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Gadzooks Fourth Qtr. Ended Feb. 1, 2003

From: ASAP


Gadzooks, Inc. (Nasdaq: GADZ) today reported a net loss of $2.3 million for the fourth quarter ended February 1, 2003 compared to net income of $3.9 million for the fourth quarter of fiscal 2001. The Company's fourth quarter results were significantly impacted by a $5.9 million non-cash impairment charge relating to fixtures and leasehold improvements in under-performing stores. On a diluted basis, the Company reported a net loss per share of $0.25 for the quarter compared to net income of $0.43 per share for the corresponding period a year ago. Net sales for the quarter decreased 0.5 percent to $96.8 million from $97.3 million a year ago. Same store sales for the quarter declined 3.1 percent compared to a 3.9 percent decrease for the fourth quarter of last year.

The Company reported a year-to-date net loss of $1.3 million versus net income of $6.0 million for fiscal 2001. The annual diluted loss per share was $0.14 compared to net earnings per share of $0.65 for the prior year. Year- to-date net sales increased 3.7 percent to $325.5 million from $313.8 million for the comparable fiscal 2001 period. Same store sales decreased 3.4 percent for the year versus a 5.1 percent decline for the prior year.

On March 10, 2003 at 3:30 p.m. CST, the Company's management team will host a conference call to review the financial results. To listen to the call, please dial 913-981-5510 and reference confirmation number 534870, 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 534870, or visit the Company's website.

Dallas-based Gadzooks is a high-energy specialty retailer of casual clothing and accessories offering young men's apparel, junior apparel, accessories and footwear. The Company recently announced plans to convert to an all-female assortment early in the second half of fiscal 2003. Gadzooks currently operates 434 Gadzooks stores and four Orchid stores, for a total of 438 stores in 41

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