ShopKo Stores, Inc. reported consolidated sales for the five weeks ended January 4, 2003 were $477.0 million, 0.5 percent lower than the $479.7 million reported for the same period last year. Consolidated comparable store sales declined 0.2 percent.
To account for the Thanksgiving shift, the Company believes combining the months of November and December provides a more meaningful comparison (nine weeks ended January 4, 2003). In line with the company’s guidance, total consolidated comparable store sales for the fiscal nine-week period decreased 4.5 percent.
Sales Summary by Business Segment (dollars in millions)
Retail Segments
Period Ended % Change
01/04/03 Total** Comp*
5 Weeks:
ShopKo $372.1 0.2% 0.2%
Pamida 104.9 (3.3) (1.6)
Total Retail $477.0 (0.5)% (0.2)%
9 Weeks:
ShopKo $591.0 (4.6)% (4.6)%
Pamida 174.4 (5.7) (4.1)
Total Retail $765.4 (4.9)% (4.5)%
48 Weeks:
ShopKo (excluding
closed stores) $2,310.8 (1.0)% (1.0)%
ShopKo (including
closed stores) 2,310.8 (3.3) N/A
Pamida 736.3 (6.3) (4.9)
Total Retail (excluding
closed stores) $3,047.1 (2.3)% (2.0)%
Total Retail (including
closed stores) $3,047.1 (4.0)% N/A
* 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 six locations which have been closed and not replaced.
Business Outlook
The Company expects 2002 earnings per share to be at the low end of the $1.35 to $1.45 range, excluding goodwill amortization expense and the non-cash charge taken as a result of implementing SFAS No. 142. The details of the Company’s financial performance will be discussed in its year-end conference call scheduled for March 13, 2003.
Consolidated comparable store sales for the month of January are expected to be flat to slightly negative.
