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50-OFF STORES REPORTS FISCAL 1994 FIRST QUARTER RESULTS AND MAY SALES

 SAN ANTONIO, Texas, June 3 /PRNewswire/ -- San Antonio-based off- price apparel retailer 50-OFF Stores, Inc. (NASDAQ-NMS: FOFF) reported today its results for the first quarter of fiscal 1994 ended April 30, 1993, and its sales for the four-week period ended May 28, 1993.
 Revenue for the first quarter increased 12.2 percent to $44,270,071 from $39,450,672 and resulted in a loss of $(984,791) or $(.09) per common share on a fully diluted basis as compared to the previous year's first quarter net income of $2,130,681 or $.20 per common share on a fully diluted basis.
 For the four-week period ended May 28, 1993, net sales increased 11.8 percent to $13.3 million from $11.9 million for the comparable period last year. Net sales on a comparable store basis decreased 19.4 percent.
 A company spokesperson stated that the adverse effect on net income and earnings during the first quarter resulted primarily from lower than expected sales. Sales levels were affected by poor weather conditions and a continued negative impact on stores operating both along the Texas/Mexico border an in other cities in Southwest Texas that traditionally sell products to Mexican citizens. This negative impact began in early December, when the Mexican government instituted strict enforcement of its new law which lowered from $300 to $50 the amount of duty free product that could be brought into Mexico by Mexican citizens. The spokesperson added that sales trends through the first four months of the 1994 fiscal year, particularly during May, have also been influenced by general economic conditions including a sluggish economy, weak consumer confidence and less spendable income among its target customers.
 50-OFF Stores, Inc. currently operates 107 stores in 12 states in the South which includes 12 stores opened in March and three stores which closed in May. Seven new stores are expected to open in August and up to three stores in October.
 50-OFF STORES, INC.
 APRIL 30, 1993 QUARTERLY RESULTS
 SELECTED STATEMENTS OF OPERATIONS
 (In thousands, except per share data)
 THIRTEEN WEEKS ENDED
 April 30, 1993 May 1, 1992
 Statements of Operations
 Net Sales $ 44,270 $ 39,451
 Cost of Sales 29,529 25,693
 Selling, advertising, general
 and administrative 13,617 9,151
 Amortization of pre-opening costs 1,833 970
 Depreciation and amortization 726 475
 Other (income) expense 37 (126)
 Income (loss) before income taxes (1,472) 3,288
 Benefit from (provision for)
 income taxes 487 (1,157)
 Net income (loss) applicable to
 common stock $ (985) $ 2,131
 Primary income (loss) per
 common share $ (.09) $ .20
 Fully diluted income (loss) per
 common share $ (.09) $ .20
 Weighted average shares for
 computing income per
 common share:
 Primary 10,556,182 10,909,093
 Fully diluted 10,556,182 10,909,093
 -0- 6/3/93
 /CONTACT: Lucy F. Behrens of 50-OFF Stores, Inc., 210-804-4903/
 (FOFF)


CO: 50-OFF Stores, Inc. ST: Texas IN: REA SU: ERN

PS -- NY028 -- 4866 06/03/93 10:11 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
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