Goody's Family Clothing, Inc. reported total sales for fiscal periods ended July 31, 2004, compared with fiscal periods ended August 2, 2003, as follows (dollars in millions):
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Total Sales Percent Change
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Comparable
Total Store
2004 2003 Sales Sales
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Fiscal Period:
July $ 90.0 $ 92.3 -2.5% -4.5%
Second Quarter $ 294.6 $ 294.0 0.2% -2.2%
Six Months $ 597.5 $ 577.1 3.5% 0.9%
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“Our comparable store sales results for the month of July were disappointing; however, these results were partially attributable to the shifting of sales tax holidays in four states within our markets from July of fiscal 2003 to August in this fiscal year,” commented Robert M. Goodfriend, Chairman and Chief Executive Officer. “We estimate that this shift had a negative impact of approximately $3.0 million on our fiscal July total sales but will have a corresponding benefit on our fiscal August total sales. We were aggressively promotional during fiscal July in an effort to stimulate business and reduce inventories. While the Company has not yet completed the preparation of its second quarter 2004 financial statements, we now expect to report financial results that will be significantly lower than those reported for the second quarter of fiscal 2003.”
Last week, the Company opened two new stores — one each in Harlan, Kentucky, and Martinsville, Indiana, and opened two remodeled stores — one each in Dothan, Alabama, and Jonesboro, Arkansas. On August 12, 2004, the Company expects to open five new stores – one each in Mountain Home and Pine Bluff, Arkansas; Macomb, Illinois; New Philadelphia, Ohio; and Salina, Kansas — the Company's first store in the state of Kansas. The Company will also hold a grand opening of a remodeled store in Middlesboro, Kentucky, on August 12.
