ShopKo Stores, Inc., reported consolidated sales for the four weeks ended May 3, 2003 were $224.2 million, 3.3 percent above the $217.0 million reported for the same period last year. Consolidated comparable store sales increased 3.5 percent.
The calendar shift for the Easter holiday benefited sales in the month of April and accordingly negatively impacted the month of March. The Company believes combining the months of March and April provides a more meaningful comparison. Consolidated comparable store sales for the fiscal nine-week period (ended May 3, 2003) decreased 3.4 percent.
Sales Summary by Business Segment (dollars in millions)
Retail Segments
Period Ended % Change
4 Weeks: 05/03/03 Total** Comp*
ShopKo $164.4 1.6% 1.6%
Pamida 59.8 8.5 9.2
Total Retail $224.2 3.3% 3.5%
9 Weeks:
ShopKo $367.0 (5.2)% (5.2)%
Pamida 125.3 2.0 2.6
Total Retail $492.3 (3.5)% (3.4)%
13 Weeks:
ShopKo 530.5 (4.0) (4.0)
Pamida 177.4 0.6 1.3
Total Retail $707.9 (2.9)% (2.7)%
* Comparable store sales represent sales of those stores open during both
fiscal years.
** Pamida division total sales variance reflects sales in the prior year
periods from three locations which have been closed and not replaced.
Current economic conditions create an environment of uncertainty, making forecasting somewhat difficult. The Company expects consolidated comparable store sales for the month of May to be negative low single digits. Further, the Company continues to expect earnings per share for the first quarter ending May 3, 2003 to be at the low end of its previous guidance of breakeven to a loss of $0.05.
