Gottschalks Inc. same store sales for the month of November decreased 13.0% from the prior year. Total sales for the four-week period decreased 15.3% to $52.2 million compared to $61.6 million in the same period of fiscal 2007. On a year-to-date basis, which consisted of 43 weeks, same store sales decreased 10.1% from the comparable period of fiscal 2007. Total sales on a year-to-date basis decreased 11.4% to $430.2 million compared to $485.7 million in the same period of the prior year. The company operated the same number of stores for the month and one less store for the year-to- date periods compared to the same periods in fiscal 2007.
“Our sales results for the month reflect continued weakness in the macro environment as well as a calendar shift, which pushed a full week of post Thanksgiving sales into the December period this year,” said Chairman and CEO Jim Famalette. “While we generated strong sales on Black Friday due to special promotions that helped to drive traffic, sales tapered off over the weekend. Our best performing categories for November were men's furnishings, special sizes, and moderate women's apparel, while home gifts and decor, luggage and dresses were the most challenging. Consistent with our focus throughout the year, we worked diligently to control our inventories and ended the month with comparable store inventory 10.5% below the same period last year, which we believe is appropriate given weaker demand. During the important holiday season and the remainder of the fiscal year, we will continue to focus on effectively managing our promotional activity, expenses and inventory levels.”
