Garden Ridge posts strong comps
February 24, 2005-- Home Textiles Today,
HOUSTON – Garden Ridge Corporation logged a 6.8 percent increase in January comp sales comparing the five-week month with the same time period last year. The retailer, which filed for bankruptcy a year ago, also reported a 5.3 point increase in product gross margin in January due in large part to strong after-Christmas sales and a growing assortment of fresh, new, fashion-oriented merchandise.
"Our sales momentum continued with increases posted in many departments," said Steve Higgins, president. "The average ticket was up and margins improved broadly.February is showing similar comp sales increases for the first 17 days of the month."Garden Ridge recently submitted its proposed reorganization plan and expects to emerge from Chapter 11 later this year.