FACTORY 2-U STORES, INC. Announces October Sales.Business Editors SAN DIEGO--(BUSINESS WIRE)--Nov. 6, 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 November 2, 2002 were $41.3 million, a decrease of 3.8% over sales of $43.0 million for the four-week period ended November 3, 2001. Comparable store sales for the four-week period ended November 2, 2002 decreased 2.3% versus a decrease of 15.8% for the same period last year. For the four-week period ended November 2, 2002, the Company opened 3 new stores, 1 each in Arizona, California and Oregon. Sales for the thirteen-week period ended November 2, 2002 totaled $134.5 million compared to $145.6 million for the same period last year, a decrease of 7.6%. Comparable store sales for the thirteen-week period ended November 2, 2002 decreased 5.6% versus a decrease of 10.5% for the same period last year. For the thirteen-week period ended November 2, 2002, the Company opened 4 new stores. Sales for the thirty-nine week period ended November 2, 2002 totaled $379.5 million compared to $410.6 million for the thirty-nine week period ended November 3, 2001, a decrease of 7.6%. Comparable store sales for the thirty-nine week period ended November 2, 2002 decreased 8.5% versus a decrease of 6.6% for the same period last year. For the thirty-nine week period ended November 2, 2002, the Company opened 12 new stores and closed 30 stores. Mike Searles, Chairman and Chief Executive Officer, commented, "We continue to experience an improvement in our comparable store sales trend. Our Women's division performed the best with positive mid single-digit comparable store sales, followed by our Children's division with positive low single-digit comparable store sales. Our Men's division had its best performance to date with negative low single-digit comparable store sales. Our Home division performed the poorest, primarily due to stronger promotional items Promotional items or promotional products refers to articles of merchandise that are used in marketing and communication programs. The items are usually imprinted or decorated with a company's name, logo or message, using techniques such as Embroidery, Silkscreen, or last year, with negative low double-digit comparable store sales. Geographically, areas of San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. and Dallas, TX performed the best with positive mid double-digit comparable store sales, while the Pacific Northwest region
The Northwest Region performed the worst with negative low double-digit comparable store sales." Mr. Searles concluded, "Though our third quarter markdown Markdown The difference between the highest current bid price among broker-dealers in the market and the lower price that a dealer charges a customer. Notes: The broker offers a lower price to try stimulate trading in hopes that they will make the money back on the extra volume and selling and administrative expense were comparable to the same period last year, lower sales volume eroded e·rode v. e·rod·ed, e·rod·ing, e·rodes v.tr. 1. To wear (something) away by or as if by abrasion: Waves eroded the shore. 2. To eat into; corrode. our gross profit and operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: . As a result, for the third quarter, we expect a net loss in the range of $0.27 to $0.30 per share." We will provide a mid-month sales update for November on November 18, 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 December 23, 2002. We will release our November sales results on December 4, 2002 after the market closes, or approximately 4:00 P.M. Eastern Standard Time. We expect to release our third quarter operating results on November 13, 2002 after the market closes, or approximately 4:00 P.M. Eastern Standard Time. We will host a real-time webcast presentation and live conference call to discuss our third quarter operating results and fourth quarter sales and operating results expectations, the same day at 5:00 P.M. Eastern Standard Time. To participate in the call, dial 1-800-843-7949 five minutes before the call or access the Internet at www.factory2-u.com. All shareholders and other interested parties are encouraged to participate. A replay of the call will remain available for 48 hours by telephone or on the Internet through November 27, 2002. You may also obtain a transcript of the call by contacting Kehoe, White & Co., Inc. at 1-562-437-0655. FACTORY 2-U STORES, INC. operates 261 "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 34 stores in Arizona, 3 stores in Arkansas, 64 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, , 63 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, 15 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 or difficulties, and other risks detailed in the Company's Securities and Exchange Commission filings. |
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