reports net sales of $9 million and losses of 3.8 million

rewards, reported net sales of $9 million and significantly lower adjusted operating losses of $3.8 million for the quarter ended September 30, 2001.

During the quarter, the company says it:

* Lowered adjusted operating losses by 37% vs. last quarter and by 57% vs. the September quarter of last year.
* Improved marketing efficiency, as sales and marketing spending before amortization as a percentage of revenue declined to 17% vs. 23% for last quarter and 48% for the same quarter last year.
* Reduced total expenses less depreciation and amortization and non-recurring charges to $5.7 million vs. $8 million for last quarter and $11.7 million for the same quarter last year.

Net sales for the quarter were $9 million compared to $12 million for the same quarter last year. Gross margins for the quarter were 21%, up from 17% last quarter. Net losses for the quarter were $14.9 million, or 28 cents per share, compared to $40.6 million, or 89 cents per share, for the same quarter last year. Adjusted operating losses were 7 cents per share compared to 12 cents per share last quarter and 19 cents per share for the same quarter last year. The loss represents an improvement of 42% vs. last quarter, overcoming a difficult economic environment for retailers.

“Our results demonstrate that the changes we have implemented over the past two quarters have significantly improved our operating performance,” said CEO, David Gow. “I am proud of the commitment our employees have made toward both serving our customers and improving our financial performance.”

Ashford announced on September 14, 2001 that it has entered into a definitive merger agreement to sell all of the company’s outstanding shares to Global Sports, Inc. The transaction is expected to close in late 2001 or early 2002, subject to the satisfaction of certain customary closing conditions, including approval by the stockholders of, the company reported.

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