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Financial News
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Financial NewsU.S. Factory Outlets, Inc. (212-563-3650) recently announced the following change to its lease plan. The U.S. Factory Outlets, Inc. guarantee of continuous operations will be extended to a full five years to coincide with the five year period that USFO affiliates are required to make repayments on the tenant improvement allowance or loan that is granted to them.
Men’s Wearhouse (510-657-9821) announces that its December 1999 sales increased 13.6% to $182.5 million from $160.6 million during December 1998. Comparable store sales increased 5.8% for the month. Through the first 48 weeks of 1999, total sales increased 14.1% to $1.08 billion from $942.7 million in 1998. Comparable store sales were up 7.5%. The company currently operates 499 stores trading as Men’s Wearhouse, K&G Men’s Center, and The Suit Warehouse nationwide and 113 stores trading as Moores throughout Canada. www.menswearhouse.com
United Retail Group, Inc. (201-909-2110) reported that its total sales for December 1999 were up to $50.8 million from $45.7 million during December 1998. Comparable store sales increased 12% for the month. Year-to-date sales increased 11% to $361.4 million from $356.5 million the previous year, with comparable store sales up three percent. The company currently operates 505 stores trading as The Avenue which specialize in large-size women’s fashion apparel, footwear and accessories.
Funco, Inc. (612-946-7222) reported that its net sales for its third fiscal quarter increased 24% to $102.7 million from $82.9 million during its third quarter last year. Net income decreased to $4.41 million from $5.39 million and comparable store sales fell four percent for the quarter. The company attributes the quarterly sales increase primarily to operating an increased number of stores. The four percent decline in comparable store sales for the quarter occurred due to industry wide shortages of high demand video games. During the quarter, the company opened 48 stores and currently operates 401 locations in 31 states. Major new markets entered during its current fiscal year include Phoenix, AZ; Las Vegas, NV; San Diego, CA; Atlanta, GA and the Carolinas. www.funcoland.com
Designs, Inc. (781-444-7222) reported that its December 1999 sales remained on par with December 1998’s results of $25.9 million. However, comparable store sales fell three percent. Total sales were flat primarily due to sales from new outlet stores opened throughout 1999. For the 11 months, sales were down to $183.5 million from $192.7 million recorded during the first 11 months of 1998. The decrease was attributed primarily to 34 under performing stores that were closed. Comparable store sales fell one percent over the 11 month period. The company currently operates 109 stores trading as Levi’s and Dockers Outlet by Deigns in two retail formats. These stores are located in outlet centers and enclosed regional malls throughout the Eastern U.S.
Rent-Way, Inc. (814-876-5055) reported that its first quarter total revenues increased 13.7% to $140.9 million from $124 million reported during its first quarter last year. Operating income was $22.6 million, a 418.3% increase over the loss of $7.1 million reported during the same quarter last year. Net income jumped 200.8% to $10.1 million during the quarter, versus a loss of $10.1 million last year. Same store revenues in core Rent-Way stores increased 5.1% for the quarter. Home Choice same store revenue was down 0.9% for the quarter. Rent-Way is the second largest operator of rental-purchase stores in the US. The company operates 1,088 stores in 41 states. www.rentway.com
Track ‘ n Trail (916-933-4525) recently retained The Retail Group to develop and test new footwear concepts as well as consult on updating the existing Track ‘n Trail stores and concepts. The company, which recently announced that it plans to close 31 stores, including is entire seven-unit Eagles Nest chain, expects to post a loss of between $8.26 million and $9.9 million for the three-month period ending December 25. The loss is primarily the result of one-time charges related to store closings. Once the company closes the 31 stores by the end of April, it will be operating 113 Track ‘n Trail stores and 44 Overland Trading stores in more than 30 states.
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