Apparel retailer Harold's registers disappointing Dec sales
07 Jan '06
3 min read
Retail chain of upscale ladies' and men's specialty apparel stores, Harold's Stores Inc announced holiday season 2005 sales results for the fiscal period from October 30, 2005 through December 31, 2005 ("quarter-to-date") and proposed $3 million of additional working capital funding.
For the quarter-to-date, the Company's total net sales decreased 13.9 percent, with full-line retail comparable store sales decreasing 16.3 percent, outlet store comparable sales declining 1.9 percent, and direct sales (internet and catalog) increasing 73.8 percent to $560,000.
Net sales for the quarter-to-date were $15.7 million, as compared to $18.3 million in the same period last year.
For the year-to-date, the Company's total net sales decreased 1.8 percent, with full-line retail comparable store sales decreasing 3.9 percent, outlet store comparable sales increasing 4.6 percent, and direct sales nearly tripling to $3.0 million.
Net sales for the year-to-date were $83.3 million as compared to $84.8 million for the same period in the previous year.
"It was a difficult holiday season for the Company due to a decision earlier this year to alter the timing and quantity of fall and winter receipts of apparel and accessories," said Leonard M. Snyder, Interim Chief Executive Officer.
Snyder continued, "This resulted in full-line store inventory levels for the holiday season being approximately 25 percent below last year levels, with the shortfall substantially in holiday apparel and accessories, so that the Company had neither enough gift-giving nor wear-now apparel available in its full-line stores.
marketing@alchempro.com
