HOLLYWOOD, Calif., Aug. 30, 2012 /PRNewswire/ -- Frederick's of Hollywood Group Inc. (NYSE MKT: FOH) ("Company") announced today that its comparable store sales for the four weeks ended August 25, 2012 decreased 15.2% compared to the four weeks ended August 27, 2011.
"As we continue to implement our new sales and marketing approach, which focuses less on promotional and discount sales, we are optimizing inventory levels and increasing gross margins. We continue to work towards achieving more profitable sales with an effective balance among inventory, promotional sales, gross margins and overhead costs. Although we have experienced a decline in sales, this is a long-term strategy that we believe will improve our financial performance, strengthen our brand and build shareholder value," stated Thomas Lynch, the Company's Chairman and Chief Executive Officer.
Forward Looking Statement
Certain of the matters set forth in this press release are forward-looking and involve a number of risks and uncertainties. These statements are based on management's current expectations or beliefs. Actual results may vary materially from those expressed or implied by the statements herein. Among the factors that could cause actual results to differ materially are the following: competition; business conditions and industry growth; rapidly changing consumer preferences and trends; general economic conditions; working capital needs; continued compliance with government regulations; loss of key personnel; labor practices; product development; management of growth, increases in costs of operations or inability to meet efficiency or cost reduction objectives; timing of orders and deliveries of products; risks of doing business abroad; the ability to protect our intellectual property; and the other risks that are described from time to time in the Company's SEC reports. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About Frederick's of Hollywood Group Inc.
Frederick's of Hollywood Group Inc., through its subsidiaries, sells women's intimate apparel and related products under its proprietary Frederick's of Hollywood® brand through 118 specialty retail stores, a catalog and an online shop at http://www.fredericks.com/. With its exclusive product offerings including Seduction by Frederick's of Hollywood and the Hollywood Exxtreme Cleavage® bra, Frederick's of Hollywood is the Original Sex Symbol®.
Our press releases and financial reports can be accessed on our corporate website at http://www.fohgroup.com.
This release is available on the KCSA Strategic Communications Web site at http://www.kcsa.com.
Frederick's of Hollywood Group Inc.
Thomas Rende, CFO
SOURCE Frederick's of Hollywood Group Inc.