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For the second fiscal quarter, which consisted of 13 weeks, same store sales decreased 7.3% and total sales decreased 7.8% to $133.7 million, compared to $145.0 million for the second fiscal quarter of 2007. On a year-to-date basis, which consisted of 26 weeks, same store sales decreased 8.9% from the comparable period of fiscal 2007. Total sales on a year-to-date basis decreased 9.8% to $258.8 million compared to $286.8 million in the same period of the prior year. The Company operated one less store for the month, quarter and year-to-date periods compared to the same periods in fiscal 2007.
Jim Famalette, chairman and chief executive officer of Gottschalks said, "We experienced improved sales in July compared to recent months, as we continue to prudently manage our business during this difficult retail environment. As a result of our consistent execution, we ended the month with comparable store inventory down 9% versus the same period last year. Our best performing categories for the month were young mens, childrens, special sizes and housewares, while textiles, tabletops and luggage were the most challenging. Looking at the important back to school selling season, our in-stock position is solid and we are pleased with the initial consumer response to the launch of our 'School Rocks' marketing campaign."
About Gottschalks
Gottschalks is a regional department store chain, currently operating 58 department stores and three specialty apparel stores in six western states, including California (38), Washington (7), Alaska (5), Oregon (4), Nevada (2) and Idaho (2). Gottschalks offers better to moderate brand-name fashion apparel, cosmetics, shoes, accessories and home merchandise. Gottschalks offers corporate information and selected merchandise on its website located at http://www.gottschalks.com.
Business Risks and Forward Looking Statements
This release contains forward-looking statements (within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. In some instances, such statements may be identified by the use of forward-looking terminology such as "may," "will," "expects," "believes," "intends," "projects," "forecasts," "plans," "estimates," "anticipates," "continues," "targets," or similar terms, variations of such terms or the negative of such terms. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements, including, without limitation, the Company's ability to meet debt obligations and adhere to the restrictions and covenants imposed under its various debt agreements; the timely receipt of merchandise and the Company's ability to obtain adequate trade credit from its key factors and vendors; risks arising from general economic and market conditions (including uncertainties arising from acts of terrorism or war); the ability to improve the profitability and cash flows of its stores or to sell, sublease or close underperforming stores; the ability to modify operations in order to minimize the adverse impact of rising costs, including but not limited to health care, workers' compensation, property and casualty insurance and utilities costs; the effects of seasonality and weather conditions, changing consumer trends and preferences, competition, consumer credit, the Company's dependence on its key personnel and general labor conditions, all of which are described in more detail in Gottschalks' Annual Report on Form 10-K and other reports filed by Gottschalks with the Securities and Exchange Commission. GOTTSCHALKS PRESENTLY DOES NOT INTEND TO UPDATE THESE STATEMENTS AND UNDERTAKES NO DUTY TO ANY PERSON TO EFFECT ANY SUCH UPDATE UNDER ANY CIRCUMSTANCES.
SOURCE Gottschalks Inc.
http://www.gottschalks.com
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