ABILENE, Kan., Dec. 6, 2007 (PRIME NEWSWIRE) -- Duckwall-ALCO Stores, Inc. (Nasdaq:DUCK) today announced that its sales from continuing operations for the four weeks ended November 25, 2007 (fiscal month of November) increased approximately 12.8% to $44.4 million compared to $39.3 million in the prior-year month. Same-store sales increased 2.8%, without fuel sales same-store sales increased 2.2%.
Sales year-to-date increased 4.9% to $392.6 million compared to $374.4 million in the prior year and same-store sales increased 1.9%, without fuel sales same-store sales increased 1.7%.
During the month of November the Company opened ten stores, two of which were in markets where the Company closed Duckwall stores and opened new ALCO stores. The investment in inventory for these ten stores was $5.1 million. Other non-comparable inventory as of the end of November was approximately $10.0 million.
The Company is beginning to realize the benefits of its IT initiative investment to overcome the required inventory investments of our growth initiative. At the end of the second quarter of fiscal 2008, ALCO same-store inventory was $8.7 million over the prior year, or 8.3%. By the end of the third quarter of fiscal 2008, ALCO same-store inventory was $3.7 million over the prior year, or 3.0%. For fiscal November 2008, ALCO same-store inventory was $1.4 million under the prior year, or (1.1)%.
Commenting on the inventory reduction, Bruce Dale, President and CEO stated, "The $10.1 million reduction in ALCO same-store inventory overage since fiscal July 2008 is attributable to the Company beginning to realize the benefits from the IT initiative, which is helping to offset the required inventory investments of our growth initiative."
Investor Conference Call
The Company will host an investor conference call at 10:00 a.m. central standard time on December 7, 2007, to discuss operating results in greater detail for the quarter ended October 28, 2007. The dial-in number for the conference call is 888-221-9588 (international/local participants dial 913-312-1496), and the Confirmation Code is 9340494. Parties interested in participating in the conference call should dial in approximately five minutes prior to 10:00 a.m. central time. A replay of the call will be available two hours after completion from December 7 through December 21 by dialing 888-203-1112 or for international/local callers by dialing 719-457-0820. The Replay Passcode is 9340494.
About Duckwall-ALCO Stores, Inc.
Duckwall-ALCO Stores, Inc. is a regional retailer that specializes in meeting the needs of smaller, underserved communities throughout the central United States. The Company offers an exceptional selection of fashionable merchandise, quality products and recognized brand names at reasonable prices. Our specialty is delivering those products with the friendly, personal service our customers have come to expect. With 264 stores across 22 states, we are proud to have continually provided excellent products at good value prices to our customers for 106 years. To learn more about Duckwall-ALCO Stores, Inc. visit our website at www.ALCOstores.com.
Forward-looking statements
This press release contains forward-looking statements, as referenced in the Private Securities Litigation Reform Act of 1995 ("the Act"). Any forward-looking statements are made by the Company in good faith, pursuant to the safe-harbor provisions of the Act. These forward-looking statements reflect management's current views and projections regarding economic conditions, retail industry environments, and Company performance. Factors, which could significantly change results, include but are not limited to: sales performance, expense levels, competitive activity, interest rates, changes in the Company's financial condition, and factors affecting the retail category in general. Additional information regarding these and other factors may be included in the Company's quarterly 10-Q filings and other public documents, copies of which are available from the Company on request and are available from the United States Securities and Exchange Commission