FACTORY 2-U STORES, INC. Announces May Sales.Business Editors SAN DIEGO--(BUSINESS WIRE)--June 5, 2002 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-week period ended June 1, 2002 were $36.6 million, a decrease of 14.6% over sales of $42.8 million for the four-week period ended June 2, 2001. Comparable store sales for the four-week period ended June 1, 2002 decreased 16.6% versus an increase of 4.5% for the same period last year. For the four-week period ended June 1, 2002, the Company opened 3 new stores, 1 each in Arizona, California and Texas. The Company closed 1 store in Arizona for the same four-week period. Sales for the seventeen-week period ended June 1, 2002 totaled $153.5 million compared to $168.7 million for the seventeen-week period ended June 2, 2001, a decrease of 9.0%. Comparable store sales for the seventeen-week period ended June 1, 2002 decreased 13.0% versus a decrease of 3.7% for the same period last year. For the seventeen weeks ended June 1, 2002, the Company opened 8 new stores and closed 29 stores. Mike Searles, Chairman and Chief Executive Officer, commented, "May comparable store sales were lower than our expectation as a result of disappointing sales during the week leading up to and the week after Memorial Day. On a comparable store basis, our warm weather merchandise categories for the Memorial Day week were down 40% compared to last year, the result of a much cooler May period than a year ago. Our strongest performing merchandise category was Infant/Toddler with negative mid single-digit comparable store sales, while Men's apparel performed the poorest with high negative double-digit comparable store sales. Geographically, 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, and west Texas performed the best, while our Pacific Northwest and Southwest areas performed the worst." Mr. Searles concluded, "In addition to our previously announced marketing and 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. initiatives for the second half of this year, we have recently launched a store reset program that will touch every store in the Company. This reset program consists of significant merchandise department moves within our stores, a new in-store signing and graphics package, upgrade of lighting fixtures and re-lamping efforts and the rejuvenation Rejuvenation Aeson in extreme old age, restored to youth by Medea. [Rom. Myth.: LLEI, I: 322] apples of perpetual youth by tasting the golden apples kept by Idhunn, the gods preserved their youth. [Scand. Myth. of the floor inside every store. This effort is the result of customer research and Accenture analysis and expected to be the final catalyst for our third quarter turnaround. We are moving quickly to complete this reset effort over the next six weeks, and these efforts will culminate culminate, in astronomy, the maximum height in the sky reached by a celestial body on a given day. At the culminate the body is crossing the observer's celestial meridian and is said to be in upper transit. on July 21, 2002 with a chain wide Grand Re-Opening campaign for all 258 stores." We will provide a mid-month sales update for June on June 24, 2002 at 5:00 P.M. Eastern Standard Time. Those interested can access this update message at 1-888-201-9603. This message will remain available until July 22, 2002. We will release our June sales results on July 10, 2002 after the market closes, or approximately 4:00 P.M. Eastern Standard Time. FACTORY 2-U STORES, INC. operates 258 "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 competitors. The Company operates 33 stores in Arizona, 3 stores in Arkansas, 64 stores in southern California, 62 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 , 1 store in Idaho, 5 stores in Louisiana, 3 stores in Missouri, 8 stores in Nevada, 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). , 2 stores in Oklahoma, 14 stores in Oregon, 2 stores in Tennessee, 36 stores in Texas, and 16 stores in Washington. 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 risks 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, and other risks detailed in the Company's Securities and Exchange Commission filings. |
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