Goody's Family Clothing expects loss in Q3 & Oct 2005 sales results
07 Nov '05
2 min read
Tennessee based clothing retailer Goody's Family Clothing Inc reported total sales for fiscal periods ended October 29, 2005, compared with fiscal periods ended October 30, 2004.
While the Company has not yet completed the preparation of its consolidated financial statements for the third quarter of fiscal 2005, as previously announced, it expects to report a net loss for the quarter that is significantly greater than the net loss of $0.02 per share reported for the third quarter of fiscal 2004.
The expected loss is due in part to the decline in comparable store sales, which represented a significant shortfall from its plan, and because the Company was more promotional than called for in its plan during the quarter in an effort to stimulate sales and reduce seasonal inventories.
Additionally, the Company incurred substantial expenses during the quarter in connection with the sale of the Company, which will increase the amount of the net loss.
Today, the Company will open one new store in Bowling Green, Ohio, and will hold the grand opening for a remodeled store in Camden, South Carolina. On November 17, 2005, the Company plans to open six new stores.
The November openings will increase the total number of new stores opened during the current year to 31, concluding the Company's fiscal 2005 expansion program. During November, the Company will also re-open four stores closed due to the recent hurricanes. One storm-damaged store remains closed, but it is scheduled to re-open in 2006.
marketing@alchempro.com
