Whitehall Jewel (NYSE:JWL)
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From Jun 2019 to Jun 2024
Whitehall Jewellers, Inc. (NYSE:JWL) today announced
sales for the second quarter ended July 31, 2005 were $68.4 million
compared to $72.3 million for the second quarter of last year.
Comparable store sales decreased 6.2% during the quarter, versus a
comparable store sales decrease of 0.6% for the second fiscal quarter
of 2004.
For the six-month period ended July 31, 2005, sales totaled $139.4
million versus $145.3 million for the six-month period ended July 31,
2004. Comparable store sales decreased 5.0% compared to an increase of
1.3% for the six months ended July 31, 2004.
Lucinda Baier, Chief Executive Officer commented, "During the
second quarter, our sales performance was solid during the Mothers'
Day campaign but slowed in June and July during the two subsequent
campaigns. In July 2004, we launched a major initiative to accelerate
the sale of merchandise which was inconsistent with our branding
strategy. During the second half of July of last year, sales of these
goods were instrumental in generating double-digit comp store sales
increases."
Ms. Baier continued, "We continue to implement the merchandising,
marketing and operational initiatives intended to build sales which we
previously discussed and are focused on preparing for the Holiday
selling season."
The Company plans to release financial results for the quarter
ended July 31, 2005 on Thursday, September 1, 2005. Following the
release, the Company will host a conference call at 9:00 AM EDT that
will be broadcast live over the Internet at
http://www.whitehalljewellers.com. To participate in the call, please
dial 1-800-329-9097 approximately 10 minutes before the scheduled time
to be connected to the call. Please call Patricia Metzger at
312-762-0292 to reserve a space on the call.
About Whitehall Jewellers
Whitehall Jewellers, Inc. is a leading national specialty retailer
of fine jewelry, currently operating 388 stores in 38 states. The
Company operates stores in regional and superregional shopping malls
under the names Whitehall Co. Jewellers, Lundstrom Jewelers and Marks
Bros. Jewelers.
Safe Harbor Statement
This release contains certain forward-looking statements (as such
term is defined in Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934) and information
relating to the Company that are based on the current beliefs of
management of the Company as well as assumptions made by and
information currently available to management including statements
related to the markets for our products, general trends and trends in
our operations or financial results, plans, expectations, estimates
and beliefs. In addition, when used in this release, the words
"anticipate," "believe," "estimate," "expect," "intend," "plan,"
"predict," "opinion" and similar expressions and their variants, as
they relate to the Company or our management, may identify
forward-looking statements. Such statements reflect our judgment as of
the date of this release with respect to future events, the outcome of
which is subject to certain risks, including the factors described
below, which may have a significant impact on our business, operating
results or financial condition. Investors are cautioned that these
forward-looking statements are inherently uncertain. Should one or
more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results or outcomes may vary
materially from those described herein. The Company undertakes no
obligation to update forward-looking statements. The following
factors, among others, may impact forward-looking statements contained
in this release: (1) a change in economic conditions or the financial
markets which negatively impacts the retail sales environment and
reduces discretionary spending on goods such as jewelry; (2) reduced
levels of mall traffic caused by economic or other factors; (3)
increased competition from specialty jewelry retail stores, the
Internet and mass merchant discount stores which may adversely impact
our sales and gross margin; (4) our ability to execute our business
strategy and the related effects on comparable store sales and other
results; (5) the extent and results of our store expansion strategy
and associated occupancy costs, and access to funds for new store
openings and the ability to exit underperforming stores; (6) the high
degree of fourth quarter seasonality of our business and the impact on
the Company's sales, profitability and liquidity; (7) the extent and
success of our merchandising, marketing and/or promotional programs;
(8) personnel costs and the extent to which we are able to retain and
attract key personnel; (9) the effects of competition on the Company
including merchandise availability, real estate opportunities and
retention of personnel; (10) the availability, terms and cost of
consumer credit; (11) relationships with suppliers including the
timely delivery to the Company of appropriate merchandise on payment
and other terms consistent with past practice; (12) our ability to
maintain adequate information systems capacity and infrastructure;
(13) our continued ability to secure sufficient financing on
acceptable terms, including, if an event of default were to occur
pursuant to the Company's revolving loan facility, that the Company
may be required to negotiate relief with its lenders or seek new
financing with respect to which there may be no assurance that new
financing agreements would be available on acceptable terms or at all;
(14) our leverage, liquidity, and cost of funds and changes in
interest rates that may increase financing costs; (15) our ability to
maintain adequate loss prevention measures; (16) fluctuations in raw
material prices, including diamond, gem and gold prices; (17) the
impact of current or future price reductions on margins and resultant
valuation allowances taken on certain merchandise inventory identified
from time to time as items which would not be part of the Company's
future merchandise presentation as well as alternative methods of
disposition of this merchandise inventory and resulting valuation
allowances taken; (18) developments relating to settlement of the
consolidated Capital Factors actions, the non-prosecution agreement
entered into with the United States Attorney's Office, the SEC
investigation, and shareholder and other civil litigation, including
the impact of such developments on our results of operations and
financial condition and relationship with our lenders or with our
vendors; (19) regulation affecting the industry generally, including
regulation of marketing practices; and (20) the risk factors
identified from time to time in our filings with the SEC.