Investor Contact:
Russell Solt, Venture Stores, Inc.
(314) 281-7800
Media Contact:
Randy Myers or Tom Goyda, Shandwick
(314) 436-6565
For Immediate Release :
O'Fallon, MO, October 8, 1997 -- Venture Stores, Inc. today reported that same-store sales for the month ended September 27, 1997 decreased by 8.8 percent. Total sales for the five week period were $99.8 million, a decrease of 20.4 percent from $125.3 million for the five weeks ended September 28, 1996. This decrease reflects the fact that Venture operated 93 stores in September 1997, 17 fewer than the 110 locations open in September 1996.
Robert N. Wildrick, Venture's chairman and chief executive officer, said that sales in most of the company's hardlines departments remained strong. Softlines sales trends continued to improve, as Venture increased inventory levels through the use of cash generated by several recent transactions and enhanced credit terms from vendors.
However, Wildrick noted that apparel sales were negatively affected by unseasonably warm temperatures during much of the month this year. In addition, sales were reduced somewhat because Venture elected not to repeat an unprofitable Labor Day selling event that had been held in 1996.
"We are seeing positive customer response to the fresh inventories arriving at our stores as a result of Venture's improved cash position and greater financial stability," Wildrick said. "These are encouraging signs as we look ahead to October and the important holiday sales season, when we expect to intensify the implementation of Venture's more focused merchandise strategies."
Total sales for the 35 weeks ended September 27, 1997 were $844.3 million compared with $912.8 million for the 35 weeks ended September 28, 1996, a decrease of 7.5 percent. Venture will not report year-to-date same-store sales for the remainder of 1997, because the comparisons for July and August were not meaningful due to the effect of liquidation sales activity at 20 stores that were sold.
Venture operates 93 family value stores in nine states. Venture's common stock is traded on the New York Stock Exchange under the symbol VEN.