Goody's Family Clothing expects Q3 losses

07 Oct '05
3 min read

Tennessee based clothing retailer Goody's Family Clothing Inc reported total sales of $93.5 million for the fiscal month of September 2005 (the five weeks ended October 1, 2005), a decrease of 0.8 percent from total sales of $94.3 million for the fiscal month of September 2004 (the five weeks ended October 2, 2004). Comparable store sales for September 2005 declined 5.5 percent compared with September 2004.

Total sales for the first eight months of fiscal 2005 decreased 1.2 percent to $776.6 million from $785.9 million during the same period last year. Comparable store sales for the first eight months of fiscal 2005 declined 6.3 percent from the same period last year.

"Sales for the month of September 2005 were negatively affected by hurricanes Katrina, Ophelia and Rita, as well as by unseasonably warm weather, which prevailed in markets," commented Robert M. Goodfriend, Chairman and Chief Executive Officer. "These factors forced us to be more promotional than planned during the month in an effort to stimulate sales and reduce seasonal inventories. As a result, we expect to report a net loss for the third quarter of 2005, which is significantly greater than the net loss of $0.02 per diluted share reported for the third quarter of 2004.

"Currently, there are six Goody's stores that remain closed as a result of the hurricanes," Goodfriend added. "One of these stores, located in Lake Charles, Louisiana, sustained limited damage and is currently closed due to a prolonged power outage. The Company expects this store to reopen in October 2005. Stores in Hammond and Houma, Louisiana; and Hattiesburg and Gulfport, Mississippi; are currently expected to reopen in November 2005. A store in West Orange, Texas, is expected to reopen in March 2006."

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