Footstar Reports August Sales Results
MAHWAH, N.J.--(BUSINESS WIRE)--Sept. 2, 1999--Footstar, Inc. (NYSE:FTS - news) today reported that sales for the four-week period ended August 28, 1999 increased 1.0% to $174.2 million from sales of $172.4 million in August last year. On a divisional basis, Meldisco's sales increased 1.6% to $100.0 million from $98.4 million, and Footaction's sales increased 0.2% to $74.2 million from $74.0 million. Footstar's comparable store sales increased 0.1% for the month. Meldisco's comparable store sales increased 0.4%, while Footaction's declined 0.3% for the period.
Mickey Robinson, Chairman and Chief Executive Officer, commented, ``Our sales performance in August was in line with our expectations in both businesses. Meldisco's Women's business was particularly strong during the month, consistent with previous Spring trends. Footaction experienced weak apparel sales but achieved another good month in footwear, driven by strong sales of Men's running shoes and Women's footwear. Based on these results, we remain comfortable with analysts' estimates for the third quarter and fiscal year.'
For the thirty-four week period ended August 28, 1999, Footstar's total sales increased 4.7% to $1,232.3 million from $1,177.2 million for the thirty-four weeks ended August 29, 1998. By division, sales at Meldisco increased 7.2% to $790.7 million, and sales at Footaction increased 0.5% to $441.6 million. On a comparable store basis, sales at Footstar increased 2.7%. Meldisco's comparable store sales increased 5.7%, while Footaction's declined 2.6%.
As of August 28, 1999, Footstar operated 547 Footaction stores, which sell branded athletic footwear and apparel, and 2,500 Meldisco leased footwear departments.
Except for the historical information contained herein, the matters discussed in this release are forward looking statements that involve risks and uncertainties that may cause actual results to differ from those expressed in any of the forward looking statements. Such risks and uncertainties include, but are not limited to, uncertainties related to the effect of competitive products and pricing, consumer demand for footwear, unseasonable weather, consumer acceptance of our merchandise mix and retail locations, the availability of products, and the other risks detailed in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to update forward looking statements to reflect events or circumstances after the date such statements were made. |
