Goody's Family Clothing Inc, a retailer of moderately priced apparel, today posted a fourth quarter net loss of $7.6 million compared to net earnings of $11.1m in the year-ago period.

The Tennessee-based firm said total sales during the quarter fell to $363.1m from $400.3m in fiscal 2000, while its full-year results saw it post a net loss of $20.2m, or $0.62 per share, versus net earnings of $13.3m, or $0.41 per diluted share, last year.

Results for the fourth quarter and fiscal year ended February 2, 2002, included pre-tax costs of $1.3m related to previously announced corporate restructuring activities.

"As our sales and financial results clearly indicate, we have struggled as the retail environment has changed so dramatically in the last three years," said Robert Goodfriend, chairman and CEO.

"While our overall results were negatively impacted during the year by the difficult economic environment and the events of September 11, we did markedly better in markets we visited during our test Bus Tour marketing campaign and where we began to implement consumer-directed changes in merchandising, advertising and in stores."

"Based on this initial success, we are optimistic about our ability to succeed with our initiatives as we navigate through fiscal 2002."

He added that the company, which operates around 330 stores, sees comparable store sales growth of five per cent for the full fiscal year.