Financial Roundup - June 2001
Shoe Pavilion Inc
Independent off-price footwear retailer Shoe Pavilion Inc said total net sales decreased 5.4 per cent to $23.6 million for the second quarter ended June 30, 2001, from net sales of $25.0 million for the same period in 2000. Net sales for the six months ended June 30, 2001 were $43.0 million, a 2.9 per cent decrease from net sales of $44.3 million for the six months ended July 1, 2000. Comparable store net sales decreased 7.5 per cent for the second quarter ended June 30, 2001 from the same period in 2000.
Dmitry Beinus, CEO and chairman of the board, stated that: "Although sales for the recent quarter were below plan, we have seen a positive trend in sales towards the end of the second quarter which continued into the third quarter. We are encouraged with this trend as we move toward the back-to-school season. In this uncertain retail environment, however, there can be no assurances that this trend will continue in the third quarter. Because the company continued to reduce its inventory in the second quarter, we believe we are well positioned to take advantage of opportunistic inventory purchases."
The TJX Companies Inc
Off-price retailer The TJX Companies Inc reported that sales for the five week period ended July 7, 2001 were $957 million, up 10 per cent over the $867 million achieved during the five week period ended July 8, 2000. For the 22 weeks ended July 7, 2001, sales reached $4,067 million, an increase of 8 per cent over last year's $3,751 million. Consolidated comparable store sales for the five week period ended July 7, 2001 were 2 per cent above last year. For the 22 week year-to-date period, consolidated comparable store sales increased 1 per cent over last year.
Edmond English, president and chief executive officer stated: "While June sales came in slightly below plan, we saw significant acceleration toward the end of the month. We continued our focus on maintaining liquidity in our inventory position which enables us to offer great values to our customers. We are taking a somewhat more conservative view of the second half of the year and have adjusted our projected earnings per share to $2.00 for the current year versus the $1.86 per share we earned last year.''
Cache Inc, a specialty chain of 215 women's apparel stores, reported a 1 per cent decrease in comparable store sales during the five week June 2001 period. Total sales for the five weeks ending June 30, 2001 increased $0.1 million or 1 per cent to $13.1 million, as compared to the same period in fiscal 2000.
Brian Woolf, Cache's chairman commented: "Our June results were affected to some degree by the softening of the US economy. Retail sales continue to be soft and generally promotionally driven. Our outlook for improvement during the second half partially depends on the economic climate."
Total sales for the twenty-six week period ended June 30, 2001 were $89.8 million, as compared to $84.7 million for the comparable period ended July 1, 2000, which represents an increase of $5.1 million or 6 per cent. Comparable store sales increased 3 per cent during the twenty-six week period, as compared to the same period in Fiscal 2000.
The Spiegel Group
Specialty retailer The Spiegel Group reported sales of $246.3 million for the five weeks ended June 30, 2001, an 8 per cent decrease from sales of $267.1 million for the five weeks ended July 1, 2001. For the 26 weeks ended June 30, 2001, total sales declined 4 per cent to $1.286 billion from $1.339 billion in the same period last year.
The company also reported that comparable-store sales for its Eddie Bauer division decreased 11 per cent for the five-week period and 10 per cent for the 26-week period ended June 30, 2001. Sales results by division for the month of June were as follows: sales declined 6 per cent at Eddie Bauer, 15 per cent at Newport News and 7 per cent at Spiegel.
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