USA: The Spiegel Group Reports May Sales

The Spiegel Group reported sales of $235.0 million for the four weeks ended May 27, 2000, a 5 percent increase from sales of $223.5 million for the four weeks ended May 29, 1999. For the twenty-one weeks ended May 27, 2000, total sales increased 10 percent to $1.072 billion from $978.8 million in the same period last year.The company also reported that comparable-store sales for its Eddie Bauer subsidiary decreased 5 percent for the four-week period and were flat for the 21-week period ended May 27, 2000. Eddie Bauer registered positive comparable-store sales during the first half of the month, but saw a decline following Mother's Day due to weak response to its May sale event.The company stated that its Spiegel division drove the month's sales growth, with a 20 percent sales increase compared to the prior year. In addition, the company's total e-commerce sales rose 406 percent as each of its divisions continued to record rapid growth in this channel. The company's catalog sales increased 1 percent and retail sales declined 1 percent.The company further noted that to date in the second quarter it has financed an additional $77 million of receivables in the asset-backed market to fund the continued growth in its credit businesses.Spiegel, Inc. (The Spiegel Group) is a leading international specialty retailer, marketing fashionable apparel and home furnishings to customers through catalogs, more than 550 specialty retail and outlet stores, and five e-commerce sites (