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Harold's average sales per customer soar in Q3
29 Nov '07
3 min read
For the year-to-date, overall sales were $61.5 million, compared to $63.7 million for the same period in the prior year, a decrease of 3.5%. Total comparable store sales were down 8.3%, declining 7.6% in the full-price retail stores and 22.8% in the outlets. Direct sales (internet and catalog) were $3.9 million, up 13.2% from the year ago level of $3.4 million.
Mr. Staffieri continued, "On December 6, we will be conducting our 2007 annual meeting. At this meeting, we intend to vote on the Company's plans to deregister its shares and become a non-reporting SEC company through a process that will include a reverse stock split immediately followed by a forward stock split in the same amount.
Shares that are owned by any shareholder who owns less than 1,000 shares of Common Stock would be converted into the right to receive a cash payment for such shares in an amount equal to $0.30 per share.
The purpose of the reverse/forward stock split is to cause the Company's Common Stock to no longer be registered under the Securities Exchange Act of 1934 and save considerable expense. The proposal is expected to be approved at this meeting in light of the controlling shareholders' voting intentions and we expect the reverse/forward split to be effective on the same day.
The proxy statement for the annual meeting, which has been distributed to all holders of common stock, contains additional details about the transaction."
Mr. Staffieri continued, "On December 6, we will be conducting our 2007 annual meeting. At this meeting, we intend to vote on the Company's plans to deregister its shares and become a non-reporting SEC company through a process that will include a reverse stock split immediately followed by a forward stock split in the same amount.
Shares that are owned by any shareholder who owns less than 1,000 shares of Common Stock would be converted into the right to receive a cash payment for such shares in an amount equal to $0.30 per share.
The purpose of the reverse/forward stock split is to cause the Company's Common Stock to no longer be registered under the Securities Exchange Act of 1934 and save considerable expense. The proposal is expected to be approved at this meeting in light of the controlling shareholders' voting intentions and we expect the reverse/forward split to be effective on the same day.
The proxy statement for the annual meeting, which has been distributed to all holders of common stock, contains additional details about the transaction."
Harold's Stores Inc
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