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FRETTER ANNOUNCES FISCAL YEAR RECORD SALES AND EARNINGS INCREASE OF 75 PERCENT

 LIVONIA, Mich., March 19 /PRNewswire/ -- Fretter, Inc. (NASDAQ-NMS: FTTR) announces record sales of $361,000,000 for fiscal year ended Jan. 31, 1993. This is an increase in sales of $69,000,000 or 24 percent over the last fiscal year. This reflects a full fiscal year of sales of Fretter's subsidiary, Fred Schmid Appliance & TV Co., acquired Sept. 30, 1991. Net earnings were $5,700,000 ($.39 per share) for the year ended Jan. 31, 1993, which represents an increase of 75 percent over fiscal year ended Jan. 31, 1992, net earnings of $3,237,000 ($.23 per share), excluding from last year a $765,000 ($.05 per share) extraordinary operating loss tax benefit carryforward.
 Comparable Store Sales for the fiscal year were unchanged from last fiscal year. The term "Comparable Store Sales" relates each store's sales in a current fiscal period to the same store's sales in the same period in the prior fiscal year.
 Fretter also announces sales of $114,900,000 for the fourth quarter ended Jan. 31, 1993, which reflects an increase of 11 percent from fourth quarter ended Jan. 31, 1992, sales of $103,200,000. Comparable Store Sales for the fourth quarter increased by 6 percent over the fourth quarter ended Jan. 31, 1992. Net earnings for the fourth quarter ended Jan. 31, 1993, were $3,700,000 ($.25 per share), which represents an increase of 32 percent over fourth quarter ended Jan. 31, 1992, net earnings of $2,800,000 ($.19 per share).
 Fretter, Inc. is a leading specialty retailer of home entertainment products, consumer electronics and appliances, with 86 store locations in Illinois, Indiana, Massachusetts, Michigan, New Hampshire and Ohio under the name Fretter and in Colorado, Montana and Wyoming through its wholly owned subsidiary under the name Fred Schmid Appliance & TV Co.
 -0- 3/19/93
 /CONTACT: Dale Campbell of Fretter, Inc., 313-591-0600/
 (FTTR)


CO: Fretter, Inc. ST: Michigan IN: REA SU: ERN

ML -- DE014 -- 7944 03/19/93 14:06 EST
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Publication:PR Newswire
Date:Mar 19, 1993
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