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Gadzooks December Sales 2002

From: ASAP

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Gadzooks, Inc. (Nasdaq: GADZ) today announced that sales for the five weeks of fiscal December ended January 4, 2003 increased 0.2 percent to $56.0 million from $55.9 million for fiscal December 2001. Comparable store sales decreased 2.4 percent for the December period, compared to a 2.7 percent decrease for fiscal December of 2001.

For the first 48 weeks of fiscal 2002, total sales increased 4.3 percent to $308.6 million from $296.0 million for the comparable period of fiscal 2001. Comparable store sales have declined 3.2 percent for the first 48 weeks of fiscal 2002, versus a 5.3 percent decrease for the first 48 weeks of fiscal 2001.

The Company also reported that its merchandise margins were below plan in a very promotional holiday shopping season this year. As a result, the Company now expects to report net income before any non-cash impairment charges of $0.29 to $0.32 per diluted share for the fourth quarter ending February 1, 2003. This earnings estimate is based on anticipated low-single- digit comparable store sales declines for fiscal January and the quarter.

For further details, please call 972-662-4201 to listen to Gadzooks' monthly sales commentary. Dallas-based Gadzooks, Inc. is a mall-based specialty retailer of casual apparel and related accessories for young men and women. The Company currently operates 437 Gadzooks stores and four Orchid stores, for a total of 441 stores in 41 states.

Certain statements contained in this press release (other than historical information) 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 2, 2002 for factors that, among others, could cause the actual results of the Company to differ materially from those contained in these forward-looking statements.

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