CANTON, Mass., Feb. 5 /PRNewswire/ -- Hills Stores Company (NYSE: HDS)
today announced that comparable store sales for the four-week period ended
January 31, 1998 decreased by 4.8 percent over last year. Total sales for the
period were $74.1 million, a decrease of 10.2 percent. The decrease in total
sales was due in part to the company operating ten fewer stores than the prior
year.
For the fiscal year ended January 31, 1998, total sales were
$1,768.3 million, a decrease of 5.9 percent over last year. Comparable store
sales decreased 1.5 percent. The decrease in total sales was due in part to
the company operating ten fewer stores than the prior year.
"The sales decrease for the month of January was consistent with our
expectations. In the prior year, we ran an aggressive clearance program due
to higher than desired inventory levels coming out of Christmas. Through
improved inventory management and a stronger sales trend through the holiday
selling season this year, this year's clearance volume in January was much
smaller," said Gregory K. Raven, President and Chief Executive Officer of
Hills Stores Company.
Sales Summary
($ in millions)
Total Comparable
Store Sales Store Sales
Sales Period 1998 1997 % Change % Change
January $74.1 $82.4 (10.2)% (4.8)%
Fourth Quarter $630.9 $658.6 (4.2)% 1.0 %
Year to date $1,768.3 $1,878.5 (5.9)% (1.5)%
Number of stores 155 165
The nation's eighth largest discount retailer, Hills operates stores
primarily in the Ohio Valley and Great Lakes regions, with a majority of its
stores located in Ohio, Pennsylvania, New York, West Virginia and Indiana.
Note: This press release may contain forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Although the Company believes its plans are based upon
reasonable assumptions as of the current date, it can give no assurance that
any expectations will be attained. Factors that could cause actual results to
differ materially from expectations include: general business and economic
conditions, weather, competitive factors, pricing and fluctuations in consumer
demand.
SOURCE Hills Stores Company
-0- 02/05/98
/CONTACT: Investors, John Doyle, Vice President - Treasurer, of Hills
Stores, 781-821-1000, ext. 1694; or Media, Kathleen Obert, Senior Vice
President, of Edward Howard & Co., 216-781-2400/
(HDS)
CO: Hills Stores Company
ST: Massachusetts
IN: REA
SU: SLS |
