ST. LOUIS, Jan. 13, 2012 /PRNewswire/ -- CPI
Corp. (NYSE: CPY) today announced fourth quarter-to-date sales
comparisons for the first eight weeks of its fiscal 2011 fourth
quarter ending February 4, 2012,
including holiday season results. Comparable same-store
net sales on a point-of-sale (POS) basis for this period, excluding
foreign currency translation and the Bella operations, declined 18%
to $82.1 million from $100.5 million in the prior-year comparable
period. Same-store net sales for the Company's PictureMe
Portrait Studio® (PMPS) and Sears Portrait Studio (SPS) brands
decreased by 18% compared with the prior year, while same-store net
sales for the Kiddie Kandids (KK) studio operations decreased by
21%.
Sales trends have improved in the last three weeks since the
Company reported preliminary five-week net sales in its 2011 third
quarter earnings release on December
22, 2011. Comparable same-store net sales on a POS
basis in the last three weeks declined 10% compared with the prior
year, with declines of 11%, 9% and 15% for the Company's PMPS and
SPS brands and KK studio operations, respectively.
The Company's disclosure of 2011 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
2011 are anticipated to be reported in mid-April 2012.
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 the
United States, Canada,
Mexico and Puerto Rico and offers on location wedding
photography and videography services through an extensive network
of contract photographers and videographers. CPI's digital
format allows its studios and on location business 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 with respect to the
integration of the Bella Pictures® business, portrait studios, net
income, future cash requirements, cost savings, compliance with
debt covenants, valuation allowances, reserves for charges and
impairments, capital expenditures and other similar statements, 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 Walmart, Sears and Toys "R" Us, the approval of the
Company's business practices and operations by Walmart, Sears and
Toys "R" Us, the termination, breach, limitation or increase of the
Company's expenses by Walmart under the lease and license
agreements and Sears and Toys "R" Us under the license agreements,
the Company's ability to comply with its debt covenants under its
revolving credit facility, the Company's ability to generate
sufficient cash flow or raise additional capital to cover its
operating expenses, the inability of the Company to pay dividends,
the Company's failure to restore compliance with the continued
listing rule of the New York Stock Exchange which could cause the
Company's common stock to be delisted from the New York Stock
Exchange, the integration of the Bella Pictures® operations into
the Company and the continued development and operation of the
Bella Pictures® business, customer demand for the Company's
products and services, the development and operation of the Kiddie
Kandids business, 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,
restrictions on the Company's business imposed by agreements
governing its debt, implementation of marketing and operating
strategies, outcome of litigation and other claims, impact of
declines in global equity markets to the pension plan and the
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.
SOURCE CPI Corp.