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Gadzooks Third Quarter 2003

From: ASAP


Gadzooks, Inc. (Nasdaq: GADZ) today reported a net loss of $856,000 for the third quarter ended November 2, 2002 compared to net income of $1.0 million for the third quarter of fiscal 2001. On a diluted basis, the Company reported a net loss per share of $0.09 for the quarter compared to net income of $0.11 per share for the corresponding period a year ago. Net sales for the quarter increased 0.7 percent to $73.7 million from $73.2 million a year ago. Same store sales for the quarter declined 5.1 percent compared to a 3.2 percent decrease for the third quarter of last year.

Year-to-date net income was $1.0 million versus $2.1 million for the first three quarters of fiscal 2001. Diluted earnings per share was $0.11 compared to $0.22 for the same period last year. Year-to-date net sales increased 5.6 percent to $228.7 million from $216.6 million for the comparable fiscal 2001 period. Same store sales decreased 3.6 percent for the first three quarters of fiscal 2002 versus a 5.6 percent decline for the comparable period of the prior year.

On November 22, 2002 at 9:30 a.m. Central time, the Company's management team will host a conference call to review the financial results. To listen to the call, please dial 913-981-5508 and reference confirmation number 553390, 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 553390, 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 437 Gadzooks stores and four Orchid stores, for a total of 441 stores in 41 states. Gadzooks, Inc.

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