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 17 years of archives.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
Help test our new apparel sourcing tool.
- Outlook 2017 – What else is the industry watching?
- Outlook 2017 – What next for apparel sourcing?
- Outlook 2017 – Strategies for sourcing success
- Is China about to burst its apparel trade bubble?
- Outlook 2017 – Challenges and opportunities
- M&S quality focus finally lifts clothing sales
- 22 dos and dont's – When sourcing goes wrong
- MAS Holdings planning second industrial park
- Sri Lanka on track to regain EU GSP+ benefits
- Update - Bangladesh "business as usual"
- Global apparel markets: product developments and innovations, October 2016
- Outdoor performance apparel 2016: A broader perspective
- Global market review of lingerie – forecasts to 2022
- Anti-odour clothing: fresh fashion for an active lifestyle
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar