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FILENE'S BASEMENT REPORTS THIRD QUARTER RESULTS

 FILENE'S BASEMENT REPORTS THIRD QUARTER RESULTS
 WELLESLEY, Mass., Nov. 11 /PRNewswire/ -- Filene's Basement Corp.


(NASDAQ-NMS: BSMT) reported increased 1992 third quarter sales and net income President Jim Anathan announced today.
 Income before extraordinary items increased 16 percent to $8.5 million or 40 cents per share for the 13 weeks ended Oct. 31, 1992, compared to earnings before extraordinary items of $7.4 million or 35 cents per share, for the 13 weeks ended Nov. 2, 1991. Current year third quarter sales reached $151.8 million, an increase of 17 percent from $129.4 million for the same period in 1991.
 For the nine months ended Oct. 31, 1992, earnings before extraordinary items increased 15 percent to $14.3 million, or 66 cents per share, compared to earnings before extraordinary items of $12.4 million, or 63 cents per share for the nine months ended Nov. 2, 1991. Sales during the first nine months of 1992 increased 14 percent to $370.4 million, from $325.7 million for the same period in 1991.
 The gross profit margin for the quarter was the same as last year, at 30.3 percent of sales. Higher occupancy costs were offset by improved productivity in the distribution and buying organizations.
 The selling, general and administrative (SGA) expense ratio for the quarter was .7 percent higher at 20.1 percent of sales vs. 19.4 percent for the comparable 1991 period, primarily as a result of the larger number of new store openings earlier in the 1992 Fall season and the associated pre-opening expenses.
 At the end of the quarter, merchandise inventories increased 29 percent to $125.5 million compared to $97.2 million last year. A large portion of the increase in inventories above the increase in sales resulted from the new store inventories for stores opening for the first week of November 1992. Additionally, compared to last year, more early November receipts arrived in October and are included in the end of the quarter inventory. Adjusting for these factors, inventories would have increased only 18 percent.
 In commenting on third quarter results, Anathan said, "Filene's Basement customers have responded well to our renewed emphasis on high- value fashion merchandise. We are particularly pleased that a core part of our business -- women's sportswear -- performed well throughout the quarter. Additionally, the new stores which were opened this quarter in Minneapolis have been well received. With the opening of three additional stores in early November, the company will have opened 12 new stores for the year, doubling the number of openings from the previous year."
 Filene's Basement Corp. operates specialty stores which offered focused, quality branded assortments of men's and women's apparel at prices generally 20-60 percent below department and specialty store regular prices. The company has 49 stores operating primarily in the Northeast and the Midwest.
 FILENE'S BASEMENT CORP.
 Third Quarter Report
 Oct. 31, 1992
 (in thousands execpt per share data)
 39 Weeks Ended 13 Weeks Ended
 10/31/92 11/2/91 10/31/92 11/2/91
 Net sales $370,367 $325,709 $151,780 $129,379
 Cost of sales, including
 buying, receiving and
 occupancy costs 263,738 229,914 105,836 90,230
 Gross profit 106,629 95,795 45,944 39,149
 Selling, general & admin.
 expenses 78,654 68,124 30,528 25,042
 Amortization of intangible
 assets 844 1,302 115 434
 Amortization of beneficial
 operating lease rights 985 992 328 328
 Operating income 26,146 25,377 14,973 13,345
 Interest, expense, net 2,849 4,813 995 1,135
 Income before income taxes
 and extraordinary item 23,297 20,564 13,978 12,210
 Provision for income taxes 9,035 8,173 5,450 4,856
 Income before extraordinary
 item 14,262 12,391 8,528 7,354
 Extraordinary item: loss on
 debt repurchase, net of tax
 benefit 548 1,162 548 104
 Net income $13,714 $11,229 $7,980 $7,250
 Income applicable to
 common stock 13,714 11,021 7,980 7,250
 Primary earnings per
 common share:
 Income before
 extraordinary item 66 cents 64 cents 40 cents 35 cents
 Extraordinary item (2 cents) (6 cents) (2 cents) (1 cent)
 Net income 64 cents 58 cents 38 cents 34 cents
 Fully diluted earnings
 per common share:
 Income before
 extraordinary item 66 cents 63 cents 40 cents 35 cents
 Extraordinary item (2 cents) (6 cents) (2 cents) (1 cent)
 Net income 64 cents 57 cents 38 cents 34 cents
 Weighted average shares
 outstanding 21,552 19,375 21,559 21,119
 Filene's Basement Corp.
 Third Quarter Report
 Oct. 31, 1992
 (dollars in thousands)
 Assets Oct. 31, Feb. 1, Nov. 2,
 1992 1992 1991
 Current Assets:
 Cash and cash equivalents $716 $7,569 $15,865
 Inventories 125,471 101,320 97,233
 Other current assets 8,945 5,583 10,221
 Deferred income taxes 6,588 5,636 5,311
 Total current assets 141,720 120,108 128,630
 Property, plant and
 equipment, net 58,200 44,700 40,039
 Beneficial operating lease
 rights, net 20,395 21,380 21,709
 Intangible assets, net &
 other 4,879 2,537 2,970
 Total assets $225,194 $188,725 $193,348
 Liabilities & Stockholders' Equity
 Current liabilities:
 Accounts payable 57,024 42,616 41,284
 Accrued expenses 26,466 21,199 27,319
 Short term debt 7,100 --- ---
 Obligations under capital
 leases, due within one year 352 445 287
 Total current liabilities 90,942 64,260 68,890
 Long-term debt 21,329 26,073 35,617
 Obligations under capital
 leases, less current portion 4,604 4,860 120
 Common stock 199 198 197
 Cost of 75,000 common shares
 in treasury (16) (16) (16)
 Additional paid-in capital 81,711 80,639 78,603
 Retained earnings 26,425 12,711 9,937
 Total stockholders' equity 108,319 93,532 88,721
 Total liabilities and
 stockholders' equity $225,194 $188,725 $193,348
 -0- 11/11/92
 /CONTACT: Jim Anathan, president of Filene's Basement, 617-348-7042/
 (BSMT) CO: Filene's Basement ST: Massachusetts IN: REA SU: ERN


CH -- NE017 -- 9938 11/11/92 18:18 EST
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