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Gadzooks Reports July 2003 Sales Results

From: ASAP


Gadzooks, Inc. (Nasdaq: GADZ) today announced that sales for the four weeks of fiscal July ended August 2, 2003 decreased 34.9 percent to $15.7 million from $24.1 million for fiscal July 2002. Comparable store sales decreased 34.3 percent for the July period, compared to a 10.2 percent decline for fiscal July of 2002. Sales for the 13 weeks of the second quarter ended August 2, 2003 decreased 10.7 percent to $68.5 million from $76.7 million for the second quarter of fiscal 2002. Comparable store sales declined 9.9 percent for the quarter, versus a 3.3 percent decrease for the second quarter of fiscal 2002. For the first 26 weeks of fiscal 2003, total sales decreased 10.2 percent to $139.2 million from $155.0 million for the comparable period of fiscal 2002. Comparable store sales have declined 10.3 percent for the first 26 weeks of fiscal 2003, versus a 2.8 percent decline for the first 26 weeks of fiscal 2002. "July was a month of transition for Gadzooks," said Jerry Szczepanski, Chairman and Chief Executive Officer. "Our conversion plan called for us to give away our men's business, which has historically represented about half of our total business, and begin replacing it in July with new junior business. We chose to convert our stores early in July to minimize the risk of conversion delays causing us to miss any of the back-to-school shopping season. As it turned out, we hit our opening target date causing us to be a couple of weeks early with our back-to-school floor set." Szczepanski continued, "Educating the customer about what we stand for today is well underway. Our assortment has many new additions, and we know that some of the new items will out perform our expectations while others will under perform. Our job for the next few months is to continue fine-tuning the assortment and working to build market share." For further details, please call 972-662-4201 to listen to Gadzooks' monthly sales commentary. The Company plans to release second quarter operating results before the market opens on August 19, 2003. The Company's management team will host a conference call to review the results at 9:30 a.m. CDT the same day. To listen to the call, please dial 913-981-5507 and reference confirmation number 489449, or go to the Company's website at www.gadzooks.com . Dallas-based Gadzooks is a specialty retailer of casual clothing, accessories, shoes, fragrances and cosmetics for 16-22 year-old females. Gadzooks currently operates 423 Gadzooks stores and four Orchid stores, for a total of 427 stores in 41 states.

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