From: ASAP
Gadzooks, Inc. (Nasdaq: GADZ) today announced that sales for the five weeks of fiscal June ended July 5, 2003 decreased 2.7 percent to $28.9 million from $29.7 million for fiscal June 2002. Comparable store sales decreased 1.6 percent for the June period, compared to a 1.4 percent increase for fiscal June of 2002. For the first 22 weeks of fiscal 2003, total sales decreased 5.6 percent to $123.6 million from $130.9 million for the comparable period of fiscal 2002. Comparable store sales have declined 5.8 percent for the first 22 weeks of fiscal 2003, versus a 1.2 percent decline for the first 22 weeks of fiscal 2002. The Company also reported a successful liquidation of its men's merchandise in advance of the chain's conversion to a girls-only concept that was completed after the close of business on Sunday, July 6th. "We are very pleased with the results of our men's clearance," said Jerry Szczepanski, Chairman and Chief Executive Officer. "The clearance was managed to ensure that all of our men's merchandise was gone prior to our strategic conversion. The results of the liquidation far exceeded our initial plans." Szczepanski continued, "We targeted this week for the store conversion many months ago. I am very proud of all our associates who had a hand in completing this huge undertaking on schedule." For further details, please call 972-662-4201 to listen to Gadzooks' monthly sales commentary. Dallas-based Gadzooks is a specialty retailer of casual clothing, accessories, shoes, fragrances and cosmetics for 16-22 year-old females. Gadzooks currently operates 424 Gadzooks stores and four Orchid stores, for a total of 428 stores in 41 states.
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