FACTORY 2-U STORES INC. Announces August Sales.SAN DIEGO--(BUSINESS WIRE)--Sept. 2, 1999-- 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 NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FTUS FTUS Full-Time Unit Support ) Thursday announced that sales for the four week period ended Aug. 28, 1999 increased 31.9% to $38.7 million compared to $29.4 million for the four week period of Aug. 1998. Comparable store sales for Aug. increased 14.7% versus an increase of 4.2% in Aug. 1998. Sales for the thirty weeks ended Aug. 28, 1999 were $215.8 million an increase of 27.4% over sales of $169.3 million for the first thirty weeks of fiscal 1998. Comparable store sales for the first thirty weeks increased 16.7% versus an increase of 4.4% for the same period last year. Mike Searles, chairman and chief executive officer, commented, "August represents our eleventh double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" comparable store sales performance out of the last twelve months. Back-To-School sales have been strong, particularly in our Children's area. Both number of transactions and average purchase continue to increase. We ended the month in a favorable inventory position as a result of strong sales." Searles concluded, "We are extremely pleased with our progress for both sales and earnings to date. For the balance of this year our comparable sales trend will be challenged given the very strong double digit comparable sales achieved for the same period a year ago." FACTORY 2-U STORES INC. operates 179 "Factory 2-U" and "Family Bargain Center" off-price retail stores which sell branded casual apparel for the family as well as select domestics and household merchandise at prices which generally are significantly lower than the prices offered by its discount store competitors. Stores are located in seven western states in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . 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 or difficulties, and other risks detailed in the company's Securities and Exchange Commission filings. |
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