JUST FOR FEET, INC. Announces Second
Quarter Sales and Comparable Store Sales
BIRMINGHAM, Ala., Aug. 3 /PRNewswire/ -- JUST FOR FEET, INC. (Nasdaq: FEET - news), today
announced consolidated net sales of $225,768,000 for the second quarter ended July 31, 1999,
representing a 28.8% increase over the second quarter consolidated net sales in the prior year of
$175,329,000. For the six months ended July 31, 1999, consolidated net sales were $446,753,000, an
increase of 36.5% over consolidated net sales of $327,250,000 for the first six months of the prior year.
Just For Feet, Inc.'s consolidated comparable store sales for the second quarter of the current year
increased 0.9%, as compared to a 2.2% increase for the second quarter of the prior year. This represents
the twenty-second consecutive quarter of positive comparable store sales for the Company. Comparable
store sales in the superstore division increased 3.5% for the second quarter of the current year as
compared to the second quarter of the prior year. Comparable store sales in the specialty store division
declined 13.8% for the second quarter of the current year as compared to the second quarter of the prior
year. For the first six months of this year, Just For Feet, Inc.'s consolidated comparable store sales
increased 1.6%, as compared to an increase of 2.8% in consolidated comparable store sales for the first
six months of the prior year.
Helen Rockey, President and Chief Executive Officer, commented on the second quarter: ''Although
consolidated net sales and consolidated comparable store sales increased, sales were significantly more
promotional in nature due to the execution of our aggressive inventory reduction plan and in response to
the highly promotional environment in the athletic footwear retail industry, particularly in mall based
stores. This highly promotional environment has resulted in significantly lower gross margins for the
second quarter.''
There were 81 superstores and 95 specialty stores in the comparable store sales base at July 31, 1999. The
Company will not report the superstores acquired on July 2, 1998 from Sneaker Stadium in its
consolidated comparable store sales results until such stores have been remodeled, re-opened and
operated as Just For Feet superstores for thirteen months.
The Company opened the following 11 new superstores, including two remodeled former Sneaker
Stadium superstores, during the quarter:
Fresno, California (Store 2)
Ft. Meyers, Florida (Store 1)
Shreveport, Louisiana (Store 1)
Covington, Louisiana (Store 2)
Natick, Massachusetts (Store 2)
Springfield, Missouri (Store 1)
Princeton, New Jersey (Store 12)
Woodbridge, New Jersey (Store 16)
Laredo, Texas (Store 1)
Hurst, Texas (Store 10)
Newport News, Virginia (Store 4)
The Ft. Meyers, Florida, Shreveport, Louisiana, Springfield, Missouri and Laredo, Texas superstores
opened in new markets for the Company whereas the other superstores opened in fill-in markets. In
addition, the Company also opened 9 specialty stores during the second quarter.
JUST FOR FEET, INC. operates both large format superstores and smaller specialty stores that specialize
in brand-name athletic and outdoor footwear and apparel. The Just For Feet superstores feature a full line
of sports related apparel, a high level of customer service and a distinctive combination of entertainment
elements creating an exciting shopping experience. The Company operates 148 Just For Feet superstores
in 26 states and Puerto Rico and 174 Company and 37 franchised specialty stores in 22 states and Puerto
Rico.
Certain statements contained in this press release are ''forward-looking statements'' within the meaning of
the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and
plans for future business development activities, and are thus prospective. Such forward-looking
statements are subject to risks, uncertainties and other factors which could cause actual results to differ
materially from future results expressed or implied by such forward-looking statements. Potential risks
and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties
detailed from time to time in the Company's Securities and Exchange Commission filings.
Please Visit our Website at: www.feet.com . |
