Play Co. Toys & Entertainment Corp. Announces 18% Sales Increase In Holiday Season
OTC BB SYMBOLS: Common Stock - PLCO
Series E Preferred Stock - PLCOP
Series E Preferred Stock Warrants - PLCOW
SAN MARCOS, Calif., Jan. 2 /PRNewswire/ -- Play Co. Toys & Entertainment Corp. (OTC Bulletin Board: PLCO) ("Play Co. Toys" or the "Company" for Play Co. Toys and subsidiaries collectively) announced today that its retail store sales for the month of December through Christmas grew by approximately 18% over the same period in 1999. The strong growth primarily came from new store sales as same store sales for the period declined by approximately 4%.
Richard Brady, Chief Executive Officer stated, "We are happy to report a 18% gain in overall store sales for the first 25 days of December despite weather-related problems. Our stores east of the Mississippi were effected
tremendously by weather. Not only did we have to close high volume stores in Chicago, Detroit, Dallas and North Carolina during the peak selling period, we also lost sales due to shipments that could not get through to those stores."
"In addition, we are pleased to report that our German website, toys.tx40.de, has reported a 72% increase in sales over 1999 for the entire holiday season."
"We took an aggressive merchandising plan during the month of December with additional promotional advertising and heavy in-store promotions. We believe that 2001 will be a strong toy year fueled by shipments of Sony Playstation 2, Jurassic Park 3 and Harry Potter merchandise. We are also
pleased to enter into 2001 with a strong financial position, with our new borrowing relationship with Wells Fargo Retail Finance (formerly known as Paragon Capital LLC)."
Play Co. also commented this morning that it knows of no fundamental business reason to account for the activity in the price of its stock over the past month.
Play Co. Toys is a toy retailer with 38 stores located in twelve states. All 38 of those stores are operated by the Company's Toys International.COM, Inc. subsidiary, which is publicly traded on the Frankfurt Stock Exchange under the ticker symbol TY40. The Company operates under the Play Co. Toys, Toys International and Toy Co. tradenames. The Company specializes in offering educational, specialty, collectible, specialty imported and traditional toys.
Statements contained in this press release which are not historical facts may be considered forward looking information with respect to plans, projections, or future performance of Play Co. Toys as defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those projected. The Company assumes no obligation to update or supplement forward-looking statements that become
untrue because of subsequent events.
SOURCE Play Co. Toys & Entertainment Corp.
Web Site: playco.com |
