Just For Feet, Inc. Announces Record Sales And Comp Store Sales for the
Second Quarter
BIRMINGHAM, Ala., Aug. 3 /PRNewswire/ -- Harold Ruttenberg, Chairman and
Chief Executive Officer of JUST FOR FEET, INC. (Nasdaq: FEET), today
announced record consolidated net sales of $175,329,000 for the second
quarter ended July 31, 1998, representing a 56% increase over the second
quarter consolidated net sales in the prior year of $112,369,000. This
represented the eighteenth consecutive quarter of record consolidated net
sales for the Company. For the six months ended July 31, 1998, consolidated
net sales were a record $327,250,000 an increase of 59.5% over consolidated
net sales of $205,172,000 in the six months of the prior year. The current
quarter consolidated net sales includes $16,884,000 from Sneaker Stadium
superstores since the July 2, 1998 acquisition date of this chain.
JUST FOR FEET, INC. comparable store sales for the second quarter of 1998
increased 2.2%. Mr. Ruttenberg commented, "We are pleased with our sales
results for the quarter particularly when considering the 4%, 30%, and 17%
increases in comparable store sales for the second quarter of 1997, 1996 and
1995, respectively. Since becoming a public company in 1994, we have now
experienced eighteen consecutive quarters of positive increases in same
store sales. The positive results in the current quarter were boosted by
the strong performance of the specialty stores division, which continues to
perform above our plan. Our plans for the integration of the recently
completed acquisition of the Sneaker Stadium chain are progressing well and
we look forward to future contributions from these stores."
For the first six months of this year, comparable Just For Feet net sales
increased 2.8%, as compared to an increase of 4.5% in comparable sales for
the first six months of last year. There were 54 superstores and 78
specialty stores in the comparable store sales base at July 31, 1998. The
Company will not report the 39 superstores acquired from Sneaker Stadium in
its comparable store sales results until such stores have been remodeled,
reopened and operated as Just For Feet superstores for thirteen months.
During the quarter, the Company opened six new Just For Feet superstores in
the following locations:
Oklahoma City (Quail), Oklahoma (Store 2)
San Antonio, Texas (Store 3)
Las Vegas, Nevada (Store 3)
San Diego (Vista), California (Store 2)
Little Rock, Arkansas (Store 1)
West Palm, Florida (Store 8)
All new superstores opened during the second quarter of 1998, except for the
Little Rock, Arkansas superstore, were in fill-in markets for the Company.
In addition, the Company opened nine specialty stores during the quarter.
JUST FOR, FEET, INC. operates both large format superstores and smaller
specialty stores which specialize in brand-name athletic and outdoor
footwear and apparel. 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 90 Company and eleven franchise Just For
Feet and 39 Sneaker Stadium superstores in 27 states and Puerto Rico and 109
Company and 44 franchise specialty stores in 21 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.
/CONTACT: Harold Ruttenberg, Chairman and Chief Executive Officer, or Eric
L. Tyra, Executive Vice President and Chief Financial Officer, both of Just
For Feet, 205-408-3000/
07:57 EDT |
