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Spiegel Group Feb. Results

From: ASAP

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The Spiegel Group today reported sales of $156.6 million for the four weeks ended February 23, 2002, a 13 percent decrease from sales of $180.0 million for the four weeks ended February 24, 2001.

For the eight weeks ended February 23, 2002, total sales declined 11 percent to $319.2 million from $356.9 million in the same period last year.

The company also reported that comparable-store sales for its Eddie Bauer division decreased 17 percent for the four-week period. For the eight weeks ended February 23, 2002, comparable-store sales fell 21 percent. Although apparel sales declined, Eddie Bauer's home business reported positive comparable-store sales for the month with strong performance from its decorative accessories and quilts. In addition, markdowns in Eddie Bauer's apparel and home business were significantly lower than in the prior year period.

The Group's sales results by division for the month of February reflect a decline of 13 percent at Eddie Bauer, 16 percent at Newport News and 10 percent at Spiegel Catalog.

Sales from the Group's e-commerce channel posted a 27 percent increase for the month. Total direct sales declined 11 percent and the Group's retail store sales decreased 16 percent.

The company noted that inventory levels at February month end were down compared to last year, reflecting its initiative to tightly manage inventory commitments.

The Spiegel Group is a leading international specialty retailer marketing fashionable apparel and home furnishings to customers through catalogs, 580 specialty retail and outlet stores and e-commerce sites, including eddiebauer.com, newport-news.com and spiegel.com. The Spiegel Group's businesses include Eddie Bauer, Newport News, Spiegel and First Consumers National Bank. The company's Class A Non-Voting Common Stock trades on the Nasdaq National Market System under the ticker symbol: SPGLA. Investor relations information is available on The Spiegel Group Web site (thespiegelgroup.com).

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