FACTORY 2-U STORES INC. Announces October Sales.SAN DIEGO--(BUSINESS WIRE)--Nov. 4, 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:FTUS FTUS Full-Time Unit Support ) today announced that sales for the four week period ended Oct. 30, 1999 increased 15.6% to $28.7 million compared to $24.8 million for the four week period ended Oct. 31, 1998. Comparable store sales for October 1999 increased 2.4% versus an increase of 11.0% in October 1998. During the month, the company opened 10 new stores and completed 4 store remodels. Sales for the thirteen weeks ended Oct. 30, 1999 totaled $104.6 million compared to $85.0 million for the same period last year, an increase of 23.0%. Comparable store sales for the third quarter increased 7.7% versus an increase of 11.4% for the same period last year. For the quarter ended Oct. 30, 1999, the company opened 15 new stores, closed 6 stores and completed 6 store remodels. Sales for the thirty-nine weeks ended Oct. 30, 1999 were $281.6 million an increase of 25.2% over sales of $224.9 million for the first thirty-nine weeks of fiscal 1998. Comparable store sales for the first thirty-nine weeks of 1999 increased 13.5% versus an increase of 7.1% for the same period last year. Year-to-date, the company has opened 34 new stores, closed 15 stores and completed 74 store remodels. Mike Searles, Chairman and Chief Executive Officer, commented, "October sales were impacted by unseasonably warm weather in our California markets which represent over half of our store base. Our average ticket and size of purchase increased while customer traffic was slightly down." Searles concluded, "We opened 10 new stores during the month of October, the largest number of new store openings in a single month in the company's history. We opened 4 stores in Texas, 4 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, and 1 each in Oregon and Nevada. We expect to open 4 more new stores this year, 2 in Texas and 2 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 , while closing 4 others. October marks the end of our store remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling program this year, completing 74 since January of 1999." FACTORY 2-U STORES INC. operates 187 "Factory 2-U" and "Family Bargain Center" 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 store competitors. The company has 50 stores in Southern California, 55 stores in Northern California, 17 stores in Washington, 10 stores in Oregon, 7 stores in Nevada, 30 stores in Arizona, 10 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 8 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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