USA: Goody's Family Clothing Reports Q2 Results
Goody's Family Clothing, Inc (Nasdaq/NM:GDYS) last week reported a net loss of $3.5m or ($0.11) per diluted share for the thirteen weeks ended July 29, 2000, compared with net earnings of $9.9m or $0.29 per diluted share for the thirteen weeks ended July 31, 1999. Sales for the second quarter of fiscal 2000 increased 8.9 per cent to $295.5m compared with $271.5m during the same period last year. Comparable store sales for the second quarter of fiscal 2000 decreased 1.8 per cent from the same period in the prior year. For the twenty-six weeks ended July 29, 2000, net earnings were $572,000 or $0.02 per diluted share compared with $17.3m or $0.51 per diluted share for the twenty-six weeks ended July 31, 1999. Sales for the first six months of fiscal 2000 increased 9.9 per cent to $573.8m compared with $522.2m during the same period last year. Comparable store sales for the first six months of fiscal 2000 decreased 1.6 per cent from the same period in the prior year. Robert M Goodfriend, chairman and chief executive officer, commented: "As we previously announced, second quarter results were negatively impacted as we reacted to declining comparable store sales by increasing promotional activities. As a result of these efforts, our gross profit declined and we recorded a loss for the quarter. However, we succeeded in ending the quarter with inventory levels below our original business plan." Fiscal year to date, the company opened 17 new stores, relocated two stores and closed two stores; and for the balance of the fiscal year expects to open approximately 13 additional new stores and relocate or remodel approximately 13 existing stores.
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