FACTORY 2-U STORES, INC. Announces September Sales.Business Editors SAN DIEGO--(BUSINESS WIRE)--Oct. 5, 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 five week period ended September 30, 2000 increased 26.6% to $47.0 million compared to $37.1 million for the five week period ended October 2, 1999. Comparable store sales for the five weeks ended September 30, 2000 increased 3.8% versus an increase of 5.5% for the same period last year. For the five weeks ended September 30, 2000, the Company opened five new stores, two in California and three in Texas. Sales for the 35 weeks ended September 30, 2000 were $321.1 million compared to $252.9 million for the same period a year ago, an increase of 27.0%. Comparable store sales for the 35 weeks ended September 30, 2000 increased 3.5% versus an increase of 14.8% for the same period last year. For the 35 weeks ended September 30, 2000, the Company opened 45 new stores and closed 12 stores. Mike Searles, Chairman and Chief Executive Officer, commented, "We are pleased with our positive 3.8% comparable store sales performance on top of last year's positive 5.5%. Adjusting for holiday shifts, September represents our 28th consecutive month of positive comparable store sales. In a soft apparel environment, we continue to achieve our previously stated target of low single-digit increases in comparable store sales." Searles concluded, "September, like August, started slowly and accelerated strongly toward the end of the month as cooler weather moved into our trade areas. Our Home area performed best followed by Men's and Ladies'. We opened five new stores in September and anticipate opening at least eight more stores in October, bringing our total for the third quarter to 17 new stores." FACTORY 2-U STORES, INC. operates 220 "Factory 2-U" off-price retail stores, which sell branded casual apparel for the family as well as select domestics and household merchandise at prices that generally are significantly lower than the prices offered by its discount store competitors. The Company currently operates 55 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, , 60 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 , 16 stores in Washington, 12 stores in Oregon, seven stores in Nevada, 31 stores in Arizona, nine 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 30 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, and other risks detailed in the Company's Securities and Exchange Commission filings. |
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