HOLLYWOOD, Calif., Oct. 4, 2012 /PRNewswire/ -- Frederick's of Hollywood Group Inc. (NYSE MKT: FOH) ("Company") announced today that its comparable store sales for the five weeks ended September 29, 2012 decreased 17.3% compared to the five weeks ended October 1, 2011. The Company also announced a comparable store sales decrease of 16.4% for the nine weeks ended September 29, 2012, compared to the nine weeks ended October 1, 2011.
"We continue to work towards a strategy focused less on promotional and discount sales, but due to the unprecedented promotional retail environment that exists today, we must participate in value pricing to remain competitive. Our strategy to move away from a highly promotional business model will take time. While business continues to be softer than anticipated, we continue to work towards achieving profitable sales with a more efficient balance among inventory, promotional sales, gross margins and overhead costs. We are confident that this long-term strategy, over time, will improve our financial performance, strengthen our brand and position us for growth," stated Thomas Lynch, the Company's Chairman and Chief Executive Officer.
Forward Looking Statement
Certain of the matters set forth in this press release are forward-looking and involve a number of risks and uncertainties. These statements are based on management's current expectations or beliefs. Actual results may vary materially from those expressed or implied by the statements herein. Among the factors that could cause actual results to differ materially are the following: competition; business conditions and industry growth; rapidly changing consumer preferences and trends; general economic conditions; working capital needs; continued compliance with government regulations; loss of key personnel; labor practices; product development; management of growth, increases in costs of operations or inability to meet efficiency or cost reduction objectives; timing of orders and deliveries of products; risks of doing business abroad; the ability to protect our intellectual property; and the other risks that are described from time to time in the Company's SEC reports. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.