FACTORY 2-U STORES INC. Announces February Sales.Business Editors SAN DIEGO--(BUSINESS WIRE)--March 2, 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 Feb. 26, 2000 were $27.3 million, an increase of 20.3% over sales of $22.7 million for the four weeks ended Feb. 27, 1999. Comparable store sales for the four weeks ended Feb. 26, 2000 increased 2.7% vs. an increase of 26.7% for the same period last year. Mike Searles, Chairman and Chief Executive Officer, commented: "We exceeded our planned sales in February, achieving positive comparable store sales on top of a superb comparable stores sales performance of 26.7% for February last year. March will represent a significant challenge for all apparel dominant retailers with Easter now three weeks later than last year. This Easter shift will transfer all Easter-related sales out of March and into the April period." Searles concluded, "Our new store expansion plans are on schedule and the results, including our 11 Grand Openings this week, confirm our decision to accelerate our store opening plans to a total of 60 to 65 stores while closing 10 to 15 stores." FACTORY 2-U STORES operates 192 "Factory 2-U" off-price retail stores that sell branded casual apparel for the family, as well as selected domestics and household merchandise at prices that generally are significantly lower than the prices offered by other discount stores. The Company operates 51 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, , 55 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, 10 stores in Oregon, 7 stores in Nevada, 30 stores in Arizona, 11 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 12 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 or difficulties, and other risks detailed in the Company's Securities and Exchange Commission filings. |
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