, The Elder-Beerman Stores Corp. operates 60 stores in Ohio, West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. , Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). , Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). , Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. , Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee and Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York . Headquartered in Dayton, Ohio Dayton is a city in southwestern Ohio, United States. It is the county seat and largest city of Montgomery County. As of the 2005 census estimate, the population of Dayton was 158,873. , Elder-Beerman reported total revenues of $658.0 million and net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight from store operations of $632.4 million in 1998. Elder- Beerman also operates two furniture superstores This is a list of superstores by country. Multi-national
Note: See attached table of sales comparison figures. -0-
---------------------------------------------------------
(dollars in JULY 1999
millions)
---------------------------------------------------------
1999 1998 Total Comparable
Sales Sales Sales Sales
(unaudited) Change(a) Change(b)
---------------------------------------------------------
Department
Store $37.0(c) $33.0 12.3% (2.7%)
Division
---------------------------------------------------------
Bee-Gee Shoe $2.1 $2.3 (7.9%) (1.7%)
Division
---------------------------------------------------------
Elder-Beerman
Stores Corp.
(Consolidated $39.1(c) $35.3 11.0% (2.6%)
company)
---------------------------------------------------------
---------------------------------------------------------
(dollars in SECOND QUARTER 1999
millions)
---------------------------------------------------------
1999 1998 Total Comparable
Sales Sales Sales Sales
(unaudited) Change(a) Change(b)
---------------------------------------------------------
Department
Store $133.4(d) $117.1 13.9% (1.1%)
Division
---------------------------------------------------------
Bee-Gee Shoe $7.7 $8.4 (7.7%) (2.5%)
Division
---------------------------------------------------------
Elder-Beerman
Stores Corp.
(Consolidated $141.1(d) $125.5 12.5% (1.2%)
company)
---------------------------------------------------------
(a) Percentages may not correspond to the sales figures shown due to
rounding of sales figures.
(b) Comparable sales include the Dayton Mall flagship store.
(c) Includes sales of $4.3 million for the eleven former Stone &
Thomas stores.
(d) Includes sales of $15.4 million for the eleven former Stone &
Thomas stores.
---------------------------------------------------------
(dollars in YEAR TO DATE 1999
millions)
---------------------------------------------------------
1999 1998 Total Comparable
Sales Sales Sales Sales
(unaudited) Change(a) Change(b)
---------------------------------------------------------
Department
Store $277.2(c) $236.6 17.1% 1.6%
Division
---------------------------------------------------------
Bee-Gee Shoe $14.5 $15.6 (7.2%) (4.3%)
Division
---------------------------------------------------------
Elder-Beerman
Stores Corp. $291.6(c) $252.2 15.6% 1.3%
(Consolidated
company)
---------------------------------------------------------
(a) Percentages may not correspond to the sales figures shown due to
rounding of sales figures.
(b) Comparable sales include the Dayton Mall flagship store.
(c) Includes sales of $32.2 million for the eleven former Stone &
Thomas stores.
Note: This press release contains "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. ," including predictions of future operating performance, events or developments such as our future sales, profits, expenses, income and earnings per share. In addition, words such as "expects," "anticipates," "intends," "plans," "believes," "hopes," and "estimates," and variations of such words and similar expressions, are intended to identify forward-looking statements. Because forward-looking statements are based on a number of beliefs, estimates and assumptions by management that could ultimately prove inaccurate, there is no assurance that forward-looking statements will prove to be accurate. Many factors could materially affect our actual future operations and results, including the following: increasing price and product competition; fluctuations in consumer demand and confidence; the availability and mix of inventory; fluctuations in costs and expenses; the effectiveness of advertising, marketing and promotional programs; weather conditions that affect consumer traffic in stores; the continued availability and terms of financing; the outcome of pending and future 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. ; consumer debt levels; and other general economic conditions that affect retail operations and sales, such as the rate of employment, inflation and interest rates and the condition of the capital markets. Elder-Beerman undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. |
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