Just For Feet, Inc. Announces Record Sales and Comp Store Sales For First Quarter
PR Newswire - May 04, 1998 13:29
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BIRMINGHAM, Ala., May 4 /PRNewswire/ -- Harold Ruttenberg, Chairman and Chief Executive Officer of JUST FOR FEET, INC. (Nasdaq: FEET), today announced record consolidated net sales of $151,912,000 for the first quarter ended April 30, 1998, representing a 63.7% increase over the first quarter consolidated net sales in the prior year of $92,803,000. This represented the seventeenth consecutive quarter of record net sales for the Company. JUST FOR FEET consolidated comparable store sales for the first quarter of 1998 increased 3.5%.
Mr. Ruttenberg commented, "We are pleased with our sales results when considering that comparable store sales for the first quarter in 1994, 1995, 1996 and 1997 were 12%, 10%, 42% and 5%, respectively. Since becoming a public company in 1994, we have now experienced seventeen consecutive quarters of positive increases in same store sales. During our busy March and April months, many of our superstores which are located in southern states such as Alabama, Georgia, Mississippi, Tennessee, Louisiana and Texas experienced tornado or weather related difficulties which impacted our sales during these months. The specialty store division performed considerably better than our plan and we are extremely excited about their results, as well as their ability to execute their growth in a controlled and disciplined manner."
There were 49 superstores and 74 specialty stores in the comparable store sales base at April 30, 1998. This is the first quarter that the Company has included its specialty stores, which were acquired in March and May of 1997, in the comparable store sales base.
During the quarter, the Company opened eleven new Just For Feet superstores in the following locations:
Houston (Woodlands), Texas (Houston, Store 3)
Houston (Sharpstown), Texas (Houston, Store 4)
Montgomery, Alabama (Store 1)
Mesquite, Texas (Dallas, Store 8)
West Nyack (Palisades), New York (New York, Store 2)
Bayamon, Puerto Rico (Puerto Rico, Store 1)
Houston (Almeda), Texas (Houston, Store 5)
Houston (Sugarland), Texas (Houston, Store 6)
Maplewood, Minnesota (Minneapolis, Store 4)
Norman, Oklahoma (Norman, Store 1)
Carolina, Puerto Rico (Puerto Rico, Store 2)
All new superstores opened during the first quarter of 1998, except for the Montgomery store, the Oklahoma City store and the two superstores in Puerto Rico were in fill-in markets for the Company. Also, the Company opened ten new specialty stores during the first quarter.
JUST FOR FEET, INC. operates both large format superstores and smaller specialty stores which specialize in brand-name athletic and outdoor footwear. The Just For Feet superstores feature a full line of sports related apparel, a high level of customer service and a distinctive combination of entertainment elements creating an exciting shopping experience. The Company operates 84 company and eleven franchise Just For Feet superstores in 21 states and Puerto Rico and 101 company and 48 franchised specialty stores in 22 states and Puerto Rico.
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward- looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings.
SOURCE Just For Feet, Inc.
/CONTACT: Harold Ruttenberg, Chairman, President and Chief Executive
Officer, Eric L. Tyra, Executive Vice President - Finance and Chief Financial
Officer, 205-408-3000, all for Just For Feet/
/Web site: feet.com |
