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Today's Man Reports Second Quarter Results
MOORESTOWN, N.J., Aug. 12 /PRNewswire/ -- Today's Man, Inc. (Nasdaq: TMAN - news, TMANW - news), today announced that sales for the second quarter ended July 31, 1999 decreased 7.9% to $47.5 million from $51.6 million for the second quarter ended August 1, 1998. The Company reported a net loss for the second quarter of $961,400, or ($0.04) per share, versus net income of $695,000, or $0.03 per share, for the same period last year. Weighted average shares outstanding, assuming dilution, for the second quarter ended July 31, 1999 were 27,014,533 compared to 27,308,569 during the second quarter ended August 1, 1998.
The Company announced that sales for the six months ended July 31, 1999 decreased 5.6% to $92.4 million from $97.8 million for the comparable six months of 1998. Today's Man reported a net loss for the six months ended July 31, 1999 of $1,465,300, or ($0.05) per share, versus net income of $1,137,300, or $0.04 per share for the comparable six months of 1998. Weighted average shares outstanding, assuming dilution, were 27,014,533 for the six months ended July 31, 1999 from 27,699,157 during the comparable 1998 period.
''While the second quarter's numbers are disappointing, we continue to make decisions to promote our branding vision, our growth strategy and to incur start-up costs for our Internet initiative,'' said Chairman and CEO David Feld. ''Branding is a long-term process that requires short-term sacrifices and our performance reflects the costs of these efforts. The next few months will see the Company open four new stores, begin online sales at todaysman.com and launch a new image-driven advertising campaign, all setting the stage for a brighter future for Today's Man.'' |
