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Gadzooks First Quarter Operating Results 2003

From: ASAP


Gadzooks, Inc. (Nasdaq: GADZ) reported a net loss of $4.1 million for the first quarter ended May 3, 2003 as the Company continues its transition to a juniors-only store. The Company recorded net income of $1.8 million for the first quarter of fiscal 2002. On a diluted basis, the Company reported a net loss per share of $0.45 for the quarter compared to net income of $0.19 per share for the corresponding period a year ago. Net sales for the quarter decreased 9.7 percent to $70.7 million from $78.3 million a year ago. Same store sales for the quarter declined 10.6 percent compared to a 2.2 percent decrease for the first quarter of last year. The Company also reported that month-to-date same store sales for fiscal May are up about 8 percent, driven by the ongoing liquidation of all men's inventories and increasing levels of junior merchandise. "We are excited about the progress that has been made so far in our conversion to a juniors-only store," said Jerry Szczepanski, Chairman and Chief Executive Officer. "While many tasks remain, we have completed a tremendous amount of work thus far and we believe the project is definitely on schedule." Szczepanski continued, "The liquidation of our men's merchandise is well underway, and we are steadily filling in with new junior offerings. I think I speak for everyone at Gadzooks when I say that we are looking forward to the July rollout of our new concept with much anticipation." Today at 9:30 a.m. CDT, the Company's management team will host a conference call to review the financial results. To listen to the call, please dial 719-457-2625 and reference confirmation number 332478, 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 332478, or visit the Company's website. Dallas-based Gadzooks is a mall-based specialty retailer of casual clothing and accessories offering young men's apparel, junior apparel, accessories and footwear. The Company is converting all its stores to an all- female assortment to be effective early in the second half of 2003. Gadzooks currently operates 425 Gadzooks stores and four Orchid stores, for a total of 429 stores in 41 states. Gadzooks owns and operates www.gadzooks.com , an interactive site for teens to visit on the web.

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