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Gadzooks March 2003 results

From: ASAP

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Gadzooks, Inc. (Nasdaq: GADZ) today announced that sales for the five weeks of fiscal March ended April 5, 2003 decreased 13.7 percent to $27.7 million from $32.1 million for fiscal March 2002. Comparable store sales decreased 14.7 percent for the March period, compared to a 2.5 percent increase for fiscal March of 2002. For the first 9 weeks of fiscal 2003, total sales decreased 12.2 percent to $49.1 million from $55.9 million for the comparable period of fiscal 2002. Comparable store sales have declined 13.5 percent for the first 9 weeks of fiscal 2003, versus a 0.6 percent increase for the first 9 weeks of fiscal 2002. The Company also reported that as a result of below plan results for the first two months of the year and the pending clearance of all men's merchandise to begin in mid-April, it now expects to report a net loss of $2.7 million to $3.7 million, or $0.30 to $0.40 per share, for the first quarter ending May 3, 2003. For further details, please call 972-662-4201 to listen to Gadzooks' monthly sales commentary. Dallas-based Gadzooks is a specialty retailer of casual clothing and accessories offering young men's apparel, junior apparel, accessories and footwear. The Company plans to convert to an all-female assortment early in the second half of this year. Gadzooks currently operates 429 Gadzooks stores and four Orchid stores, for a total of 433 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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