Catherines Stores Corp. reports first quarter sales results.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--May 8, 1997--Catherines Stores Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CATH CATH Catholic CATH Cathedral CATH Cathode CATH Autonomous Haitian Workers (Haiti) CATH Center for Applied Technologies in the Humanities (Virginia Tech) ) Thursday reported that its unaudited total sales for the four-week period ended May 3, 1997, decreased 1.4% to $22.1 million from $22.4 million in 1996. Total sales for the first quarter increased 0.7% to $71.0 million from $70.5 million. Comparable stores' sales decreased 3.1% for the months of April and declined 1.9% during the first quarter. As a result of the comparable stores' sales decline, the company also announced today that it expects earnings per share for the first quarter of 1997, ended May 3, 1997, to be between $0.15 and $0.20 per share. Last year the company earned $0.28 per share for the first quarter. Catherines Stores will announce results of its first quarter on May 22, 1997. Commenting on the company's sales and expected first quarter performance, Bernard J. Wein, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "Although our first quarter comparable stores' sales were below plan, the results are significantly better than the past three quarters. Our major challenge is to improve the coordinated sportswear and dress sectors of our business. During the first quarter we closed two underperforming stores and reduced our corporate staff. We continue to evaluate all areas of our operations in order to achieve synergies that will help offset our revenue decline." The company opened one new store during the month. Catherines Stores Corp. is a Memphis-based specialty retailer selling large-size women's apparel in 460 stores in 40 states operating under the names Catherine's; PS...Plus Sizes, Plus Savings; Added Dimensions; and The Answer. Investors are cautioned that the foregoing forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. concerning the company's anticipated first quarter results and its long-term prospects are subject to risks and uncertainties that could cause actual results to differ materially, including the risk factors that are discussed from time to time in the company's SEC reports, including, but not limited to, the report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Feb. 1, 1997. In addition, no assurances can be given that the company's actual results for the first quarter of 1997 will not differ materially from the expected results discussed above. Forward-looking statements in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. CONTACT: Catherines Stores Corp. David C. Forell, 901/363-3900, ext. 1271 |
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