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50-OFF STORES, INC. REPORTS SECOND QUARTER FISCAL 1993 RESULTS

 50-OFF STORES, INC. REPORTS SECOND QUARTER FISCAL 1993 RESULTS
 SAN ANTONIO, Texas, Aug. 20 /PRNewswire/ -- San Antonio based off- price apparel retailer 50-OFF Stores, Inc. (NASDAQ: FOFF) reported today its revenue and income for the fiscal 1993 second quarter ended July 31, 1992.
 Revenue increased 38.4 percent to $36,387,000 from $26,299,000 for the quarter ended July 31, 1992 as compared to the quarter ended Aug. 2, 1991. Net income applicable to common stock for the quarter increased 11.5 percent to $854,000 from $766,000. Weighted average shares for computing fully diluted income per share were 10,715,000 and 9,846,000, for the quarter ended July 31, 1992 and the quarter ended Aug. 2, 1991, respectively, and therefore, earnings per common share on a fully diluted basis (adjusted for the 3 for 2 stock dividend in the third quarter of fiscal 1992) were $.08 for both periods.
 Revenue increased 41.1 percent to $75,838,000 from $53,743,000 for the 26 week period ended July 31, 1992 as compared to the 26 week period ended Aug. 2, 1991. Net income applicable to common stock for the 26 weeks increased 23.0 percent to $2,985,000 from $2,427,000. Weighted average shares for computing fully diluted income per share were 10,837,000 and 9,620,000, for the 26 weeks ended July 31, 1992 and the 26 weeks ended Aug. 2, 1991, respectively. Earnings per common share on a fully diluted basis (adjusted for the 3 for 2 stock dividend in the third quarter of fiscal 1992) increased to $.28 from $.25.
 Company Chairman, President and CEO, Charles Siegel, commented on the results. "Considering adverse weather conditions during May and disappointing sales during the last week in July, we are pleased with the 23 percent earnings increase for the first half of the year." He added that he was encouraged by the sales for the first two weeks of Aug., the beginning of the "back-to-school" season.
 Siegel also stated that the 10 recently opened stores have been very well-received. He added that the company's 12 stores planned for October are all on schedule. 50-OFF Stores, Inc. currently operates 86 stores in seven states in the South and Southwest.
 50-OFF STORES, INC.
 JULY 31, 1992 QUARTERLY RESULTS
 SELECTED STATEMENT OF OPERATIONS
 (In Thousands, Except Per Share Data)
 13 WEEKS ENDED 26 WEEKS ENDED
 July 31, Aug. 2, July 31, Aug. 2,
 1992 1991 1992 1991
 Statement of Operations
 Net Sales $36,387 $26,299 $75,838 $53,743
 Cost of Sales $24,110 17,764 49,803 35,821
 Selling, advertising,
 general and administrative 9,311 6,490 18,462 12,545
 Amortization of pre-openings
 costs 1,219 577 2,189 1,067
 Depreciation and amortization 515 313 990 601
 Other (income) expense (33) (5) (159) (7)
 Income before income taxes 1,265 1,160 4,553 3,716
 Provision for income taxes 411 394 1,568 1,263
 Net income 854 766 2,985 2,453
 Preferred Stock Dividends -- -- -- (26)
 Net income applicable to
 common stock $ 854 $ 766 $ 2,985 $ 2,427
 Primary income per
 common share $ .08 $ .08 $ .28 $ .26
 Fully diluted income per
 common share $ .08 $ .08 $ .28 $ .25
 Weighted average shares for
 computing income per common
 share:
 Primary 10,715 9,690(A) 10,837 9,283(A)
 Fully diluted 10,715 9,846(A) 10,837 9,620(A)
 A) Restated for three-for-two stock split declared in September
 1991.
 -0-
 /CONTACT: Lucy Behrens of 50-OFF Stores, 512-653-8000/
 (FOFF) CO: 50-OFF Stores, Inc. ST: Texas IN: REA SU: ERN


DC -- NY014 -- 1630 08/20/92 10:24 EDT
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Date:Aug 20, 1992
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