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ShopKo Comps Sluggish

GREEN BAY, WI-But the retailer plans intensive remodeling in the near future to lure shoppers back.

By Dees Stribling | Updated on March 10, 2005

GREEN BAY, WI-ShopKo Stores Inc., a multi-regional retailer, turned in disappointing comp-store sales in its fourth fiscal quarter, but isn’t dissuaded from major capital expenditures in 2005, particularly when it comes to remodeling its stores. Comps for Q4 2004 (ended Jan. 29) were down 4.4% compared to a year ago, and total sales for the quarter were $909.6 million, compared with $952.9 million last year.

The company’s retail formats include 140 ShopKo stores, selling diverse merchandise such as apparel, home entertainment products and groceries, along with pharmacy and optical services in mid-sized to larger cities; 220 Pamida stores, 113 of which contain pharmacies, located in rural communities; and three ShopKo Express Rx stores, a new drugstore concept for the company.

“The ShopKo’s division’s comp-store sales for the quarter declined 5.8% due in part to a planned reduction in promotional activities,” said president and CEO Sam Duncan during Thursday’s earnings conference call. “Our strengths were sporting goods, active shoes, accessories, optical and women’s plus apparel. Our women’s apparel is gaining traction. Categories with disappointing sales included linens, home entertainment and consumables. Our retail health division—pharmacy and optics—posted positive comps at 0.5% for the fourth quarter, aided by optical sales.”

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