Server: Netscape-Commerce/1.12 Date: Friday, 19-Dec-97 18:35:17 GMT Last-modified: Monday, 10-Nov-97 15:09:46 GMT Content-length: 4774 Content-type: text/html
BIRMINGHAM, Ala., Nov. 3 /PRNewswire/ -- Harold Ruttenberg, Chairman and
Chief Executive Officer of JUST FOR FEET, INC. (Nasdaq:FEET), today
announced record consolidated net sales of $131,020,000 for the third
quarter ended October 31, 1997, representing a 87.9% increase over the
third quarter net sales in the prior year of $69,739,000. This
represented the sixteenth consecutive quarter over quarter of record net
sales for the Company. For the nine months ended October 31, 1997,
consolidated net sales were a record $336,192,000 an increase of 89.7%
over net sales of $177,268,000 in the first nine months of the prior
year. The current quarter and year-to-date consolidated net sales
include Just For Feet superstore net sales of $111,983,000 and
$298,002,000 respectively, which represent increases of 60.6% and 68.1%
over the respective prior year period superstore net sales. Consolidated
net sales also included $19,037,000 and $38,190,000 for the 1997 third
quarter and year-to-date 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 second quarter
of 1997 increased 4.9%. Mr. Ruttenberg commented, ``We are pleased with
our sales results for the quarter particularly when considering the
18.5% increase in comparable superstore sales for the same quarter last
year. The positive results in the current quarter were boosted by a
strong back-to-school season and are even more pleasing when considering
the rather weak environment that our industry is experiencing at this
time. Since becoming a public company in 1994, we have now experienced
sixteen consecutive quarters of positive increases in same store
sales.''
For the first nine months of this year, comparable Just For Feet
superstore net sales increased 4.7%, as compared to an increase of 28.6%
in comparable superstore sales for the first nine months of last year.
There were 39 superstores in the comparable store sales base at October
31, 1997. 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 twelve months.
During the quarter, the Company opened five new Just For Feet
superstores in the following locations:
Colorado Springs, Colorado (Store 3)
Denver (University Hills), Colorado (Store 4)
Denver (Lakewood), Colorado (Store 5)
Knoxville, Tennessee (Store 2)
Long Island (The Source), New York (Store 1)
All new superstores opened during the third quarter of 1997, except for
the Long Island superstore, 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 apparel, a high level of customer service and a distinctive
combination of entertainment elements creating an exciting shopping
experience. The Company operates 66 company and eight franchise Just For
Feet superstores in 18 states and 88 company and 52 franchised specialty
stores in 18 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.