Gottschalks Reports July and Second Quarter 2008 Sales
August 07 2008 - 8:30AM
PR Newswire (US)
FRESNO, Calif., Aug. 7 /PRNewswire-FirstCall/ -- Gottschalks Inc.
(NYSE:GOT) today announced that same store sales for the month of
July decreased 2.1% from the prior year. Total sales for the
four-week period decreased 4.1% to $39.4 million compared to $41.1
million in the same period of fiscal 2007. For the second fiscal
quarter, which consisted of 13 weeks, same store sales decreased
7.3% and total sales decreased 7.8% to $133.7 million, compared to
$145.0 million for the second fiscal quarter of 2007. On a
year-to-date basis, which consisted of 26 weeks, same store sales
decreased 8.9% from the comparable period of fiscal 2007. Total
sales on a year-to-date basis decreased 9.8% to $258.8 million
compared to $286.8 million in the same period of the prior year.
The Company operated one less store for the month, quarter and
year-to-date periods compared to the same periods in fiscal 2007.
Jim Famalette, chairman and chief executive officer of Gottschalks
said, "We experienced improved sales in July compared to recent
months, as we continue to prudently manage our business during this
difficult retail environment. As a result of our consistent
execution, we ended the month with comparable store inventory down
9% versus the same period last year. Our best performing categories
for the month were young mens, childrens, special sizes and
housewares, while textiles, tabletops and luggage were the most
challenging. Looking at the important back to school selling
season, our in-stock position is solid and we are pleased with the
initial consumer response to the launch of our 'School Rocks'
marketing campaign." About Gottschalks Gottschalks is a regional
department store chain, currently operating 58 department stores
and three specialty apparel stores in six western states, including
California (38), Washington (7), Alaska (5), Oregon (4), Nevada (2)
and Idaho (2). Gottschalks offers better to moderate brand-name
fashion apparel, cosmetics, shoes, accessories and home
merchandise. Gottschalks offers corporate information and selected
merchandise on its website located at http://www.gottschalks.com/.
Business Risks and Forward Looking Statements This release contains
forward-looking statements (within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995)
that involve risks and uncertainties. In some instances, such
statements may be identified by the use of forward-looking
terminology such as "may," "will," "expects," "believes,"
"intends," "projects," "forecasts," "plans," "estimates,"
"anticipates," "continues," "targets," or similar terms, variations
of such terms or the negative of such terms. Such statements are
based on management's current expectations and are subject to a
number of factors and uncertainties which could cause actual
results to differ materially from those described in the
forward-looking statements, including, without limitation, the
Company's ability to meet debt obligations and adhere to the
restrictions and covenants imposed under its various debt
agreements; the timely receipt of merchandise and the Company's
ability to obtain adequate trade credit from its key factors and
vendors; risks arising from general economic and market conditions
(including uncertainties arising from acts of terrorism or war);
the ability to improve the profitability and cash flows of its
stores or to sell, sublease or close underperforming stores; the
ability to modify operations in order to minimize the adverse
impact of rising costs, including but not limited to health care,
workers' compensation, property and casualty insurance and
utilities costs; the effects of seasonality and weather conditions,
changing consumer trends and preferences, competition, consumer
credit, the Company's dependence on its key personnel and general
labor conditions, all of which are described in more detail in
Gottschalks' Annual Report on Form 10-K and other reports filed by
Gottschalks with the Securities and Exchange Commission.
GOTTSCHALKS PRESENTLY DOES NOT INTEND TO UPDATE THESE STATEMENTS
AND UNDERTAKES NO DUTY TO ANY PERSON TO EFFECT ANY SUCH UPDATE
UNDER ANY CIRCUMSTANCES. DATASOURCE: Gottschalks Inc. CONTACT:
Gregory Ambro, Executive Vice President, Chief Operating Officer of
Gottschalks Inc., +1-559-434-4800; or Leigh Parrish,
+1-212-850-5651, or Stephanie Rich, +1-212-850-5706, both of
Financial Dynamics, for Gottschalks Inc. Web site:
http://www.gottschalks.com/
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