50-OFF STORES REPORTS INCREASED SALES
50-OFF STORES REPORTS INCREASED SALES SAN ANTONIO, Texas, Jan. 3 /PRNewswire/ -- San Antonio based off-
price apparel retailer 50-OFF Stores, Inc. (NASDAQ: FOFF) announced its sales for the four-week period ended December 27, 1991 increased 54.1 percent to $23.1 million from $15.0 million for the same period last year. Comparable store sales for the four-week period were up 15.8 percent. Year-to-date sales increased 67.1 percent to $120.6 million from $72.2 million. Year-to-date comparable store sales were up 19.9 percent.
Charles Siegel, the company's CEO, commented that management was very pleased with the results. "We continue to feel our strategy of providing a moderate income customer with value at affordable prices has been very effective." Siegel also stated the company's plans to open 10 new stores in Spring 1992 (March-April) are all on schedule. 50-OFF Stores, Inc. currently operates 66 stores in Texas, Oklahoma, Louisiana and New Mexico. The company intends to use the proceeds raised from a secondary offering in July 1991 to finance the openings of an aggregate of 45-50 stores during calendar years 1992 and 1993. Possible new markets for the company's expansion include the states of Tennessee, Alabama, Mississippi, Georgia, Kansas and Arizona. Additional locations are also being considered in the four states where the company presently operates. -0- 1/3/92 /CONTACT: Lucy Behrens of 50-OFF Stores, 512-653-8000, ext. 217/ (FOFF) CO: 50-OFF Stores, Inc. ST: Texas IN: REA SU: SH -- NY021 -- 6453 01/03/92 10:52 EST
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|Date:||Jan 3, 1992|
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