Printer Friendly

CROWLEY, MILNER & COMPANY REPORTS SECOND-QUARTER RESULTS

 DETROIT, Sept. 2 /PRNewswire/ -- Dennis Callahan, Crowley, Milner & Company (AMEX: COM) president and chief executive officer, today reported sales and earnings results for the second quarter ended July 31, 1993.
 A comparable store sales increase of 5.3 percent was recorded for the second quarter when compared to last year's second quarter. Total sales for the quarter increased 1.7 percent. A net loss of $1,231,000, or $2.42 per share, was recorded for the second quarter compared to a net loss of $1,399,000, or $2.75 per share, for the second quarter last year. However, included in last year's second quarter was $790,000 of non-operational income related to the conversion of the company's shoe departments to licensed departments from owned departments. Excluding the non-operational income from last year's results the net loss for the second quarter would have been reduced by $958,000, or 43.8 percent. Callahan attributed the improved sales and earnings performance to continuing operating expense reductions and the company's new merchandising and promotional strategies which include new merchandise lines and everyday value pricing on key commodity items.
 For the six months ended July 31, 1993, sales were down 2.7 percent overall and 1.5 percent on a comparable store basis. For the six months a net loss of $2,607,000, or $5.12 per share, was recorded compared to a net loss of $2,194,000, or $4.31 per share, for the comparable period last year.
 CROWLEY, MILNER AND COMPANY
 Second Quarter Ended
 July 31, 1993 Aug. 1, 1992
 Net sales $21,568,029 $21,202,588
 Net loss (1,231,115) (1,399,462)
 Net loss per share ($2.42) ($2.75)
 Six Months Ended
 July 31, 1993 Aug. 1, 1992
 Net sales $44,557,571 $45,803,922
 Net loss (2,606,905) (2,193,671)
 Net loss per share ($5.12) ($4.31)
 -0- 9/2/93
 /CONTACT: Dennis Callahan, president and chief executive officer of Crowley's, 313-962-2642/
 (COM)


CO: Crowley, Milner & Company ST: Michigan IN: REA SU: ERN

KE -- DE034 -- 8574 09/02/93 16:44 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 2, 1993
Words:354
Previous Article:WHEELABRATOR TECHNOLOGIES INC. ACQUIRES HPD INC., EXPANDING WATER TREATMENT CAPABILITIES
Next Article:MEGAFOODS NAMES NEW VICE PRESIDENT AND CONTROLLER

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