Printer Friendly

CARTER HAWLEY HALE REPORTS THIRD QUARTER RESULTS

 CARTER HAWLEY HALE REPORTS THIRD QUARTER RESULTS
 LOS ANGELES, Dec. 6 /PRNewswire/ -- Carter Hawley Hale Stores


Inc. (NYSE: CHH) today reported its financial results for the third quarter ended Nov. 2, 1991.
 The net loss for the quarter was $17.0 million and includes Chapter 11 reorganization costs of $8.8 million. The net loss in the comparable prior-year period was $14.9 million and included a charge of $6.2 million for costs related to the early retirement of debt.
 Total sales for the 1991 fiscal third quarter were $509 million vs. $566 million for the same period last year. Comparable store sales for the third quarter of 1991 declined 9.4 percent. For the month of October the comparable store sales decrease narrowed to a decline of 6 percent.
 For the first nine months of fiscal 1991, Carter Hawley Hale had earnings from operations before interest expense and reorganization costs of $34.1 million and a net loss of $84.6 million. The net loss included reorganization costs totaling $24.1 million. For the comparable prior-year period, Carter Hawley Hale had earnings before interest expense and reorganization costs of $55.0 million and a net loss of $47.0 million.
 Total sales for the first nine months of fiscal 1991 were $1,435 million. Excluding Thalhimers, which was sold in 1990, total sales were 10.2 percent less than $1,597 million for the same period in 1990 and comparative store sales were 11.1 percent less.
 Carter Hawley Hale Stores Inc. operates 89 stores under the names of The Broadway, The Broadway Southwest, Emporium and Weinstocks.
 CARTER HAWLEY HALE STORES INC.
 (Debtor-in-possession)
 Consolidated Statement of Earnings
 (In thousands except per share data)
 (Unaudited)
 13 weeks ended
 Nov. 2, Nov. 3,
 1991 1990
 Sales $508,684 $566,269
 Costs and expenses
 Cost of goods sold, including
 occupancy and buying costs 375,759 418,238
 Selling, general and
 administrative expenses 117,865 122,803
 Other expense --- 5,000
 Earnings from operations before
 interest expense and
 reorganization costs 15,060 20,228
 Interest expense, net 23,183 34,648
 Loss from operations before
 reorganization costs (8,123) (14,420)
 Reorganization costs 8,836 ---
 Pretax loss from operations (16,959) (14,420)
 Income taxes --- (5,750)
 Loss before extraordinary items (16,959) (8,670)
 Extraordinary items
 Costs relating to early retirement
 of debt, net of income tax benefit
 of $4,000 in 1990 --- (6,200)
 Earthquake loss, net of income
 tax benefit of $4,000 --- ---
 Net loss ($16,959) ($14,870)
 Loss per common share
 Operations ($.59) ($.30)
 Extraordinary items
 Early retirement of debt --- ---
 Earthquake loss --- ($.22)
 Total ($.59) ($.52)
 CARTER HAWLEY HALE STORES INC.
 (Debtor-in-possession)
 Consolidated Statement of Earnings
 (In thousands except per share data)
 (Unaudited)
 39 weeks ended
 Nov. 2, Nov. 3,
 1991 1990
 Sales $1,434,652 $1,780,453
 Costs and expenses
 Cost of goods sold, including
 occupancy and buying costs 1,068,616 1,318,372
 Selling, general and
 administrative expenses 331,986 401,416
 Other expense --- 5,681
 Earnings from operations before
 interest expense and
 reorganization costs 34,050 54,984
 Interest expense, net 77,648 108,584
 Loss from operations before
 reorganization costs (43,598) (53,600)
 Reorganization costs 24,140 ---
 Pretax loss from operations (67,738) (53,600)
 Income taxes --- (18,800)
 Loss before extraordinary items (67,738) (34,800)
 Extraordinary items
 Costs relating to early retirement
 of debt, net of income tax benefit
 of $4,000 in 1990 (16,894) (6,200)
 Earthquake loss, net of income
 tax benefit of $4,000 --- (6,000)
 Net loss ($84,632) ($47,000)
 Loss per common share
 Operations ($2.35) ($1.25)
 Extraordinary items
 Early retirement of debt (.58) (.22)
 Earthquake loss --- (.22)
 Total ($2.93) ($1.69)
 CARTER HAWLEY HALE STORES INC.
 (Debtor-in-Possession)
 Consolidated Statement of Earnings
 (In thousands)
 (unaudited)
 Four weeks ended Five weeks ended
 Nov. 2, Oct. 5,
 1991 1991
 Sales $166,302 $190,081
 Costs and expenses
 Cost of goods sold, including
 occupancy and buying costs 124,394 138,981
 Selling, general and
 administrative expenses 36,964 43,999
 Earnings from operations before
 interest expense and
 reorganization costs 4,944 7,101
 Interest expense, net 7,429 8,362
 Loss from operations before
 reorganization costs (2,485) (1,261)
 Reorganization costs 1,940 3,476
 Pretax loss (4,425) (4,737)
 Income taxes --- ---
 Net loss ($4,425) ($4,737)
 -0- 12/6/91
 /CONTACT: Bill Dombrowski of Carter Hawley Hale Stores Inc., 213-239-6522/
 (CHH) CO: Carter Hawley Hale Stores Inc. ST: California IN: REA SU: ERN


CH-KJ -- LA014 -- 0200 12/06/91 15:20 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 6, 1991
Words:764
Previous Article:HUGHES SCORES HIT WITH ITS FIRST MMW MAVERICK LAUNCH
Next Article:DELAWARE INSURANCE COMMISSIONER ISSUES ANNOUNCEMENT
Topics:


Related Articles
CARTER HAWLEY HALE INC., PRUDENTIAL INSURANCE COMPANY REACH AGREEMENT
CARTER HAWLEY HALE REPORTS NOVEMBER RESULTS
CHH RECEIVES EXTENSION ON EXCLUSIVITY PERIOD AND PERIOD TO ASSUME OR REJECT STORE LEASES
CARTER HAWLEY HALE REPORTS FIRST QUARTER RESULTS
CARTER HAWLEY HALE REPORTS FIRST QUARTER RESULTS
CARTER HAWLEY HALE REPORTS FIRST QUARTER RESULTS
CARTER HAWLEY HALE REPORTS FIRST QUARTER RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters