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GANTOS, INC. REPORTS QUARTERLY AND JULY SALES

 GRAND RAPIDS, Mich., Aug. 4 /PRNewswire/ -- Gantos, Inc. (NASDAQ: GTOS) today announced sales of $15.8 million for the four week period ended July 31, 1993, down 4 percent from the same period a year ago. Sales for stores open throughout both periods decreased 4 percent.
 Sales for the quarter ended July 31, 1993, were $57.0 million, down 9 percent from the same period last year. Sales for stores open throughout both periods declined 9 percent.
 Sales for the 26 weeks ended July 31, 1993, were $116.2 million, down 7 percent from the same period last year. Sales for stores open throughout both periods decreased by 7 percent.
 Douglas Gantos, Chief Executive Officer, is now actively running day-to-day operations of the business. Mr. Gantos said, "During the second quarter, we aggressively marked down slow-selling spring merchandise. The markdowns were in excess of previous estimates, and as a result, we now forecast a loss in the range of $1.40 to $1.60 per share for the second quarter. However, this aggressive move positions us well for a strong Fall and holiday selling season of exciting merchandise at the right price points." The Company will release second quarter earnings Aug. 18, 1993.
 The Company also announced an amendment to its loan agreement with its banks, effective July 30, 1993. Among other provisions, the amendment provides a loosening ofcertain financial covenants to assist the Company through this difficult period. Mr. Gantos added, "I am pleased with the show of support we have received from our lenders. While we are, of course, disappointed with the first half of the year, there are strong signs of improvement. The adjustments in our merchandise and operations will prepare us for improved profitability for the second half of the year."
 Gantos, Inc. is a leading retailer of quality women's wear and accessories. The Company currently operates 157 stores in 25 states.
 -0- 8/4/93
 /CONTACT: Wayne J. Hutnick, Vice President/CFO, Gantos, Inc., 616-940-9207/
 (GTOS)


CO: Gantos, Inc. ST: Michigan IN: REA SU:

JG -- DE010 -- 9254 08/04/93 09:58 EDT
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Publication:PR Newswire
Date:Aug 4, 1993
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