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MARCH DOMESTIC COMPARABLE STORE SALES DECLINED 9.9 PERCENT AT WOOLWORTH

MARCH DOMESTIC COMPARABLE STORE SALES DECLINED 9.9 PERCENT AT WOOLWORTH
 NEW YORK, April 9 /PRNewswire/ -- Woolworth Corporation (NYSE: Z) today reported that domestic comparable store sales for the five weeks ended April 4, 1992, declined 9.9 percent from the comparable prior-year period.
 Total sales (domestic and foreign) for the five-week period declined 10.2 percent to $808 million from $900 million. Total domestic sales for the five-week period decreased 13.3 percent to $478 million from $551 million, and foreign sales, expressed in U.S. dollars, declined 5.4 percent. If foreign exchange rates had remained constant, foreign sales would have decreased 4.6 percent and total sales would have decreased 9.9 percent.
 For the cumulative nine weeks ended April 4, 1992, domestic comparable sales declined 4.8 percent from the comparable prior-year period.
 Total sales (domestic and foreign) for the nine-week period declined 6.1 percent to $1,401 million from $1,491 million in the corresponding year-earlier period.
 Domestic sales for the nine-week period decreased 8.3 percent to $827 million from $902 million, and foreign sales, expressed in U.S. dollars, declined 2.6 percent. If foreign exchange rates had remained constant, foreign sales would have decreased 0.6 percent and total sales would have decreased 5.3 percent.
 Harold E. Sells, chairman and chief executive officer, said, "Our general merchandise and specialty store businesses are particularly sensitive to customer demands for Easter and other seasonal merchandise. The decline in domestic comparable store sales for March reflects this year's later Easter selling period as well as the unusually cool March weather across the country. Since the Easter selling period will take place in April, the March and April reporting periods should be viewed as a single reporting period in making meaningful year-to-year comparisons. The decline in total domestic sales reflects the later Easter as well as the elimination of sales of stores that are part of the company's accelerated redeployment program," Sells added.
 "The March declines in foreign sales also reflect the later Easter selling period as well as continued recessionary pressures in Canada and a slowdown of economic growth in Germany. On balance, sales for the first nine weeks of the year are running somewhat behind expectations," Sells concluded.
 -0- 4/9/92
 /CONTACT: Frances E. Trachter of Woolworth, 212-553-2394/
 (Z) CO: Woolworth Corporation ST: New York IN: REA SU:


GK -- NY022 -- 6619 04/09/92 09:20 EDT
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Publication:PR Newswire
Date:Apr 9, 1992
Words:406
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