SWVC Hacketts' Day-after-Thanksgiving Sales Results Exceed Expectations

Hacketts' Day-after-Thanksgiving Sales Results Exceed ExpectationsBusiness Wire "US Press Releases "
OGDENSBURG, N.Y.--(BUSINESS WIRE)--
Seaway Valley Capital Corporation (OTC Bulletin Board: SWVC) ("Seaway Valley" or the "Company") is pleased to report that sales of its wholly-owned subsidiary, Patrick Hackett Hardware Company ("Hacketts"), enjoyed significant increases totaling close to 60% in same store sales on the day after Thanksgiving, which has been dubbed "Black Friday". The Friday following Thanksgiving is traditionally considered the first day of shopping in the holiday season and an important day and a possible indicator of the upcoming holiday shopping season.
Norman Garrelts, President and CEO of Hacketts stated, "In spite of prior evening and early morning snowfalls and a noticeable increase in the level of competition and advertising for Friday's customers, Hacketts showed tremendous increases in all stores. Hacketts opened at 7AM and had achieved the previous year's comparable sales shortly after the lunch hour." The stores, which included Canton, Massena, Ogdensburg, Potsdam, and Watertown, each were operating on the same day last year. All stores showed sales increases, with a range of a 137% increase in the Massena store and a 35% increase in the Ogdensburg store.
Hacketts' sales remained strong on the following day, with sales increases that averaged about 22% across the company. Mr. Garrelts added, "Management feels that these results are a strong indication that Hacketts is on target with its merchandise mix and footprint for these and future stores."
About Patrick Hackett Hardware Company
Hacketts, one of the nation's oldest retailers with roots dating back to 1830, is a full line department store specializing in name brand merchandise and full service hardware. Hacketts, now with nine locations, features brand name clothing for men, women, and children, and a large selection of athletic, casual, and work footwear. Hacketts also carries domestics, home decor, gifts, seasonal merchandise and sporting goods. Hacketts full service hardware department features traditional hardware, tool, plumbing, paint and electrical departments.
About Seaway Valley Capital Corporation
Seaway Valley Capital Corporation makes equity, equity-related, and debt investments in companies that require expansion capital and in companies pursuing acquisition strategies. Seaway also seeks investments in leveraged buyouts and restructurings. Seaway will consider investment opportunities in a number of different industries, including retail, restaurants, media, business services, and manufacturing, and Seaway will also consider select technology investments.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Source: Seaway Valley Capital Corporation