CPI Corp. Reports Improved Sales Trends for Holiday Period
January 13 2010 - 6:30AM
PR Newswire (US)
- Company Updates Quarter-to-Date Preliminary Sales Figures - ST.
LOUIS, Jan. 13 /PRNewswire-FirstCall/ -- CPI Corp. (NYSE:CPY) today
announced fourth quarter-to-date sales comparisons for the first
eight weeks of its fiscal 2009 fourth quarter including holiday
season results. Total same-store sales for the eight-week period
ended January 9, 2010, on a point-of-sale basis excluding foreign
currency translation effects, decreased 2% versus the comparable
eight-week period of fiscal 2008. Same-store sales at the Company's
PictureMe Portrait Studios ("PMPS") in Walmart Stores increased by
6% for the first eight weeks of the fourth quarter and sittings
decreased by 9%, while same-store sales and sittings at Sears
Portrait Studios ("SPS") declined by 8% and 14%, respectively.
These results reflect a continuation of the positive holiday sales
trend reported in the Company's third-quarter earnings release on
December 22, 2009. "We are pleased with our busy season
performance, particularly in light of very difficult industry
conditions," said Renato Cataldo, chief executive officer and
president. "We believe these results are evidence of the
distinctive, high-quality product offering we are able to provide
families through our state-of-the-art digital technology platform.
The improved sales comparisons also validate our aggressive
marketing efforts and customer service programs and lend confidence
as we look forward to 2010." The Company's disclosure of 2009
holiday sales continues a practice commenced following the 2004
holiday season in recognition of the importance of holiday sales to
the Company's annual performance. Final results for the Company's
fiscal year 2009, which ends February 6, 2010, are anticipated to
be reported in mid-April 2010. About CPI Corp. For more than 60
years, CPI Corp. (NYSE:CPY) has been dedicated to helping customers
conveniently create cherished photography portrait keepsakes that
capture a lifetime of memories. Headquartered in St. Louis,
Missouri, CPI Corp. provides portrait photography services at
approximately 3,000 locations in North America, principally in
Sears and Walmart stores. CPI's conversion to a fully digital
format allows its studios to offer unique posing options, creative
photography selections, a wide variety of sizes and an unparalleled
assortment of enhancements to customize each portrait - all for an
affordable price. Forward-Looking Statements The statements
contained in this press release that are not historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, and involve risks and
uncertainties. The Company identifies forward-looking statements by
using words such as "preliminary," "plan," "expect," "looking
ahead," "anticipate," "estimate," "believe," "should," "intend" and
other similar expressions. Management wishes to caution the reader
that these forward-looking statements, such as the Company's
outlook for portrait studios, net income, future cash requirements,
cost savings, compliance with debt covenants, valuation allowances,
reserves for charges and impairments and capital expenditures, are
only predictions or expectations; actual events or results may
differ materially as a result of risks facing the Company. Such
risks include, but are not limited to: the Company's dependence on
Sears and Walmart, the approval of the Company's business practices
and operations by Sears and Walmart, the termination, breach,
limitation or increase of the Company's expenses by Sears under the
license agreements, or Walmart under the lease and license
agreements, customer demand for the Company's products and
services, the economic recession and resulting decrease in consumer
spending, manufacturing interruptions, dependence on certain
suppliers, competition, dependence on key personnel, fluctuations
in operating results, a significant increase in piracy of the
Company's photographs, widespread equipment failure, compliance
with debt covenants, high level of indebtedness, implementation of
marketing and operating strategies, outcome of litigation and other
claims, impact of declines in global equity markets to pension plan
and impact of foreign currency translation. The risks described
above do not include events that the Company does not currently
anticipate or that it currently deems immaterial, which may also
affect its results of operations and financial condition. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise. DATASOURCE: CPI Corp. CONTACT: Jane
Nelson of CPI Corp., +1-314-231-1575 Web Site:
http://www.cpicorp.com/
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