Barry's Jewelers reports strong increase in fourth quarter, year-end sales, $5 million expansion of credit facilities.MONROVIA, Calif.--(BUSINESS WIRE)--June 6, 1995--Barry's Jewelers Inc. (NASDAQ/NMS:BARY) Tuesday reported a strong increase in overall and comparable store sales for the fourth quarter and year ended May 31, 1995. The company also reported that New England-based Shawmut Bank has joined with its existing lender, First National Bank of Boston, to increase its line of revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. by $5 million to $40 million. For the fourth quarter, sales rose 17.3% overall to $29,141,000 from $24,848,000 last year. This increase was fueled by a 9.6% increase in comparable store sales, which reached $26,317,000 from $24,018,000 in the fourth quarter of fiscal 1994. For the year, sales rose 19.3% overall to $136,047,000 from $114,023,000 in fiscal 1994. Comparable store sales increased 11% to $121,993,000 from $109,949,000 a year ago. Terry L. Burman, president of Barry's Jewelers, said, "Our excellent sales for the fourth quarter and the year reflect our success in improving the company's productivity and the effectiveness of our strategic plan, which has resulted in continued improvement of our operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: . "We are also gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by the high degree of confidence First National Bank of Boston and Shawmut Bank have shown in Barry's by increasing the company's line of credit, which enhances our financial flexibility and enables us to strengthen our stores' inventory and further our expansion plans," he added. Barry's Jewelers Inc., the nation's fourth largest independent retailer of fine jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. , operates 162 retail jewelry stores throughout the country, primarily in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Texas, Arizona, North and South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , Utah, Montana, Colorado and Ohio. CONTACT: Barry's Jewelers Inc., Monrovia Terry Burman, 818/303-4741 or Silverman Heller Associates Eugene G. Heller, 310/208-2550 |
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