Weiner's Stores Inc. Reports Fiscal 2000 Results of Operations
HOUSTON--(BUSINESS WIRE)--March 23, 2001--Weiner's Stores Inc. (OTCBB:WEIR) announced a net loss of $31.7 million, or $1.71 per share of common stock, for the fiscal year ended Feb. 3, 2001 compared to a net loss of $3.1 million, or $0.17 per share of common stock, for the fiscal year ended Jan. 29, 2000. The Company's operating loss increased to $29.3 million in fiscal year 2000 compared to $2.0 million in fiscal year 1999. If the Company had not incurred reorganization expense and store closing costs, the operating loss for fiscal 2000 would have been $8.7 million. The net loss for the fourth quarter ended Feb. 3, 2001 was $3.4 million, or $0.18 per share of common stock, compared to a net loss of $3.2 million in the fourth quarter of fiscal 1999, or $0.17 per share of common stock. If the Company had not incurred reorganization expense and store closing costs, the net loss for the fourth quarter of fiscal 2000 would have been $2.6 million or $0.14 per share of common stock.
Weiner's previously announced that sales for the fiscal year ended Feb. 3, 2001 were $248.3 million compared to $276.8 million in fiscal year 1999. Fiscal year 2000 was a 53-week year compared to 52-week year in fiscal 1999. The Company closed 44 stores in the third quarter of fiscal 2000. In its 97 continuing stores, sales were $200.6 million for the 53-week period ended Feb. 3, 2001 compared to $200.9 million in the same 52-week period of 1999, a decrease of 0.2%. Comparable store sales for fiscal 2000 on a 52-week comparable basis decreased 9.3% compared to the same period last year.
Sales for the fourth quarter of fiscal 2000 in the Company's 97 continuing stores were $54.7 million compared to $50.8 million in the fourth quarter of fiscal 1999. The fourth quarter of fiscal 2000 was a 14-week period compared to a 13-week period in the fourth quarter of fiscal 1999. On a 13-week comparable basis, comparable store sales for the fourth quarter of fiscal 2000 decreased 5.4% compared to the same period last year.
Mr. Raymond J. Miller, chief executive officer and chairman of the board, stated, "Results since we filed for Chapter 11 protection on Oct. 16, 2000 have been cautiously encouraging. We have closed 44 stores, increased our margin percentage and controlled expense. On Feb. 1, 2001 we kicked off our new merchandise and marketing campaign, Weiner's Plus. The Weiner's Plus concept is a combination of additional merchandise categories in the home product area, toys and electronics and many other areas combined with an intense marketing campaign, in-store programs and employee/vendor programs." |
