From: ASAP
Gadzooks, Inc. (Nasdaq: GADZ) today announced that sales for the four weeks of fiscal October ended November 3, 2001 increased 6.3 percent to $18.6 million, compared to $17.5 million for fiscal October last year. Comparable store sales declined 9.7 percent from the comparable four weeks ended November 4, 2000. The Company reported a 4.5 percent
comparable store sales increase for fiscal October last year. Sales for the third quarter of fiscal 2001 rose 8.8 percent to $73.2 million, compared with $67.3 million in last year's third quarter. Comparable store sales
for the period declined 3.2 percent from the comparable thirteen weeks ended November 4, 2000. Gadzooks posted a 9.3 percent comparable store sales increase for the third quarter of fiscal 2000. Sales for the thirty-nine weeks ended November 3, 2001 rose 11.4 percent to $216.6 million, compared with $194.5 million for the first thirty-nine weeks of fiscal 2000. Comparable store sales for the period declined 5.6 percent from the
comparable thirty-nine week period ended November 4, 2000. The Company reported a year-to-date comparable store sales increase of 10.5 percent through fiscal October 2000. Gadzooks also stated that inventory per square foot at the end of the quarter increased less than three percent from the prior year. "Our October results were disappointing and well below our internal plans," said
Jerry Szczepanski, chairman and chief executive officer. "On a more positive note, however, we were able to effectively manage inventory levels during this period of uncertainty." Szczepanski concluded, "Our holiday floor set will be complete by Wednesday, November 14, highlighting our strong assortment of popular brands." For further details, please call 972-662-4201 to listen to Gadzooks' monthly sales commentary. The Company will release its quarterly operating results on Tuesday, November 20, 2001 before the market opens and host a conference call at
9:30 a.m. CT to discuss the results. The conference call may be accessed over the Internet through the Company's website at www.gadzooks.com either live or on
a replay basis. Dallas-based Gadzooks, Inc. is a specialty retailer of casual apparel and related accessories for young men and women principally between the ages of 14 and 18. Established in 1983, Gadzooks currently operates over 400 mall- based stores in metropolitan and middle markets in 40 states. Certain statements contained in this news release may be deemed forward- looking
statements that involve risks and uncertainties. Reference is made to the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year
ended February 3, 2001, for factors that, among others, could cause the actual results of the Company to differ materially from those contained in the forward- looking statements. -
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