50-OFF STORES, INC. REPORTS FISCAL 1996 FIRST QUARTER RESULTS.SAN ANTONIO San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , Texas--(BUSINESS WIRE)--May 31, 1995--50-OFF Stores, Inc., a San Antonio based off-price off-price adj. 1. Of, relating to, or being a retail store that sells merchandise at prices lower than usual. 2. For sale at prices lower than usual: off-price assortments of women's clothing. retailer currently operating 104 stores in 13 states in the southern and southwestern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , reported today its results for the 13 week period ended May 5, 1995. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight decreased slightly to $44.8 million from $45.8 million for the comparable prior year period, and net sales on a comparable store basis decreased 3.9 percent. The company operated a weighted average of 109.6 stores as compared to 112.8 in the comparable prior year period. Excluding the company's 13 border stores (stores located on the Texas/Mexico border whose sales have been adversely affected by a devalued de·val·ue also de·val·u·ate v. de·val·ued also de·valu·at·ed, de·val·u·ing also de·val·u·at·ing, de·val·ues also de·val·u·ates v.tr. 1. To lessen or cancel the value of. peso beginning in December December: see month. 1994), net sales on a comparable store basis increased 3.3 percent in the 13 weeks ended May 5, 1995. The company reported a net loss of $(682,000) or $(.06) per common share on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis compared to a net loss of $(534,000) or $(.05) per common share on a fully diluted basis for the comparable prior year period. Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Charles Siegel commented that management is pleased with the company's performance, particularly considering the adverse effect of a devalued peso on 13 of its stores operating in Texas along the Mexico border. Siegel added, "We will continue to concentrate on our existing store base, while adjusting our inventory levels between apparel and non-apparel goods in response to shifts in consumer buying trends. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. results, including May sales which we expect to report on June 5, 1995, support our belief that this strategy will result in continued internal growth (as existing stores and markets mature) as well as provide a profitable foundation for future external growth." -0-
50-OFF STORES, INC.
FISCAL 1996 FIRST QUARTER RESULTS
SELECTED STATEMENTS OF OPERATIONS
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(In Thousands, Except Per Share Data)
THIRTEEN WEEKS ENDED
May 5, 1995 April 29, 1994
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Statements of Operations
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Net Sales $44,790 $45,820
Cost of Sales 29,441 30,338
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Gross Profit 15,349 15,482
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Selling, advertising,
general and administrative 14,958 15,182
Depreciation and
amortization 974 911
Interest expense, net 447 276
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Loss before income taxes (1,030) (887)
Benefit from income taxes 348 353
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Net loss $ (682) $ (534)
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Primary and fully diluted
loss per common share $ (.06) $ (.05)
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Weighted average shares
for computing primary
and fully diluted loss
per common share 12,188,415 10,378,165
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CONTACT: 50-OFF Stores, Inc. Pat L. Ross Ross , Sir Ronald 1857-1932. British physician. He won a 1902 Nobel Prize for proving that malaria is transmitted to humans by the bite of the mosquito. , CFO See Chief Financial Officer. , 210/805-9300 |
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