–Comp Store Sales Increase 3.0%–
DENVER, Nov. 23 /PRNewswire/ — Gart Sports Company (Nasdaq: GRTS) todayannounced results for its third quarter and nine months ended October 30,1999.
Total sales for the third quarter of 1999 increased 9.0% to $155.5 millioncompared with $142.6 million in the prior year’s third quarter. Comparablestore sales for the Company during the quarter increased 3.0%.
For the third quarter ended October 30, 1999, the Company reported a netloss of $2.5 million, or $0.33 per share compared to a net loss of$6.0 million, or $0.78 per share during the prior year’s third quarter.
Doug Morton, Chairman, President and Chief Executive Officer of GartSports, stated, “We are very pleased with our third quarter financial results,which reflect an 80% improvement versus our operating loss in last year’squarter. Our solid comparable store sales gain of 3.0% was driven by strongtop-line performances in apparel, snowboard/ski, exercise, ball sports, indoorgames and bike categories as well as by improved sales from our recentlyremodeled stores. The combination of strong sales, improved gross marginrates and reduced expenses, gives us what we believe to be, the leanestoperating model in our segment of the industry. Our inventory position goinginto the important fourth quarter is strong and clean, with inventory down3.4% on a per square foot basis versus last year.”
Total sales for the first nine months of fiscal 1999 increased 2.8% to$480.0 million compared with $466.9 million for the same period in the prioryear. Comparable store sales for the Company during the first nine months offiscal 1999 decreased 1.6%. The net loss for the thirty-nine weeks endedOctober 30, 1999 was $2.1 million or $0.28 per share compared to a net loss of$6.5 million or $0.85 per share for the same period in the prior year.
Gart Sports is the second largest full-line sporting goods retailer in theU.S. and the leading full-line sporting goods retailer in the Rocky Mountainregion. The Company offers a comprehensive high-quality assortment of brandname sporting apparel and equipment at competitive prices, and operates 128stores in 16 states under the Gart Sports and Sportmart names.