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Mothers Work Comparable store sales fall in Dec
11
Jan '08
Mothers Work Inc the world's leading maternity apparel retailer announced that net sales for the month of December 2007 decreased 9.6% to $50.3 million from $55.6 million reported for the month of December 2006.

The decrease in sales versus last year resulted primarily from a decrease in comparable store sales as well as, to a much lesser extent, a decrease in sales from the Company's licensed arrangement due to a shift in timing compared to last year.

Comparable store sales for December 2007 decreased 7.6% (based on 1,417 locations) versus a comparable store sales decrease of 0.3% (based on 1,468 locations) for December 2006.

The comparable store sales decrease of 7.6% for December 2007 was unfavorably impacted by approximately 1 percentage point due to having four Fridays in December 2007 compared to five Fridays in December 2006.

During December 2007, the Company opened one store and closed five stores, including two store closings related to multi-brand store openings. During December 2007, the Company also closed 21 leased department locations within Sears stores, pursuant to mutual agreement with Sears.

As of December 31, 2007, the Company operates 478 leased departments within Sears stores and, as we disclosed in September 2007, our relationship with Sears will end on June 20, 2008, resulting in the closure of our leased departments within Sears stores.

As of the end of December 2007, the Company operates 772 stores, 772 leased department locations and 1,544 total retail locations, compared to 807 stores, 787 leased department locations and 1,594 total retail locations operated at the end of December 2006.

Net sales decreased 3.8% to $142.9 million for the first quarter of fiscal 2008 ended December 31, 2007, from $148.5 million for the same period of the preceding year. The decrease in sales versus last year resulted primarily from a decrease in comparable store sales.

Comparable store sales decreased 4.1% during the first quarter of fiscal 2008 (based on 1,352 locations) versus a comparable store sales decrease of 2.1% during the first quarter of fiscal 2007 (based on 1,454 locations).

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