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Harold's Stores Q1 2006 sales fall 11.8%

04
May '06

Harold's Stores Inc, a chain of upscale ladies' and men's specialty apparel stores, announced sales for the first quarter ended April 29th 2006.

The net sales were $21.1 million, down from $24.0 million, for the same period in the previous year, a decrease of 11.8 percent. Comparable store sales decreased 16.6 percent, with full-price retail store sales declining by 17.2 percent and outlet store sales by 3.1 percent.

"As previously disclosed, the company experienced a significant decrease in sales volume during February, due to a combination of having much less fall and winter merchandise to clear than during February 2005, and to unfavorable customer response to February spring merchandise receipts. These receipts were more casual and trendier than historical offerings," said Leonard Snyder, Interim CEO.

"Customers responded considerably better to the Company's March and April deliveries, which were dressier and included more of Harold's classically-inspired apparel. In fact, the improvement was sufficient to enable the total sales decline for the last six weeks of the quarter to narrow to just 0.7% to last year, from 22.3 percent in the first seven weeks."

Snyder continued, "The company has addressed the issues it experienced with its merchandise offerings and flow for the remainder of this year, with the assistance of Clark Hinkley, former CEO of the company. In addition to ensuring regular monthly merchandise flow, much more emphasis has been placed on classically-inspired, coordinated outfits, for both ladies and men, merchandise that the company's customers have historically preferred."

Founded in 1948 and headquartered in Dallas, Texas, Harold's Stores Inc currently operates 42 upscale ladies' and men's specialty stores in 19 states. Its Houston locations are known as 'Harold Pow.'

Harold's Stores Inc

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