Footstar, Inc. reported that comparable store sales for the period ended December 28, 2002 increased 2.1%.
Comparable store sales at Meldisco increased 4.0%, and comparable store sales for the athletic segment decreased 0.2%.
Due to the calendar shift, sales results for the Thanksgiving week are reported in Footstar’s fiscal month of December this year, compared with November last year.
Total sales for the month of December were $268.2 million, a decrease of 8.1% from the $292.0 million posted in the same period last year. Total sales for the Meldisco division declined 13.5% to $149.6 million from $172.9 million, and total sales in the Company’s athletic segment decreased 0.4% to $118.6 million from $119.1 million. The sales decline in part reflects fewer stores in operations in both the Meldisco and athletic segments versus the year-ago period.
Mickey Robinson, Chairman and Chief Executive Officer, commented, “Footstar’s results for the month of December were lower than expected and reflect the very soft retail environment this holiday season, which led to disappointing sales and significantly higher promotional activity. Among the bright spots for the month were good sales of winter product at Meldisco, driven by more seasonal weather this year, and strong sales in the apparel and basketball categories at both Footaction and Just For Feet. However, in spite of these improvements, overall sales came in slightly below plan at Meldisco and below plan at both Footaction and Just For Feet, in the athletic segment.”
For the fourth quarter ended December 28, 2002, Footstar’s comparable store sales decreased 0.9%. Comparable store sales at Meldisco increased 1.7%, and comparable store sales for the athletic segment declined 4.4%. Total sales for the fourth quarter of 2002 decreased 11.3% to $566.3 million from sales of $638.1 million in the same period in 2001, again in part reflecting fewer stores in operation. Total sales for Meldisco decreased 14.7% to $341.3 million from $400.2 million last year, while total sales for the athletic segment decreased 5.4% to $225.0 million from $237.9 million in 2001.
For the year-to-date period, Footstar’s comparable store sales decreased 1.5%. Comparable store sales at Meldisco increased 0.3%, and comparable store sales for the athletic segment decreased 3.8%. Footstar’s total sales for the fifty-two week period decreased 6.5% to $2,299.9 million from sales of $2,460.6 million in the same period in 2001. Total sales for Meldisco decreased 6.8% to $1,346.0 million, and total sales for the athletic segment decreased 6.1% to $953.9 million.
