Thursday July 30, 1997
Source: Venture Stores, Inc
Investor Contact:
Russell Solt, Venture Stores, Inc.
(314) 281-7800
Media Contact:
Randy Myers or Tom Goyda, Shandwick
(314) 436-6565
For Immediate Release
Consecutive Monthly Gains Demonstrate Repositioning Progress
O'Fallon, MO, July 29, 1997 -- Venture Stores, Inc. today reported its second consecutive month of total sales increases, as sales for the four weeks ending July 26, 1997 rose 6.8 percent to $106.1 million from $99.4 million for the four weeks ending July 27, 1996.
Robert N. Wildrick, Venture chairman and chief executive officer, said Venture's sales gain primarily reflected strong sales at the 20 stores that have been sold to Kmart Corporation and are in the process of holding inventory liquidation sales. In addition, July's sales reflected continued strength in the company's hardlines and home goods departments, as well as strong early sales of back-to-school products, including stationery, back packs and jeans. He also said that sales trends improved in the menswear and children's apparel categories.
We are encouraged by these two consecutive months of solid store sales increases in this very competitive environment,Wildrick said.
Wildrick noted Venture's current repositioning as a family value retailer will be further supported by the $38 million in capital generated from the sale of 20 stores to Kmart Corporation. Venture will not be releasing comparable store sale data until after inventory liquidation sales at those stores have been completed, because of the undue affect that the liquidation activity will have on such comparisons. The company expects to turn the stores over to Kmart by September 15.
For the 26 weeks ending July 26, 1997, total sales were $642.9 million compared with $680.7 million for the 26 weeks ended July 27, 1996, a decrease of 5.5 percent.
After the transfer of the stores to Kmart, Venture will operate 93 family value stores in nine states. Venture's common stock is traded on the New York Stock Exchange under the symbol VEN.