As Paul Harvey would say, and now the rest of the story! ART
Ames Reports June Comp Sales
ROCKY HILL, Conn., Jul 12, 2001 (BUSINESS WIRE) -- Ames Department
Stores, Inc., (AMES) today announced that net sales for the five-week period
ended July 7, 2001 were $327.6 million, compared with net sales of $346.3
million in the year earlier period, a decrease of 5.4 percent. Net sales for the
twenty-two week year-to-date period were $1,378.7 million, compared to
$1,460.0 million in the year earlier period, a decrease of 5.6 percent.
Comparable-store sales for the period were $304.3 million compared with
$319.8 million for the year earlier period, a decrease of 4.8 percent.
Comparable-store sales are based on 426 stores. Comparable-store sales for
the year-to-date period were $1,268.7 million, compared with $1,369.0 million
last year, a decrease of 7.3 percent.
Joseph R. Ettore, Ames Chairman and Chief Executive Officer, said, "The
slowing economy coupled with waning consumer confidence impacted our
customers' spending habits during the month of June. However, our margins
remain above last year's levels and SG&A expenses as a percent of sales
also continue to show improvement. Innovative solutions, such as the
recently announced pending initiative whereby Ames would receive $75
million in additional financing from Kimco, will mitigate the effects of the
continuing economic downturn."
Ames Department Stores, Inc. and Subsidiaries
--------------------------------------------- Fiscal 2001 Fiscal 2000 Percent Change*
----------- ----------- ---------------Month (Millions) Total Stores $ 327.6 $ 346.3 (5.4)
Comp Stores $ 304.3 $ 319.8 (4.8)Year-to-date (Millions) Total Stores
$1,378.7 $1,460.0 (5.6) Comp Stores $1,268.7 $1,369.0 (7.3)* For
comparable-store sales, layaways are recorded as sales as of the time of the
initial transaction. For the year-to-date period, the effect of this reporting
method is negligible.
Ames Department Stores, Inc., a FORTUNE 500(R) company, is the nation's
largest regional, full-line discount retailer with annual sales of approximately
$4 billion. With 452 stores in the Northeast, Mid-Atlantic and Mid-West,
Ames offers value-conscious shoppers quality, name-brand products across
a broad range of merchandise categories. For more information about Ames,
visit www.AmesStores.com or www.espanol.AmesStores.com.
To find the location of the Ames store nearest you, dial 1-800-SHOP-AMES.
Cautionary Statement Regarding Forward-looking Information
Statements, other than those based on historical facts which address
activities, events, or developments that the Company expects or anticipates
may occur in the future are forward-looking statements which are based upon
a number of assumptions concerning further conditions that may ultimately
prove to be inaccurate. Actual events and results may materially differ from
anticipated results described in any forward-looking statements. The
Company's ability to achieve such results is subject to certain risks and
uncertainties. Consequently, these cautionary statements qualify all of the
forward-looking statements and there can be no assurance that the results or
developments anticipated by the Company will be realized or that they will
have the expected effects on the Company or its business or operations.
CONTACT: Ames Department Stores, Inc. Carolyn Skahill, 860/257-5078
cskahill@ameshome.comURL: businesswire.comtoday's News
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