FACTORY 2-U STORES, INC. Announces July Sales Results.Business Editors SAN DIEGO--(BUSINESS WIRE)--Aug. 3, 2000 FACTORY 2-U Factory 2-U is a chain of department stores that are located mostly in the Western United States selling clothing, domestics, and merchandise, founded in 1962, originally private owned. They have 6000 employees with more than 10 stores. STORES, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (Nasdaq: FTUS FTUS Full-Time Unit Support ) today announced that sales for the four weeks ended July 29, 2000 were $35.1 million, an increase of 21.7 percent over sales of $28.8 million for the four weeks ended July 31, 1999. Comparable store sales for the four weeks ended July 29, 2000 increased 1.6 percent versus an increase of 11.2 percent for the same period last year. For the four weeks ended July 29, 2000, the Company opened 5 new stores. Sales for the 13 weeks ended July 29, 2000 were $116.7 million compared to $91.9 million for the same period last year, an increase of 26.9 percent. Comparable store sales for the 13 weeks ended July 29, 2000 increased 2.7 percent versus an increase of 13.1 percent for the same period last year. For the 13 weeks ended July 29, 2000, the Company opened 11 new stores and closed 3 stores. Sales for the 26 weeks ended July 29, 2000 were $225.1 million compared to $177.0 million for the same period a year ago, an increase of 27.1 percent. Comparable store sales for the 26 weeks ended July 29, 2000 increased 3.4 percent versus an increase of 17.1 percent for the same period last year. For the 26 weeks ended July 29, 2000, the Company opened 36 new stores and closed 12 stores. Mike Searles, Chairman and Chief Executive Officer, commented, "While positive, our comparable store sales were about 1.0 percent below our expectations for July. An advertising calendar change, as well as the first of the month effect, both shifting out of the fourth week of July and into the first week of August, had a deeper impact than anticipated. August comparable sales should benefit by a like amount as a result. We expect August comparable sales will be in the range of 2 percent to 3 percent." Searles concluded, "We opened 5 new stores in July and expect to open at least 26 additional stores over the next six months, including 4 new stores in August. Our store expansion plan and the construction of our new distribution center in Dallas, TX remain on schedule. August will be the last of our `double digit' comparable store increases that we will face for the balance of the year. Inventories at stores open more than one year increased 6.0 percent and summer clearance merchandise is in excellent shape and below last year levels." The Company will hold its first conference call to review its second quarter earnings scheduled to be released August 10, 2000 at 4:30 A.M. Pacific Standard Time. The conference call is scheduled for 7:00 A.M. Pacific Standard Time and information regarding the call can be obtained through Kehoe, White & Co., Inc. at (562) 437-0655. FACTORY 2-U STORES, INC. operates 211 "Factory 2-U" off-price retail stores which sell branded casual apparel for the family, as well as selected domestics and household merchandise at prices which generally are significantly lower than the prices offered by its discount store competitors. The Company currently operates 52 stores in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , 58 stores in Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern , 15 stores in Washington, 12 stores in Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. , 7 stores in Nevada, 31 stores in Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). , 9 stores in New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). and 27 stores in Texas. Except for the historical information contained herein, the matters discussed in this news release 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. that involve risk and uncertainties, and actual results could differ materially from the Company's present expectations. Among the important factors that could cause actual results to differ materially from those indicated in the forward-looking statements are: customer demand and trends in the off-price apparel industry, the effect of economic conditions, the impact of competitive openings and pricing, supply constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. or difficulties, the implementation of our expansion plans, and other risks detailed in the Company's Securities and Exchange Commission filings. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion