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Gadzooks Reports First Quarter 2002

From: ASAP

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Gadzooks, Inc. (Nasdaq: GADZ) today reported net income of $1.8 million for the first quarter ended May 4, 2002 compared to net income of $2.4 million for the first quarter of fiscal 2001. On a diluted basis, the company reported net income per share of $0.19 for the quarter compared to earnings per share of $0.25 for the corresponding period a year ago. Net sales for the quarter increased 10.6 percent to $78.3 million from $70.8 million a year ago. Same store sales for the quarter declined 2.2 percent.

On May 21, 2002 at 9:30 a.m. CDT, the company's management team will host a conference call to review the financial results. To listen to the call, please dial 719-457-2635 and reference confirmation number 372080, or go to the company's website at www.gadzooks.com . For a replay of the call, dial 719-457-0820 and enter confirmation code 372080, or visit the company's website.

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. The company currently operates 433 Gadzooks stores and four Orchid stores, for a total of 437 stores in 40 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 Feb. 2, 2002 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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