little worse than expected, but not too much
SOURCE: Today's Man, Inc.
Today's Man Reports Third Quarter Results
MOORESTOWN, N.J., Nov. 11 /PRNewswire/ -- Today's Man, Inc. (Nasdaq: TMAN - news, TMANW - news), today announced that sales for the third quarter ended October 30, 1999 decreased 12.8% to $42.1 million from $48.3 million for the third quarter ended October 31, 1998. The Company reported a net loss for the third quarter of $1,594,500, or ($0.06) per share, versus net income of $521,900, or $0.02 per share, for the same period last year. Comparable store sales were down 13.8% for the 25 superstores in operation at the end of both fiscal quarters. Weighted average shares outstanding, assuming dilution, for the third quarter ended October 30, 1999 were 27,014,533 compared to 27,278,687 during the third quarter ended October 31, 1998.
The Company announced that sales for the nine months ended October 30, 1999 decreased 7.9% to $134.5 million from $146.1 million for the comparable nine months of 1998. Today's Man reported a net loss for the nine months ended October 30, 1999 of $3,059,800, or ($0.11) per share, versus net income of $1,659,200 or $0.06 per share for the comparable nine months of 1998. Comparable store sales were down 8.2% for the 25 superstores in operation at the end of both nine-month periods. Weighted average shares outstanding, assuming dilution, were 27,014,533 for the nine months ended October 30, 1999 from 27,282,646 during the comparable 1998 period.
In October, the Company launched the Today's Man prototype with the opening of four new stores in the Washington, DC and Baltimore metropolitan area. The locations take the branding of Today's Man to the next level and reflect the new image-driven advertising campaign which the Company launched in all markets in October. Today's Man will also shortly begin online sales at todaysman.com, and add e-commerce to the initiatives being put in place to grow the Company's business.
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