Goody's Family Clothing reported total sales for the fiscal month of March 2005 of $119.1 million, a decrease of 5.3% from total sales of $125.7 million for the fiscal month of March 2004. Comparable store sales for March 2005 decreased 9.2% from March 2004.
Total sales for the first two months of fiscal 2005 (February and March) decreased 1.5% to $199.6 million from $202.7 million during the same period last year. Comparable store sales for the first two months of fiscal 2005 decreased 6.0% from the same period last year.
“We believe that the unusually cold and wet weather experienced throughout our markets during most of the month, together with higher gas prices, largely contributed to the sales decrease for March, which was significantly below plan,” commented Robert M. Goodfriend, Chairman and Chief Executive Officer. “We did experience better business during three or four days of warm weather toward the end of the month. As previously reported, we were more promotional all through the month in an effort to stimulate sluggish sales. As a result, margins in March were also significantly below plan and last year. Unless there is significant improvement in sales and margins for the remainder of the quarter, the Company expects first quarter earnings to be significantly lower than the record $0.24 per diluted share reported for the first quarter last year. Inventory levels on a per-square-foot basis at the end of March 2005 were about the same as the levels at the end of March 2004.”