DALLAS, Feb. 2 -- Harold`s Stores, Inc. (AMEX:HLD) (the "Company"), a chain of upscale ladies` and men`s specialty apparel stores, on Feb. 1 began selling apparel, shoes and accessories through the online retailer Amazon.com.
Founded in 1948, Harold`s boasts a 58-year heritage of providing unique, classically-inspired merchandise of the highest quality. Previously, this merchandise has been available only in Harold`s stores in 19 states, through catalogs and via its website, www.harolds.com . The partnership with Amazon.com is the first time the Company has aligned itself with an online merchant in a business model of this type.
Since launching a new and improved e-commerce interface on its website in 2004, Harold`s has since continued to build up infrastructure and improve the customer experience. Harold`s sold nearly $3.2 million through its direct channel in fiscal 2005, including men`s and ladies` merchandise suited for all seasons and lifestyles. On Amazon.com, the Company`s initial offering will feature the latest spring styles for men and ladies, but soon will be expanded to include numerous seasons and trends.
"I am very excited that Harold`s was afforded the opportunity to forge this relationship with Amazon, the world`s leading online merchant," said Leonard Snyder, Interim Chief Executive Officer. Mr. Snyder continued, "E-commerce has been a strong channel for Harold`s, and I believe this growing online environment will enable us to better showcase our unique brand to our customers."
Based in Seattle, Amazon.com is a Fortune 500 company that has had a commanding Internet presence for more than a decade. In the third quarter 2005, Amazon posted net sales of $1.86 billion, an increase of 27 percent compared to third quarter 2004. With more than 14 million unique customer visits a week, Amazon will allow Harold`s to reach millions of customers worldwide who are already searching for apparel.
"This e-commerce partnership represents growth for the Harold`s brand, both in terms of customer acquisition as well as in direct channels to move new and clearance merchandise more quickly," Mr. Snyder said.
Harold`s offerings on Amazon.com are managed through the Amazon Services Merchant.com program, which utilizes Amazon`s services, features and technologies for merchandising as well as processing orders. All fulfillment is executed by Harold`s.
Headquartered in Dallas, Texas, Harold`s Stores, Inc. currently operates 41 upscale ladies` and men`s specialty stores in 19 states. The Company`s Houston locations are known as "Harold Powell."
Harold`s Stores, Inc., wishes to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 with respect to statements that may be deemed to be forward-looking. This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competition, pricing pressure, product demand and market acceptance risks, mergers and acquisitions, reliance on key strategic alliances, the ability to attract and retain key employees, the availability of cash for growth, fluctuations in operating results, ability to continue funding operating losses and other risks detailed from time to time in Harold`s filings with the Securities and Exchange Commission. These risks could cause the Company`s actual results for 2006 to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Harold`s Stores, Inc.
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