USA: Goody's Family Clothing Announces May Sales
Sales for the first four months ended May 27, 2000, increased 11.1% to $375.5 million from $338.1 million during the same period last year. Comparable store sales for the first four fiscal months decreased 1.4 % from the same period in the prior year.
Robert M. Goodfriend, Chairman and Chief Executive Officer, commented, "Sales continue to be disappointing and for the month were well below our business plan. Our total inventories are estimated to be approximately 3% higher than our business plan at the end of May. However, we expect that our total inventories will be on plan by the end of the second quarter of fiscal 2000, which we anticipate will require increased promotional activities."
Under its current stock repurchase program announced in June 1999, the Company purchased 348,000 shares of its common stock for approximately $2.1 million during the first four months of fiscal 2000, and an aggregate of 933,300 shares for approximately $6.6 million since the inception of the program.
This press release contains certain forward-looking statements which are based upon current expectations, business plans and estimates and involve material risks and uncertainties including, but not limited to: (i) the ability to achieve business plan targets, including inventory levels; (ii) weather conditions; (iii) customer demand and trends in the apparel and retail industry and the acceptance of merchandise acquired for sale by the Company; (iv) the impact of competitors' store expansion; (v) individual store performance, including new stores; (vi) the general economic conditions within the Company's markets; and (vii) the Company's ability to successfully execute its business plans and strategies. Readers are cautioned that any such forward-looking statement is not a guarantee of future performance and involves risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statement as a result of various factors. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company's financial results may be found in the Company's public filings with the Securities and Exchange Commission. Certain of such filings may be accessed through the Securities and Exchange Commission's web site, http://www.sec.gov.
With headquarters in Knoxville, Tennessee, Goody's is a retailer of moderately-priced family apparel operating 297 stores in the 17 states of Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Kentucky, Mississippi, Missouri, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West Virginia.
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