from total sales of $186.3 million for fiscal December 2001 (the five weeks ended January 5, 2002).
Total sales for the eleven months ended January 4, 2003, increased 0.4% to $1.136 billion from $1.131 billion during the same period last year.
Comparable store sales for December 2002 decreased 1.5% from the same period last year. Comparable store sales for the first eleven months of fiscal 2002 decreased 1.1% from the same period last year.
“Our sales for December 2002 were disappointing and well below our plan,” said Robert M. Goodfriend, Chairman and Chief Executive Officer. “Sales for the month were negatively affected by a difficult retailing environment, particularly for retail apparel. Overall inventory levels per square foot at the end of fiscal December 2002 were similar to those at the end of the same period last year. The Company expects to be highly promotional during January 2003 in an effort to liquidate fall seasonal merchandise. Our current business plan calls for comparable store sales to be slightly negative for the fiscal year ending February 1, 2003, compared with the prior fiscal year.”
