(COMTEX) JUST FOR FEET, INC. ANNOUNCES FIRST QUARTER RESULTS
JUST FOR FEET, INC. ANNOUNCES FIRST QUARTER RESULTS
BIRMINGHAM, Ala., May 21 /PRNewswire/ -- Harold Ruttenberg, Chairman
and Chief Executive Officer of JUST FOR FEET, INC. (Nasdaq: FEET),
today announced consolidated results for the first quarter ended April
30, 1998.
JUST FOR FEET, INC.'s net income for the first quarter ended April 30,
1998 increased 11.8% to $5,816,000 compared to net income of $5,201,000
for the comparable quarter last year. Net income per diluted share was
$.19 for the current quarter as compared to $.18 per diluted share for
the first quarter of last year. Weighted average shares outstanding
were 31,172,000 for the first quarter of the current year as compared
to 29,580,000 for the comparable quarter of last year.
The Company reported record consolidated net sales of $151,921,000 for
the first quarter ended April 30, 1998, representing a 63.7% increase
over the first quarter net sales in the prior year of $92,803,000. For
the first quarter ended April 30, 1998, comparable store sales
increased 3.5%. Mr. Ruttenberg commented, "We are very pleased with
our results for the quarter, especially when considering that we opened
eleven new superstores and ten new specialty stores in the quarter.
The eleven superstore openings were the most the Company has ever
opened in one quarter. Our specialty store division performed above
our plan for the quarter and we are excited about our prospects as we
approach our busy back to school season."
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)
The majority of new stores opened during the first quarter were in
fill in markets, the exceptions being the stores in Montgomery, Norman
and the two stores in Puerto Rico.
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.
There will be a conference call to discuss first quarter results on
Thursday, May 21, 1998 at 9:00 a.m. CST (Central Standard Time). To
participate, please call American Teleconferencing at (913) 981-5510.
There will also be a playback of the conference call at 12:00 p.m. CST
for which you can dial American Teleconferencing at (913) 981-5510.
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.
JUST FOR FEET, INC. & SUBSIDIARIES
Consolidated Summary Financial Information
(in thousands, except per share and store data)
Three Months Ended April 30,
1998 1997
Net sales $ 151,921 $ 92,803
Cost of sales 88,303 53,801
Gross profit 63,618 39,002
Franchise fees & other income 308 208
Store operating 44,756 27,197
Store opening costs 3,352 1,060
General and administrative 5,399 3,035
Amortization of intangibles 360 110
Operating expenses 53,867 31,402
Operating income 10,059 7,808
Interest income(expense)-net (602) 445
Income before income taxes 9,457 8,253
Income taxes 3,641 3,052
Net income $ 5,816 $ 5,201
Weighted average shares
- basic 30,044 28,687
Weighted average shares
- diluted 31,172 29,580
Basic earnings per share $ 0.19 $ 0.18
Diluted earnings per share $ 0.19 $ 0.18
Number of Company owned and Franchise stores open at quarter end:
Just For Feet Superstores:
Company 84 54
Franchise 11 8
Total 95 62
Specialty Stores:
Company 101 30
Franchise 48 48
Total 149 78
TOTAL 244 140
SOURCE Just For Feet, Inc.
-0- 05/21/98 /CONTACT: Harold Ruttenberg,
Chairman, President and Chief Executive Officer, or Eric L. Tyra,
Executive Vice President - Finance and Chief Financial Officer, both of
Just For Feet, 205-408-3000/
/Web site: feet.com (FEET)
CO: Just For Feet, Inc. ST: Alabama IN: REA HOU SU: ERN
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