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The Spiegel Group  May Sales 2002

From: ASAP

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The Spiegel Group today reported sales of $169.9 million for the four weeks ended May 25, 2002, a 24 percent decrease from sales of $223.0 million for the same period ended May 26, 2001.

For the 21 weeks ended May 25, 2002, total sales declined 16 percent to $873.9 million from $1.040 billion in the same period last year.

The company also reported that comparable-store sales for its Eddie Bauer division decreased 21 percent for the four-week period and 17 percent for the 21-week period ended May 25, 2002. The company stated that unseasonably cool weather negatively impacted sales of summer apparel.

The Group's sales results by division for the month of May reflect a decline of 23 percent at Eddie Bauer, 29 percent at Newport News, and 22 percent at Spiegel Catalog. While customer demand was weak, the sales results also reflect lower catalog circulation compared to last year. In addition, Eddie Bauer significantly reduced its promotional activity, resulting in increased margins at lower sales levels. Sales results for Newport News and Spiegel Catalog continue to be affected by more stringent credit-granting measures taken in the company's private-label credit card business aimed at improving the quality of the credit card portfolio.

Sales from the Group's e-commerce channel fell 3 percent for the month. Total direct sales declined 27 percent and the Group's retail store sales decreased 19 percent.

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