Goody's total sales were $105.3 million for the fiscal month of June 2004, a decrease of 0.4% from total sales of $105.7 million for the fiscal month of June 2003. Comparable store sales for June 2004 decreased 3.2% from June 2003.
Total sales for the first five months of fiscal 2004 increased 4.7% to $507.5 million from $484.7 million during the same period last year. Comparable store sales for the first five months of fiscal 2004 increased 2.0% over the same period last year.
“I am disappointed with the decline in comparable store sales for the month of June,” said Robert M. Goodfriend, Chairman and Chief Executive Officer. “Following a strong start to the month bolstered by a sales lift from the Memorial Day holiday, business in most of our markets began to slow as unusually wet weather set in for the remainder of the month. With the slower sales during the month, we added some additional promotional advertising in an effort to maintain appropriate seasonal inventory levels.
“As a result, Spring seasonal inventory levels on a per-square-foot basis at the end of the fiscal month of June 2004 were approximately 4.0% lower than last year's levels at the same month-end. On a per-square-foot basis at the end of the fiscal month of June 2004, total inventory levels were approximately 9.5% higher than last year, of which approximately 6.8% related to our new Duck Head lines.”
Goodfriend also indicated that sales of the new Duck Head line represented approximately 6.6% of total sales for the month of June 2004.
“Sales tax holidays in four states in which the Company operates are scheduled for early in the fiscal month of August 2004 compared with late in the fiscal month of July 2003,” Goodfriend added. “We estimate that this shift will move approximately $3.0 million in total sales from fiscal July 2004 into fiscal August 2004 when compared with last year. Total sales in fiscal 2003 for July and August were $92.3 million and $87.1 million, respectively.”
On July 29, 2004, the Company will open two new stores — one each in Harlan, Kentucky; and Martinsville, Indiana; and open two remodeled stores — one each in Dothan, Alabama and Jonesboro, Arkansas. On August 12, 2004, the Company anticipates the opening of five new stores — one each in Mountain Home and Pine Bluff, Arkansas; New Philadelphia, Ohio; Macomb, Illinois; and our first store in Kansas in Salina; and open a remodeled store in Middlesboro, Kentucky.
