DALMYS ANNOUNCES YEAR/FIRST QUARTER RESULTS.MONTREAL--(BUSINESS WIRE)--June 23, 1995--Ladies' wear retailer Dalmys (Canada) Limited said today that a company-wide action plan, including the closure of some 35 underperforming stores, has been initiated to position the Company for restored profitability this year. President Fred Perlman explained that the downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing program, launched last fall, will allow Dalmys to neutralize neutralize to render neutral. the effects of difficult market conditions which he said show no signs of improving in the short term. He added that an immediate benefit of closures will be a direct improvement on profitability of more than $1.7-million on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis. Spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. benefits will include a reduction of head office expenses. Meanwhile, adverse Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. retailing conditions last year contributed to lower revenue and a loss for the year ended February 25, 1995. Sales were $110,952,000 compared to $111,569,000 in 1994. Net loss was $2,937,000 or 53 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to a net loss of $862,000 or 17 cents per share a year earlier. Mr. Perlman said results for the first quarter this year also reflect effects of a lingering lin·ger v. lin·gered, lin·ger·ing, lin·gers v.intr. 1. To be slow in leaving, especially out of reluctance; tarry. See Synonyms at stay1. 2. difficult retail environment. Sales for the three months ending May 27, 1995, were $25,668,000 compared to $25,852,000 a year ago. Net loss was $92,000 or two cents per share, compared to net income of $46,000 or one cent per share. He added that despite a slight sales decline overall for the quarter, sales expressed on a comparable store-to-store basis increased by .5 percent, due to the lower number of stores in operation this year. Additional elements of the current action plan, which the Company expects will contribute to improved performance, include a more focused selection of merchandise in the Dalmys division, and successful entry into the off-price market for women's apparel. Along with an improved merchandise mix in its traditional stores, the Company has responded to changing markets by the introduction of three Dalmys L'Entrep t warehouse stores in recent months. Mr. Perlman said plans are being considered for additional L'Entrep t sites, which he explained are up to five times larger than the average Company store. The leaner and more efficient Dalmys network now numbers 180 stores, and within a year will be trimmed to l60, Mr. Perlman said.
CONSOLIDATED STATEMENT OF INCOME
For the years ended For 3 months ended
Feb.25 Feb.26 May 27 May 28
1995 1994 1995 1994
($'000)
Sales 110,952 111,569 25,668 25,852 Net earnings (loss) (2,937) (862) (92) 46 Net earnings (loss) per share (0.53) (0.17) (0.02) (0.01) CONTACT: Fred Hutchinson
(514) 384-1030 or Ross Warren CIR (Committed Information Rate) In a frame relay network, the average transmission rate in bits per second (typically Kbps) for a virtual circuit. It defines the maximum rate that the network can handle under normal conditions. Communications (514) 843-7446 |
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