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 New and exciting stuff from Just for Feet !
 

Just For Feet, Inc. Announces Record Sales And Comp Store Sales for Third Quarter



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.


Return to the Just for Feet home page!!!