ASAP fashion news archive - apparel industry news from before September 2005
This page is part of the ASAP fashion news archive on Apparel Search, which collected apparel, fashion and textile industry news from before September 2005. For current coverage, see the Apparel Search news page and the fashion blog.
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