Cost-U-Less Reports December and Fourth Quarter 2005 Sales Results
January 05 2006 - 9:00AM
Business Wire
Cost-U-Less, Inc. (Nasdaq:CULS): Same Store Sales: Cost-U-Less,
Inc. (the "Company") (Nasdaq:CULS) today reported an increase of
5.2% in same store sales (stores open a full 13 months), for fiscal
December 2005, compared to same store sales of 10.9% for the
corresponding period a year ago. "December sales were very strong
for the third consecutive year despite weak economic conditions in
several markets," said J. Jeffrey Meder, the Company's President
and CEO. "Nearly every unit recorded its best ever sales for the
month, and we believe we fared better than most of the retailers we
compete against." -0- *T Same store sales increases for the
following periods were: Fiscal Month Fiscal Fourth Fiscal Year
Quarter December 2005 5.2 % 1.7 % 4.7 % December 2004 10.9 % 11.5 %
13.6 % *T Same store sales for the fiscal fourth quarter of 2005
were negatively impacted by the timing of the Company's annual
Anniversary Sale. This promotion occurred in the fiscal third
quarter of 2005, whereas it occurred in the fiscal fourth quarter
of 2004. The timing of this promotion is estimated to have
decreased fiscal fourth quarter 2005 same store sales and net sales
by approximately 1-2 percent. Fiscal 2005 was a 53-week year as
compared to fiscal 2004 which was a 52-week year. The additional
week in 2005 resulted in December 2005 containing six weeks vs.
five weeks in December 2004. The sixth week of December 2005 has
been excluded from the same store sales calculations in order to
provide a normalized comparison against the corresponding fiscal
periods in 2004. Approximately every five years the Company adds a
53rd week to align fiscal periods as close as possible to calendar
periods. -0- *T Total Sales: Total sales results (in millions) for
the following periods were: Fiscal Month Fiscal Fourth Fiscal
December Quarter Year Fiscal 2005 (excluding 6th week December)
24.4 M 57.3 M 215.8 M Fiscal 2005 (including 6th week December)
28.0 M 60.9 M 219.4 M Fiscal 2004 23.4 M 57.4 M 209.4 M Increase /
(Decrease) over 2004: - Excluding 6th week December 2005: 4.2%
(0.3%) 3.1% - Including 6th week December 2005: 19.7% 6.0% 4.8% *T
On March 2, 2006 the Company expects to announce its financial
results for the fiscal fourth quarter and fiscal year 2005 ended
January 1, 2006. Cost-U-Less currently operates eleven stores in
the Caribbean and Pacific region: U.S. Virgin Islands (2),
Netherlands Antilles (2), Hawaiian Islands (2), California (1),
Guam (2), American Samoa (1), and Republic of Fiji (1). The Company
builds its business through delivering high-quality U.S. and local
goods, progressive merchandising practices, sophisticated
distribution capabilities, and superior customer service, primarily
to island markets. Additional information about Cost-U-Less is
available at www.costuless.com . This press release contains
statements that are forward-looking. These statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements, including
comparable store sales expectations, trends in or expectations
regarding the Company's revenue growth, and the Company's growth
plans are all based on currently available operating, financial,
and competitive information and are subject to various risks and
uncertainties that could cause actual results to differ materially
from historical results or those anticipated, including that the
Company may encounter substantial delays, increased expenses or
loss of potential store sites due to the complexities, cultural
differences, and local political issues associated with the
regulatory and permitting processes in the island markets in which
the Company may locate its stores. Prolonged adverse occurrences
affecting tourism or air travel, particularly to non-U.S.
destinations, including political instability, armed hostilities,
terrorism, natural disasters or other activity that involves or
affects air travel or the tourism industry generally, could cause
actual results to differ materially from historical results or
those anticipated. Other risks and uncertainties include the
Company's small store base; the mix of geographic and product
revenues; relationships with third parties; litigation; the
Company's ability to maintain existing credit facilities and obtain
additional credit; business and economic conditions and growth in
various geographic regions; pricing pressures; political and
regulatory instability in various geographic regions; and other
risks and uncertainties detailed in the Company's filings with the
SEC.
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