USA: Goody’s Family Clothing Announces October Sales Results

Goody's Family Clothing today reported sales for the fiscal month of October 2000 of $84.9m, an increase of 2.8 per cent over October 1999 sales of $82.6m. Comparable store sales for October 2000 decreased 4.9 per cent from October 1999. Sales for the third fiscal quarter ended October 28, 2000, increased 3.3 per cent to $276.6m from $267.8m during the same period last year. Comparable store sales for the third fiscal quarter decreased 5.2 per cent from the same period in the prior year. Sales for the nine fiscal months ended October 28, 2000, increased 7.6 per cent to $850.3m from $790m during the same period last year. Comparable store sales for the first nine fiscal months decreased 2.8 per cent from the same period in the prior year. "We believe that our business during the month of October was almost entirely a reflection of weather patterns in most of our markets. During the first two weeks of the month, when the weather was cool, our comparable store sales were positive in the high single digits. As the weather became unseasonably warm during the last half of the month, sales correspondingly lost momentum," said Robert M. Goodfriend, chairman and chief executive officer. "Because our sales were robust during the cooler weather, we believe that our merchandise is generally on target for the fall selling season."