|
Sales Statement |
|||||
| Apparel | Q1 | Q2 | Q3 | Q4 | Percent Gain or Loss |
| Blouses | 10.4 | 11.6 | 12.3 | 14.3 | 12.15 |
| Women's Suits | 7.7 | 5.5 | 2.2 | 1.2 | 4.15 |
| Men's Suits | 12.1 | 14.4 | 10.9 | 9.1 | 11.62 |
| Shoes | -21.5 | -23.4 | -33.9 | -28.1 | -26.72 |
| Coats | 10.3 | Not Applicable | 14.7 | 12.5 | |
| Sweaters | 4.3 | Not Applicable | 3.3 | 3.8 | |
| Men's Slacks | 12.8 | 8.8 | 10.3 | 11.4 | 10.82 |
| Skirts | 8.3 | 4.5 | 5.6 | 9.0 | 6.85 |
| Overall change in sales1 | 5.55 | 3.56 | 1.23 | 4.36 | 3.67 |
1 Represents percent increase or decrease over last year.
S. Wilson Belliard Clothiers had a sound financial year. Increases in sales were reported across the board for both men's and women's apparel. Shoes, however, showed a decline, as we are phasing out the sale of men's and women's shoes in most of our stores in order to better focus on our apparel lines. We also have cleared our inventories of certain ancillary items, such as umbrellas, the sale of which has been discontinued.
In the coming year, we plan to introduce a much more focused sales strategy. We no longer will be offering all types of seasonal clothing based upon a single calendar date. For example, the starting date for the sale of coats and sweaters will be approximately six to eight weeks sooner in the colder climates, such as the Northeast and the Midwest. Similarly, we will introduce summer apparel about two to three months sooner in warmer climates in the country. In areas of the country where it is feasible to sell summer apparel year-round, such as the Southwest and the extreme Southeast, we will extend the selling dates for those items that are typically seasonal in nature throughout the rest of the country.
We also plan to launch a new market segment, which is leisure attire, with a heavy emphasis on those stores in warmer climates. We plan to sell all types of athletic wear, and we are considering offering athletic footwear as well. We hope this shift in sales strategy will replace some of the lost sales we experienced this year as a result of the discontinuance of other footwear items.
Our plans to expand into other markets are going forward. We are finalizing plans for our planned expansion into Canada, targeting British Columbia, Ontario, and Quebec. We want to open our first stores in Vancouver and Montreal by the end of the next fiscal year. Increased competition from the Mitchell Group may force us to rethink some of this strategy, but we feel that we should move forward with this expansion sooner rather than later.
Overall, the company had a sound financial year, bucking the trend of many retailers who saw either modest gain, no gain, or even severe declines in sales. We feel that our "service is first and foremost" strategy is working, as customers appear to appreciate getting value for their dollar. Sales over the Internet have increased substantially from last year as well. We shall be issuing an annual report on our Internet sales next month.
