Gottschalks Inc reported financial results for the first quarter of fiscal 2006. Net loss for the first quarter was $4.0 million, or $0.30 per diluted share, compared to a net loss of $2.0 million, or $0.15 per diluted share, for the first quarter of fiscal 2005.
The net loss for the first quarter includes a pre-tax charge of $300,000, or $0.01 per diluted share, relating to the expensing of stock based compensation.
As previously reported, same store sales decreased 0.5 percent for the first quarter of 2006. Total sales decreased slightly by 0.4 percent to $143.5 million, from $144.1 million for the first fiscal quarter last year.
As the Company previously announced, it expects to open its fourth store in Oregon at the Valley River Mall in Eugene, where it will be taking over a 124,000 square foot Macy's store lease.
Additionally the Company will close its 42,000 square foot store located in Danville, California. The Company anticipates that these two store events will occur in the third quarter. The Company also anticipates an additional store will be closed by fiscal year end.
Gottschalks will host a conference call at 1:30 p.m. Pacific Time to review its results for the first quarter of fiscal 2006. To access the call, dial 800-362-0571 to listen to the call on the day of the event. If you are unable to participate in the call, a replay will be made available through June 1, 2006.
Gottschalks is a regional department store chain, currently operating 62 department stores and 6 specialty apparel stores in six western states, including California (39), Washington (9), Alaska (6), Oregon (3), Nevada (2) and Idaho (3).
Gottschalks offers better to moderate brand-name fashion apparel, cosmetics, shoes, accessories and home merchandise. Gottschalks offers corporate information and selected merchandise.
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