Gottschalks Inc. (NYSE: GOT) today announced that April 2003 same store sales decreased 3.0% from the prior year. Total sales decreased 5.7% to $43.0 million from $45.6 million in April 2002. During the month the Company operated seven fewer stores than in the same period of 2002. On a year-to-date basis, same store sales decreased 4.0% from the same period of the prior year. Total sales decreased 6.0% to $140.6 million from $149.6 million for the same period of fiscal 2002. On a year-to-date basis the decrease in total sales is partially attributable to the closure of seven stores which were open in the comparable period last year.
“As we hoped, we had a very successful launch for GK, our new exclusive private label children’s line, which generated a 10.7% increase in comparable store sales for our children’s division in April,” said Mr. Jim Famalette, president and chief executive officer of Gottschalks. “While we are pleased with the children’s division performance as well as sales in junior’s and men’s, our overall comparable store sales for April decreased 3%. We continued to feel the effects of a slow economy, and our sales were also impacted by California weather which was cooler and wetter than normal throughout the month.
“Focusing on further improving our merchandise selection, and in particular strengthening our private label brands, remains one of the key goals of our business plan for the year. Building on the success we achieved with our GK children’s line, our new private label brand, Smart Khaki, was introduced in our men’s division at the start of May.”
Sales results are summarized as follows:
Same Store
May 3, May 4, Total % Sales %
2003 2002 Decrease Decrease
(in 000's)
Sales, 4 Weeks Ended $43,006 $45,596 (5.7%) (3.0%)
Sales, 13 Weeks Ended $140,619 $149,560 (6.0%) (4.0%)
