19 February 1998: Sunglass Hut International of the United States reported that sales for the four weeks ended 31 January 1998 were US$ 28.0 million, a decrease of 1.9% below the US$ 28.5 million repo…
19 February 1998: Sunglass Hut International of the United States reported that sales for the four weeks ended 31 January 1998 were US$ 28.0 million, a decrease of 1.9% below the US$ 28.5 million reported for the comparable four-week period ending 1 February 1997. Comparable store sales for the four-week period ended 31 January 1998 decreased 5.3%. Sales for the 13-week fourth quarter ended 31 January 1998 increased 5.7% to US$ 132.1 million, compared with US$ 124.9 million for the comparable 13-week fourth quarter ended 1 February 1997. Comparable store sales for the 13-week period increased 0.2%. Sales for the 52 weeks ended 31 January 1998 increased 10.4% to US$ 581.7 million, as compared with sales of US$ 527.1 million for the comparable 52-week period ended 1 February 1997. Comparable store sales for the 52-week fiscal year ended 31 January 1998 had no increase. “Our sales performance in January mirrored our inconsistent performance for the year,” said John X. Watson, President and CEO. “While we are not pleased with a flat comparable store performance for the year we did make great progress, along with strong support from our vendors, in reducing inventory from US$ 145 million at the beginning of the year to approximately US$ 115 million at the end of the year. We are committed to continue this effort into 1998 and would expect this improved inventory liquidity position and new marketing initiatives to improve our sales performance in fiscal 1998,” Watson added.