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.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 16 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
- Steps to piloting living wage in garment factories
- Trump blows the case for Brexit out of the water
- How to ensure sustainability is more than a slogan
- Duty-free trade key to build Africa supply chains
- Bangladesh slips as US imports decline in October
- Taiwan textile maker investing in first US plant
- Outdoor apparel sector set for double-digit growth
- US Q3 in brief – Destination Maternity, Cherokee
- World cotton price prospects lifted again
- Adidas NYC flagship raises the bar on sport stores