GREEN BAY, Wis., Sept. 5 /PRNewswire-FirstCall/ -- ShopKo Stores, Inc., (NYSE: SKO) today reported consolidated sales for the four weeks ended August 31, 2002 were $253.3 million, 4.2 percent lower than the $264.5 million reported for the same period last year. Consolidated comparable store sales declined 3.9 percent. Commenting on the results, ShopKo Stores, Inc. Interim Chief Executive Officer and Vice Chairman Finance and Administration, Jeffrey Girard said, "August consolidated comparable store sales were slightly below our guidance. In the ShopKo Division, sales of Back-to-School supplies were better than expected while sales of basic apparel were disappointing. However, gross margin rates continued to benefit from tightly managed inventories." Sales Summary by Business Segment (dollars in millions) Retail Segments Period Ended % Change 4 Weeks: 08/31/02 Total*** Comp** ShopKo $195.4 (3.7)% (3.7)% Pamida* 57.9 (5.9) (4.6) Total Retail $253.3 (4.2)% (3.9)% 30 Weeks: ShopKo (excluding closed stores) $1,331.1 1.1% 1.1% ShopKo (including closed stores) 1,331.1 (3.1) N/A Pamida* 434.3 (6.5) (5.2) Total Retail (excluding closed stores) $1,765.4 (0.9)% (0.6)% Total Retail (including closed stores) $1,765.4 (3.9)% N/A * For all periods presented, total retail sales are exclusive of layaway sales. ** Comparable store sales represent sales of those stores open during both fiscal years. *** Pamida division total sales variance relative to comparable store sales reflects sales from five closed locations which were not replaced. Business Outlook Consolidated comparable store sales for the month of September are expected to be in the negative low-single digit range. ShopKo Stores Inc. will continue to provide weekly updates on consolidated comparable store sales performance. An audio recording of the previous week's results will be available after 10:00 AM CDT Monday by calling (920) 429-4646. (Previous call in number was 920-429-7039). These recorded messages will not be available on the Monday preceding monthly sales releases. ShopKo Stores, Inc., a Fortune 500 company headquartered in Green Bay, Wis., operates 365 retail stores in 23 states, primarily in the Midwest, Western Mountain and Pacific Northwest regions. Retail operations include 141 specialty discount stores operating under the ShopKo name in mid-sized and larger cities, and 224 Pamida discount stores in smaller, rural communities. For more information about ShopKo or Pamida visit our website at http://www.shopko.com. This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding expected sales and other financial results. Such statements are subject to important factors that could cause ShopKo's actual results to differ materially from those anticipated by the forward-looking statements including those referenced in ShopKo's current annual report on Form 10-K or as may be described from time to time in ShopKo's subsequent SEC filings; and such factors are incorporated by reference. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X84121748
SOURCE ShopKo Stores, Inc.