FEET's earnings terrific.. should be both valuation and fall bts upgrades following: "Just For Feet, Inc. Announces Record Second Quarter Results
BIRMINGHAM, Ala., Aug. 20 /PRNewswire/ -- Harold Ruttenberg, Chairman and Chief Executive Officer of JUST FOR FEET, INC. (Nasdaq: FEET - news), today announced record consolidated results for the second quarter ended July 31, 1998.
JUST FOR FEET, INC.'S net income for the second quarter ended July 31, 1998 increased 66.0% to a record $7,976,000 compared to net income of $4,805,000 for the comparable quarter last year. Net income per diluted share increased 56.3% to $.25 for the current quarter as compared to $.16 per diluted share for the second quarter of last year. Diluted weighted average shares outstanding were 32,199,000 for the second quarter of the current year as compared to 30,881,000 for the comparable quarter of last year. For the six month period ended July 31, 1998, net income increased 37.8% to a record $13,791,000 compared to net income of $10,006,000 for the comparable prior year period. Diluted per share earnings for the first six months increased 33.3% to $.44 versus $.33 per diluted share for the comparable period of last year. For the six month period, diluted weighted average shares were 31,686,000 compared to 30,231,000 for the prior year.
The Company reported record consolidated net sales of $175,329,000 for the second quarter ended July 31, 1998 representing a 56.0% increase over the second quarter consolidated net sales in the prior year
of $112,369,000. The current quarter consolidated net sales includes $16,884,000 from Sneaker Stadium superstores since the July 2, 1998 acquisition of this chain. For the second quarter ended July 31, 1998,
comparable store sales increased 2.2%. For the six months ended July 31, 1998, consolidated net sales increased 59.5% to $327,250,000 compared to consolidated net sales of $205,172,000 for the prior year
six month period. 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. Our operating results for the quarter were boosted by improved margins in both our Just For Feet superstores and our specialty store division. 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.''
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