Whitehall Jewel (NYSE:JWL)
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From Jun 2019 to Jun 2024
At Whitehall Jewellers, Inc.'s (NYSE:JWL) annual
meeting of shareholders today, Lucinda Baier, CEO, President and Chief
Operating Officer, will make a presentation on the Company's 2004
results.
Whitehall Jewellers, Inc. is a national specialty retailer of fine
jewelry, operating 387 stores in 38 states. The Company operates
stores in regional and super regional 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 and services
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 such 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 resultant valuations
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 Securities and Exchange
Commission (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.