"We have made significant adjustments to our operations over the past few years that have led to improvements in our overall business model. While there is no question that executing our turnaround strategy has been challenging, we have steadily reduced operating losses and believe that we are on a path toward achieving long-term profitability," stated Thomas Lynch, the Company's Chairman and Chief Executive Officer.
"We are focused on continuing to strategically utilize our resources to drive more profitable sales through disciplined expense management, proper inventory levels and an innovative promotional strategy. We believe that executing our fiscal 2013 operating initiatives also will improve our business.
“These initiatives include expanding our product categories, augmenting our product mix to include more branded products, offering a broader assortment of merchandise at varying price points, and implementing a new marketing strategy that utilizes a 'brandzine,' or branded magazine for mailings, and the latest digital marketing tools online such as digital display advertising, email retargeting and increased search marketing," concluded Mr. Lynch.
The Company also announced that it will no longer report monthly comparable store sales after reporting them for the past year and will return to just reporting its quarterly financial results. "We believe that returning to reporting our comparable store sales quarterly will enable investors to focus more on our longer-term overall financial performance," stated Mr. Lynch.
Fiscal Year Ended July 28, 2012 Compared to Fiscal Year Ended July 30, 2011:
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