ShopKo Stores, Inc. reported consolidated sales for the four weeks ended February 1, 2003 were $193.0 million, 2.8 percent lower than the $198.7 million reported for the same period last year. Consolidated comparable store sales declined 2.6 percent.
Consolidated comparable store sales for the fiscal thirteen weeks and the fiscal fifty-two weeks ended February 1, 2003 declined 4.1 percent and declined 2.0 percent, respectively.
Sales Summary by Business Segment (dollars in millions)
Retail Segments
Period Ended % Change
02/01/03 Total** Comp*
4 Weeks:
ShopKo $145.2 (2.8)% (2.8)%
Pamida 47.8 (3.0) (2.1)
Total Retail $193.0 (2.8)% (2.6)%
13 Weeks:
ShopKo $736.2 (4.3)% (4.3)%
Pamida 222.2 (5.1) (3.7)
Total Retail $958.4 (4.5)% (4.1)%
52 Weeks:
ShopKo (excluding
closed stores) $2,456.1 (1.1)% (1.1)%
ShopKo (including
closed stores) 2,456.1 (3.3) N/A
Pamida 784.1 (6.1) (4.8)
Total Retail (excluding
closed stores) $3,240.2 (2.3)% (2.0)%
Total Retail (including
closed stores) $3,240.2 (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 continues to expect 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 Company does not expect consumer spending to rebound in the near term and anticipates consolidated comparable store sales to be negative low single digits for the month of February.
