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FORM 8-K
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
CURRENT REPORT
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Pursuant to Section 13 and 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 10, 1998
ONE PRICE CLOTHING STORES, INC.
(Exact name of registrant as specified in its charter)
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Delaware 0-15385 57-0779028
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification Number)
incorporation
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Highway 290 Commerce Park
Duncan, SC 29334
(Address of principal executive offices; zip code)
Registrant's telephone number, including area code: (864) 433-8888
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(Former name or former address, if changed since last report)
Item 5. Other Events
On June 10, 1998, One Price Clothing Stores, Inc. issued the attached
Press Release, which press release is incorporated herein by reference.
On June 17, 1998, One Price Clothing Stores, Inc. issued the attached
Press Release, which press release is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99. Press release dated June 10, 1998
99. Press release dated June 17, 1998
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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ONE PRICE CLOTHING STORES, INC.
(Registrant)
By: /s/ Larry I. Kelley
Larry I. Kelley
Title: President and
Chief Executive Officer
Date: June 18, 1998
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FOR IMMEDIATE RELEASE Contact: Larry I. Kelley
President &
Chief Executive Officer
Telephone: (864) 486-6220
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ONE PRICE CLOTHING STORES, INC. ANNOUNCES
+ 12.5% COMPARABLE STORE SALES INCREASE FOR MAY
Duncan, SC, June 10, 1998 - Larry I. Kelley, President and Chief Executive
Officer of One Price Clothing Stores, Inc. (NASDAQ: ONPR), announced today, at
the Company's Annual Meeting, that May sales climbed to $32.4 million, a 14.7%
increase over the same period last year. Overall comparable store sales
increased 12.5%, the largest percentage increase in May comparable store sales
for the Company since 1993.
In commenting on May, Mr. Kelley said, "sales are being driven by the Company's
intensive focus on its 'core price' merchandising strategy and strong customer
response to our Spring offerings. June sales to date show similar momentum. It
appears that our price/value strategy is working."
The Company also officially announced the appointment of Leonard M. Snyder as
Chairman of the Board, succeeding the Company's founder, Henry D. Jacobs, Jr.,
and the election of Warren Flick, retired President and Chief Operating Officer
of Kmart USA, to its Board of Directors.
This press release may contain forward-looking statements. Recent sales are not,
necessarily, indicative of the future. The Company does not undertake to
publicly update or revise its forward-looking statements. Important factors
which may affect such statements are contained in the Company's 10-Q for the
fiscal quarter ending May 2, 1998 and may be contained in any subsequent reports
filed with the Securities and Exchange Commission.
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FOR IMMEDIATE RELEASE Contact: Larry I. Kelley
President &
Chief Executive Officer
Telephone: 864/433-8888, ext. 6220
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ONE PRICE CLOTHING ANNOUNCES RESIGNATION
OF CHIEF FINANCIAL OFFICER
DUNCAN, S.C., June 17, 1998 - Larry I. Kelley, President and Chief Executive
Officer of One Price Clothing Stores, Inc. (NASDAQ: ONPR), announced today that
Stephen A. Feldman, Executive Vice President and Chief Financial Officer
resigned from the Company. Feldman had been associated with One Price since
January 1995.
Kelley commented, "We will miss Steve's experience, commitment and significant
contributions to the Company's success. It is always disappointing when good
people leave the Company, but we understand and support Steve's decision."
Kelley indicated that candidates to succeed Feldman will be evaluated quickly
with the goal of naming a successor as soon as possible.
Mr. Feldman stated that his decision to leave One Price and accept a position
with another retailer was due to personal reasons. "This decision was extremely
difficult for me because I have greatly enjoyed my time with the Company. I felt
that it was important to stay with One Price until I believed management had the
Company on the right track toward improved earnings. The Company's first quarter
results and strong May sales indicate to me that the Company's merchandise and
pricing strategies are moving in the right direction," said Feldman.
Safe harbor statement under the Private Securities Litigation Reform Act of 1995
- -- This press release may contain forward-looking statements. Important factors
which may affect such statements are contained in the Company's Annual Report to
Shareholders for the fiscal year ended January 31, 1998 and Form 10-Q for the
fiscal quarter ended May 2, 1998 and may be contained in any subsequent reports
