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Gottschalks reports losses in Q1

30
May '08
Gottschalks Inc reported unaudited financial results for the first quarter. Net loss for the first quarter was $5.1 million, or $0.38 per diluted share, compared to net loss of $4.7 million or $0.34 per diluted share, for the first quarter of fiscal 2007.

As previously reported, total sales for the 13-week fiscal first quarter decreased 11.8% to $125.1 million from $141.8 million for the first fiscal quarter last year.

Same store sales decreased 10.3% for the first quarter of 2008. The Company operated one fewer store in the first quarter of 2007 compared to the same period of the prior year.

Jim Famalette, Chairman and Chief Executive Officer of Gottschalks, stated, "Gottschalks, like many other retailers, continued to be affected by the difficult macroeconomic environment during the first quarter.

Despite the challenging retail sales climate, our team effectively executed on our plan to reduce costs and was able to achieve significant reduction in SG&A expense dollars for the quarter.

We also maintained a disciplined approach to managing our inventory levels and promotional activity, resulting in 10% less comp store inventory at the end of the quarter and a gross margin rate improvement over last year's first quarter."

Commenting on the Company's outlook, Mr. Famalette stated, "We will ontinue to take a conservative, yet proactive approach to managing our organization throughout the remainder of 2008.

We believe that we have the right strategies in place as well as a secure financial structure to position our business in the current challenging environment. We continue to make progress with our expense management program.


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