Sporting goods retailer Goody's Family Clothing Inc reported a net loss of $5,425,000, or ($0.16) per share, for the 13 weeks ended July 30, 2005, compared with net earnings of $1,278,000, or $0.04 per diluted share, for the 13 weeks ended July 31, 2004. Total sales for the second quarter of fiscal 2005 declined 1.0 percent to $291,668,000 compared with $294,632,000 during the same period last year. Comparable store sales for the second quarter of fiscal 2005 were down 6.6 percent from the same period last year.
For the 26 weeks ended July 30, 2005, the Company reported a net loss of $7,203,000, or ($0.22) per share, compared with net earnings of $9,349,000, or $0.28 per diluted share, for the 26 weeks ended July 31, 2004. Total sales for the first six months of fiscal 2005 declined 2.2 percent to $584,373,000 compared with $597,510,000 during the same period last year. Comparable store sales for the first six months of fiscal 2005 decreased 7.3 percent from the same period last year.
"Sales were well below plan and the prior-year second quarter," commented Robert M. Goodfriend, Chairman and Chief Executive Officer. "As previously reported, they missed some spring and summer fashion trends in all of our women's areas, which affected customer traffic and sales storewide. The weak performance forced us to be more promotional than planned in July 2005 in an effort to stimulate sales and reduce seasonal inventories. Also, inventory levels in certain other areas were planned too low, which had a further negative impact on business. Finally, a shift in advertising dollars from television to radio in the first half of this year has not been successful. As a result, they were not able to achieve gross profit plan and could not leverage selling, general and administrative expense rate. They have taken corrective action in each of these areas and remain optimistic that fiscal 2005 will be profitable."
marketing@alchempro.com
