At first glance these numbers look solid.
Just For Feet, Inc. Announces Record Sales and Comp Store Sales For Fourth Quarter
PR Newswire - February 02, 1998 18:29
BIRMINGHAM, Ala., Feb. 2 /PRNewswire/ -- Harold Ruttenberg, Chairman and
Chief Executive Officer of Just For Feet, Inc. (Nasdaq: FEET), today announced
record consolidated net sales of $142,433,000 for the fourth quarter ended
January 31, 1998, representing an 80% increase over fourth quarter net sales
in the prior year of $79,129,000. Consolidated net sales for the year ended
January 31, 1998 were a record $478,627,000, which represents an increase of
86.7% over consolidated net sales of $256,397,000 for the prior year. The
fourth quarter and annual consolidated net sales include Just For Feet
superstore net sales of $120,167,000 and $418,171,000 respectively, which
represent increases of 51.9% and 63.1% over the respective prior year period
superstore net sales. Consolidated net sales also included $22,266,000 and
$60,456,000 for the 1997 fourth quarter and annual periods, respectively, of
net sales from the smaller specialty store segment comprised of Athletic Attic
and Imperial Sports stores, which net sales are included from the dates such
stores were acquired by the Company, March 17 and May 14, 1997, respectively.
Just For Feet superstore comparable store sales for the fourth quarter
increased 4%. Mr. Ruttenberg commented, "We are pleased with our sales
results for the quarter, particularly considering the 16.3% and 25.8%
respective increases in comparable superstore sales for the fourth quarter in
each of the previous two fiscal years. The positive results in the current
quarter were boosted by strong activity in the entire month of January which I
believe bodes well for the upcoming first quarter. The increase is even more
pleasing when considering the rather weak sales environment that our industry
has experienced during the last six months."
For the year, comparable Just For Feet superstore net sales increased 4.5%
as compared to an increase of 24.7% in comparable superstore sales for the
previous year. There were 42 superstores in the comparable store sales base
at January 31, 1998. The Company will not report the specialty store segment
in its comparable store sales results until such stores have been owned by the
Company for one year.
The Company opened 23 new superstores during the year, of which the
following seven were opened during the fourth quarter:
Atlanta (Southlake), Georgia (Store 6)
Dallas (Grapevine), Texas (Store 7)
Burnsville, Minnesota (Store 3)
Phoenix (Arizona Mills), Arizona (Store 5)
Hialeah, Florida (Store 7)
New Orleans (Lakeside), Louisiana (Store 1)
San Diego (La Mesa), California (Store 1)
All new superstores opened during the fourth quarter, except for the New
Orleans and San Diego superstores, were in fill-in markets for the Company.
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 footwear
and apparel, a high level of customer service and a distinctive combination of
entertainment elements creating an exciting shopping experience. The Company
operates 73 company and nine franchise Just For Feet superstores in 18 states
and 92 company and 48 franchised specialty stores in 20 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 and Chief Executive Officer or
Eric L. Tyra, Executive Vice President and Chief Financial Officer, Just For
Feet, 205-408-3000/
(FEET) |
