Thursday October 5, 12:33 pm Eastern Time
Ames' same-store sales fall 3.9 pct in September
ROCKY HILL, Conn., Oct 5 (Reuters) - Regional department store operator Ames
Department Stores Inc. (NasdaqNM:AMES - news) on Thursday said its same-store sales
fell 3.9 percent in September, to $274.4 million from $285.6 million last year.
The Rocky Hill, Conn.-based retailer, which has 476 stores in 19 states, reported a 6.3
percent increase in September same-store sales in the prior year. The same-store sales for
the month are based on 396 stores, the company said.
``We are disappointed with our September results,'' Joseph Ettore, Ames' chairman and chief executive, said in a statement.
``In addition, a higher amount of layaway sales this year as compared to last year also had a negative effect on our reported
comp(arable) sales results consistent with the adoption of the Securities and Exchange Commission's (SEC) layaway
accounting rule.''
Ames' net sales for the five weeks ended Sept 30 rose 1.2 percent to $326.4 million from $322.4 million in the year-earlier
period. Net sales for the 35 week year-to-date period were $2.3 billion, up 2.7 percent with $2.2 billion in the same period
last year, Ames said.
Ames' shares were off 7/8 at $4-15/16 in midday trading on the Nasdaq Thursday, near a 12-month low of $4-1/2. The stock
has a 12-month high of $36-5/8.
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