Goody’s Family Clothing, Inc. reported total sales for fiscal periods ended February 1, 2003 (fiscal 2002) as compared with fiscal periods ended February 2, 2002 (fiscal 2001) as follows (dollars in millions):

                                Total Sales             Percent Change
    Fiscal Period:            2002        2001    Total Sales     Comp Store
                                                                     Sales

    January                $   57.8    $   62.0      -6.8%           -4.8%
    Fourth Quarter         $  357.5    $  363.1      -1.5%           -0.4%
    Year                   $1,193.4    $1,192.5       0.1%           -1.2%

“With general economic uncertainty and a difficult retail apparel environment, sales at Goody’s for January 2003 were well below plan,” commented Robert M. Goodfriend, Chairman and Chief Executive Officer. “As previously announced, we were highly promotional during the month in an effort to stimulate sales and reduce inventory levels as we enter fiscal 2003. As a result, we were able to end fiscal 2002 with total inventories per square foot that were similar to those at the end of fiscal 2001.”