From: ASAP
Gadzooks, Inc. announced that sales for the five weeks of fiscal March ended April 6, 2002 increased 16.7 percent to $32.1 million compared to $27.5 million for fiscal March last year. Same store sales increased 2.5 percent from the comparable five weeks ended April 7, 2001. The Company reported a 6.6 percent same store sales decline for fiscal March last year.
For the first nine weeks of fiscal 2002 ended April 6, 2002, total sales increased 14.5 percent to $55.9 million compared to $48.8 million for the first nine weeks of fiscal 2001. Same store sales increased 0.6 percent from the comparable nine weeks ended April 7, 2001. Same store sales declined 5.3 percent for the first nine weeks of fiscal 2001.
As a result of lower-than-expected sales, the Company now expects to report first quarter net income of $0.16 to $0.19 per diluted share.
For further details, please call 972-662-4201 to listen to Gadzooks' monthly sales commentary.
Dallas-based Gadzooks, Inc. is a mall-based 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 433 Gadzooks stores and four Orchid stores, for a total of 437 stores in 40 states.
Certain statements contained in this news release may be deemed forward- looking statements that involve risks and uncertainties. Reference is made to the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended February 3, 2001, for factors that, among others, could cause the actual results of the Company to differ materially from those contained in the forward-looking statements.
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