FACTORY 2-U STORES INC. Announces March Sales Results.Business Editors SAN DIEGO--(BUSINESS WIRE)--April 6, 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 weeks ended April 1, 2000, were $42.8 million, an increase of 18.0% over sales of $36.3 million for the five weeks ended April 3, 1999. Comparable store sales for the five weeks ended April 1, 2000, decreased 6.3% vs. an increase of 30.8% for the same period last year. Comparable store sales declined compared to the same period last year primarily because Easter sales occurred in the month of March last year and will occur in April this year. For the five weeks ended April 1, 2000, the company opened 8 new stores and closed 1 store. Sales for the nine weeks ended April 1, 2000, totaled $70.1 million compared with $58.9 million for the same period last year, an increase of 18.9%. Comparable store sales for the nine weeks ended April 1, 2000, decreased 2.8% vs. an increase of 29.1% for the same period last year. The comparable store decrease was also related to the shift of the Easter holiday. For the nine weeks ended April 1, 2000, the company opened 18 new stores and closed 7 stores. Mike Searles, chairman and chief executive officer, commented: "With all of our Easter sales now falling in April, we are very pleased with our results having exceeded our planned sales for March. We are in an excellent inventory position to leverage the Easter sales shift and achieve our April and first quarter sales objectives." Searles concluded: "With eight new stores opened in March our stores continue to exceed expectations, particularly in our Texas market. We remain on track with our aggressive store expansion to open 60 to 65 new stores this year having opened 18 stores in the first two months alone." FACTORY 2-U STORES INC. operates 198 "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 that generally are significantly lower than the prices offered by its discount store competitors. The company currently operates 49 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, , 58 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 Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. , 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 17 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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