Printer Friendly

CLOTHESTIME POSTS BEST APRIL SALES; WOMEN'S RETAIL CHAIN REPORTS LARGEST COMPARABLE STORE SALES INCREASE OF ANY APPAREL RETAILER

 CLOTHESTIME POSTS BEST APRIL SALES; WOMEN'S RETAIL CHAIN


REPORTS LARGEST COMPARABLE STORE SALES INCREASE OF ANY APPAREL RETAILER
 ANAHEIM, Calif., May 8 /PRNewswire/ -- The Clothestime Inc. (NASDAQ: CTME), one of the country's leading junior apparel retail chains, yesterday announced sales for the four weeks of April ended April 25, 1992, with comparable store sales rising 23 percent. This increase was the highest increase for any reporting retailer in April.
 While most retailers' growth has declined over the past year, Clothestime's value-oriented format has been a boon for value-conscious shoppers and has enabled the company to gain market share and report 18 consecutive months of comparable store sales increases.
 Sales for the four weeks of April 1992, increased 35 percent to $26.0 million, compared with $19.2 million in the same period last year. Easter for fiscal 1992 was in April and Easter for fiscal 1991 was in March. Combined sales for March and April of fiscal 1992 were $51.4 million, a 21 percent increase compared with $42.3 million for the same two-month period last year.
 When ranked against comparable store sales figures released by other retailers, Clothestime's 23 percent rise is especially significant. Comparable store sales increases posted by other retailers included: J.C. Penney (14.5 percent), Charming Shoppes Inc. (14 percent), The Gap (13 percent), The Limited (7 percent), May Department Stores (5.9 percent), Merry-Go-Round Enterprises (3 percent) and Gottschalks Inc. (2.5 percent).
 "We feel positive about the continual sales increases we have achieved," John Ortega II, chairman of the board, said. "We interpret our strong sales as a sign that consumers like our value-priced format and we intend to continue our expansion in existing markets in 1992."
 Ortega added that "Clothestime plans to increase new stores at a rate of 15 percent each year." Since January 1992, the company opened 24 new stores and plans to open an additional 41 locations by the end of the year, bringing its new store total to 65. During 1993, Clothestime plans to open 70 new stores, bringing the company total store count to 535 stores.
 According to David Sejpal, vice president and chief financial officer, Clothestime's strong balance sheet reflects $28 million in cash and no long-term debt and has enabled the retailer to fund its expansion using internally generated funds.
 Clothestime's new store expansion in 1992 calls for saturating existing markets which includes San Francisco, Sacramento and Riverside, Calif.; Dallas, Houston and San Antonio; Tampa, Miami, West Palm Beach and Orlando, Fla.; Chicago; Atlanta; Washington, D.C.; Seattle and Detroit.
 From its humble beginning in 1974 as a single store in Orange, Calif., Clothestime has grown to include more than 424 locations in 18 states from California to Virginia. Offering primarily in-season moderately priced sportswear, dresses and accessories, Clothestime has an emphasis on brand names at substantial discounts from full-priced departments and specialty stores. The Clothestime Inc.'s common stock is traded over the counter under the NASDAQ symbol "CTME."
 -0- 5/8/92
 /CONTACT: David Sejpal, VP and CFO of Clothestime, 714-779-5881, ext. 200; or Jennifer Sims of Gloria Zigner & Associates, 800-669-4599, for Clothestime/
 (CTME) CO: The Clothestime Inc. ST: California IN: REA SU:


KJ-CH -- LA020 -- 8141 05/08/92 14:06 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 8, 1992
Words:540
Previous Article:BFI FILES REGISTRATION STATEMENT FOR PUBLIC OFFERING OF COMMON STOCK
Next Article:HARRIER WITHDRAWS FROM CURRENT NEGOTIATIONS REGARDING SALE OF ITS DIESEL CLEANER, TERMINATES PRIVATE PLACEMENT
Topics:


Related Articles
CLOTHESTIME OPENS THREE ATLANTA STORES
CLOTHESTIME OPENS SEVEN SOUTHERN CALIFORNIA STORES
CLOTHESTIME TO OPEN FOLSOM STORE
CLOTHESTIME ANNOUNCES FIRST QUARTER RESULTS; 92 PERCENT INCREASE OVER LAST YEAR'S FIRST QUARTER INCOME
CLOTHESTIME ANNOUNCES FIRST QUARTER RESULTS; 92 PERCENT INCREASE OVER LAST YEAR'S FIRST QUARTER INCOME
CLOTHESTIME OUTLINES STRATEGY FOR ROSY RETAIL FUTURE
CHARMING SHOPPES REPORTS APRIL SALES
CLOTHESTIME ANNOUNCES SALES FOR JULY
CHARMING SHOPPES REPORTS MARCH SALES
CHARMING SHOPPES REPORTS MARCH SALES

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters