Vans, Inc. Announces First Two International Retail Stores
Tuesday April 28, 7:31 am Eastern Time
Company Press Release
SANTA FE SPRINGS, Calif.--(BUSINESS WIRE)--April
28, 1998--Vans, Inc. (Nasdaq:VANS - news) announced
today that it has reached agreement for the opening of its first
two international retail stores. The first store will be located in
the Cheshire Oaks outlet mall outside of Liverpool, England,
and is scheduled to open at the end of May. The second store,
in the soon to be completed La Roca outlet mall located
outside of Barcelona, Spain, is scheduled for opening in July.
''We believe that our expansion internationally is a great
opportunity to capitalize on the success of our retail stores,''
said Gary H. Schoenfeld, president and chief executive
officer. ''These two stores and potentially others to follow
should further the identity and image of our brand as well as
positively contribute to our total international sales and
profitability.''(a)
The Company currently operates 95 retail stores in the U.S.
and Guam including 43 outlet stores, many of which are the
number one footwear stores in terms of sales per square foot.
Mr. Schoenfeld continued, ''As the outlet format is beginning
to take hold in Europe, we see this as an exciting growth
opportunity in an area where we have been very successful.
This quarter, we have opened two additional outlet stores and
our comp store sales are running a strong 10% ahead of last
year, following an 18% comp store sales increase in the fourth
quarter of fiscal 1997. In total, we expect to open five new
stores during this quarter and we are well on track for
completing our third straight year of double-digit comp store
sales increases.''(a)
Vans, Inc. is a branded manufacturer, wholesaler and retailer
of active-casual footwear, clothing and accessories and
performance footwear for enthusiast sports. Products are sold
through a network of independent and national retailers,
internationally through distributors for 80 countries and
Company subsidiaries in the United Kingdom, Mexico, Brazil
and Argentina, and through 95 Company-owned stores and
factory outlets.
(a) This paragraph contains forward-looking statements
about the Company's retail sales growth in fiscal 1999. Actual
retail sales results for the Company may be impacted by a
number of important factors, including but not limited to: (i)
the occurrence of downward trends in the U.S. economy,
foreign economies and the footwear industry; (ii) the
occurrence of unforeseen events that adversely affect
consumer confidence in the U.S. or the world economy in
general; (iii) changes in the fashion preferences of the
Company's target customers and the Company's ability to
anticipate and respond to such changes; (iv) the failure to
open the projected number of new stores; and (v) the failure
to adequately supply stores with products. These factors, and
others, are discussed more extensively in the Company's
Annual Report on Form 10-K for the year ended May 31,
1997, which is filed with the Securities and Exchange
Commission.
Contact:
Gary H. Schoenfeld
President and Chief
Executive Officer
(800) 826-7800
(ext. 8545)
or
Contact: Christine DiSanto/Jim Cappuccio
Press: Miriam Adler
Morgen-Walke Associates
(212) 850-5600 |
