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FRETTER REPORTS SECOND-QUARTER NET EARNINGS OF $857,000, AN INCREASE OF 141 PERCENT OVER THE PRIOR YEAR

 FRETTER REPORTS SECOND-QUARTER NET EARNINGS OF $857,000,
 AN INCREASE OF 141 PERCENT OVER THE PRIOR YEAR
 LIVONIA, Mich., Aug. 25 /PRNewswire/ -- Fretter, Inc. (NASDAQ: FTTR) today announced net earnings for its second quarter ended July 31, 1992, increased 141 percent over the prior year to $857,000 (or $.06 per share). This compares to net earnings of $355,600 (or $.03 per share), exclusive of an extraordinary credit for the three-month period ended July 31, 1991. The extraordinary credit resulted from the tax benefit associated with the utilization of a net operating loss carryforward.
 Net sales for the second quarter ended July 31, 1992, increased 27.0 percent to $85,310,000 from $67,166,000 in the prior year. Included in sales for the three-month period ended July 31, 1992, were sales from Fred Schmid Appliance & TV Co., an 18-store appliance and consumer electronics chain acquired in September 1991. Comparable store sales for the three-month period ended July 31, 1992, declined $6,505,000 (10.2 percent). A comparable store for a given fiscal period is a store that was open for all of that period as well as all of the prior fiscal period for which a comparison is being made. The company attributed the decline in comparable store sales principally to the unseasonably cold weather conditions in its markets. This resulted in a decline in air conditioner sales of 67 percent for the second quarter ended July 31, 1992, compared to the prior year.
 For the six-month period ended July 31, 1992, the company reported net earnings of $1,240,000 (or $.08 per share). This compares to $445,000 (or $.03 per share), exclusive of an extraordinary credit, for the six-month period ended July 31, 1991.
 Net sales for the six-month period ended July 31, 1992, increased 30.3 percent to $159,826,000 from $122,613,000 in the prior year. Included in the sales for the six-month period ended July 31, 1992, were sales from Fred Schmid Appliance & TV Co. Comparable store sales declined $6,669,000 (5.8 percent) in the same period principally due to the decline in air conditioner sales as stated above.
 Fretter, Inc. is a leading speciality retailer of home entertainment products, consumer electronics and appliances, with 84 stores 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- 8/25/92
 /CONTACT: Dale Campbell of Fretter, Inc., 313-353-8511/
 (FTTR) CO: Fretter, Inc. ST: Michigan IN: REA SU: ERN


JG -- DE028 -- 3130 08/25/92 15:44 EDT
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Publication:PR Newswire
Date:Aug 25, 1992
Words:443
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