UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 and 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 11, 1999
ONE PRICE CLOTHING STORES, INC.
(Exact name of registrant as specified in its charter)
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<S> <C> <C> <C>
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 January 11, 1999, 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 January 11, 1999
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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<S> <C>
ONE PRICE CLOTHING STORES, INC.
(Registrant)
By: /s/ Larry I. Kelley
Larry I. Kelley
Title: President and
Chief Executive Officer
Date: January 11, 1999
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FOR IMMEDIATE RELEASE Contact: C. Burt Duren
Treasurer
Telephone: 864.486.6222
E-mail: [email protected]
One Price Announces Strong Initial Reaction to Menswear Test;
Double-digit Comp Sales Gains Continue in November and December
Duncan, SC, January 11, 1999 - One Price Clothing Stores, Inc. (NASDAQ: ONPR)
announced today that the initial results of its menswear test have greatly
exceeded expectations. The Company began testing sales of menswear in 32 of its
existing stores on December 6, 1998 alongside the Company's traditional
merchandise offerings of women's and children's apparel, gifts and accessories.
The Company plans to expand the test to a total of approximately 100 of its
existing stores in the first quarter of fiscal 1999.
The Company also reported comparable store sales gains of 15.0% and 17.1% for
its fiscal November and December months. These results follow double-digit comp
store sales gains of 10.1% in the second quarter and 12.1% in the third quarter.
Through the month ended January 2, 1999, the Company's year-to-date comp store
sales increased 8.9%.
Total sales for November increased 9.3% to $23.2 million from $21.2 million for
the four-week period ended November 29, 1997. Total sales for December increased
9.9% to $41.9 million from $38.2 million for the five-week period ended January
3, 1998. The Company generated these increases despite operating on average 66
fewer stores during November and December of fiscal 1998 compared to the same
time periods last year. Year-to-date through January 2, 1999, total sales
increased 8.6% to $313.1 million from $288.2 million for the period ended
January 3, 1998.
The Company currently operates 622 stores in 27 states, the District of
Columbia, Puerto Rico and the U.S. Virgin Islands. With three store closings
planned for January 1999, the Company expects to begin fiscal 1999 with 619
stores in operation. The Company currently plans to open approximately 30 new
stores in existing markets and close approximately 15 underperforming stores in
fiscal 1999.
Commenting on these matters, Larry I. Kelley, President and Chief Executive
Officer, said, "We are excited about the enthusiastic initial acceptance of
menswear by our customers. In a number of surveys, our customers have asked us
to offer this category to them. Although we believe menswear can be a valuable
addition to our business by offering even more choices for our customers, we
will maintain focus on our core business of women's and children's apparel,
gifts and accessories. We are also very pleased by the strong comp sales gains
in November and December which show the continued enthusiasm our customers have
for our fashion-right merchandise and our continued focus on value. We now have
just a few weeks left in our fourth quarter before completing what we expect to
be an exceptional turnaround year for the Company."
The Company plans to announce its fourth quarter and annual sales results during
the week ended February 6, 1999.
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 may be contained in
any subsequent reports filed by the Company with the Securities and Exchange
Commission.
