Goody's Family Clothing net earnings for Q1 were $8,063,000, or $0.24 per diluted share, for the thirteen weeks ended May 1, 2004. Net earnings for the comparable period last year, the thirteen weeks ended May 3, 2003, were $1,863,000, or $0.06 per diluted share, which included a pretax charge of $8.0 million ($0.15 per diluted share after taxes) for the previously reported Hilfiger matter. Total sales for the first quarter of fiscal 2004 increased 7.0% to $302.9 million from $283.0 million during the same period last year. Comparable store sales for the first quarter of fiscal 2004 increased 4.1% from the same period last year.
“I am pleased to report that the Company achieved its best first quarter net earnings and per share results since we went public in 1991,” commented Robert M. Goodfriend, Chairman and Chief Executive Officer. “The strong operating results for the first quarter of fiscal 2004 are attributable to the hard work of all our Goody's associates. Additionally, the Company ended the first quarter of fiscal 2004 with more than $109 million in cash and cash equivalents, no direct borrowings on our line of credit and no long-term bank debt. Our Duck Head brand, launched on March 14th, continues to be well accepted by our customers. In fact, Duck Head merchandise accounted for $13.2 million in sales for the full March and April 2004 period, outperforming our expectations.”
For the fiscal year to date, the Company has opened eight new stores, relocated one store and remodeled five stores. As previously announced, for fiscal 2004, the Company expects to open a total of 20 to 25 new stores and relocate or remodel approximately 15 of its existing stores.
GOODY'S FAMILY CLOTHING, INC.
Unaudited Consolidated Statements of Operations
(In thousands, except per share amounts)Thirteen Weeks Ended
May 1, May 3,
2004 2003
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Sales $302,878 $283,012
Cost of sales and occupancy expenses 209,923 197,196
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Gross profit 92,955 85,816Selling, general and administrative expenses 80,290 83,034
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Earnings from operations 12,665 2,782Investment income 185 177
Interest expense 1 1
-------- --------Earnings before income taxes 12,849 2,958
Provision for income taxes 4,786 1,095
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Net earnings $ 8,063 $ 1,863
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Earnings per common share:
Basic $ 0.25 $ 0.06
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Diluted $ 0.24 $ 0.06
======== ========Cash dividends declared per common share $ 0.02 $ --
======== ========Weighted average shares outstanding:
Basic 32,890 32,556
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Diluted 33,902 32,624
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