FL-based JumboSports, which closed its fourth quarter
with "worse-than-expected earnings, predicted Monday its
turnaround is at least three more months away," according to
Jeff Harrington of the ST. PETERSBURG TIMES. The sporting
goods chain posted a loss of $62.2M, or $3.05 per share, for
the fourth quarter, ended January 31. For the quarter,
sales fell 24%, to $132.3M from $174.5M, with four fewer
stores in operation than last year, when the company posted
net income of $2.1M, or $.12 a share for the quarter. This
year's results "included a non-recurring charge" of $56.5M
to close 18 of the chain's 77 stores, write off inventory,
and defer financing costs. JumboSports CFO Ray Springer
called the results "very bad," but added the company has
"purged" its inventories and is "positioned" to become
profitable. Harrington wrote that analysts were "especially
disheartened" by an 18.4% drop-off in same store sales, a
"barometer of retail strength" (ST. PETE TIMES, 3/30).
GOING NATIONAL: IN-based Galyan's sporting goods "is
finally rolling out new stores at breakneck speed" and CEO
Joel Silverman said that it "might have the critical mass
for a public stock offering by 2000," according to Greg
Andrews of the INDIANAPOLIS STAR-NEWS. Galyan's has six
stores and expects to open five this year, seven in '99 and
seven in 2000. Silverman "projects" this year's sales will
reach $250M -- up $160M from last year, making Galyan's "one
of the largest retailers" based in IN (STAR-NEWS, 4/1).
