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LECHTERS ANNOUNCES RESULTS

 HARRISON, N.J., Nov. 23 /PRNewswire/ -- Lechters, Inc. (NASDAQ: LECH) announced today that net income for the 39 week period ended Oct. 30, 1993 was $2,208,000 as compared with $3,885,000 for the same period in 1992, a decrease of 43 percent.
 Net income per share for this period was $0.13 as compared with $0.23 for the fiscal 1992 comparable period. Sales for the 39 week period ended Oct. 30, 1993 increased 19 percent to $216,477,000 from the $181,931,000 reported for the same period in 1992. The company's comparable store sales decreased 0.8 percent during the 39 week period ended Oct. 30, 1993 as compared with the same period in 1992.
 For the 13 week period ended Oct. 30, 1993, the company's net income was $1,640,000 as compared with net income of $2,739,000 for the same period in 1992, a decrease of 40 percent.
 Net income per share for this period was $0.10 as compared with $0.16 for the prior year's comparable period. Sales for the 13 week period were $80,711,000 as compared with sales of $69,365,000 for the same 1992 period, an increase of 16 percent. The company's comparable store sales decreased 0.4 percent during the 13 week period ended Oct. 30, 1993, as compared with the same period in 1992.
 As of Oct. 30, 1993 the company operated 557 stores in 39 states as compared to 501 stores on Oct. 24, 1992, an increase of 11 percent in the number of stores open.
 LECHTERS, INC.
 (Dollars amounts in thousands, except per share data)
 Periods ended 13 Weeks Ended 39 Weeks Ended
 10/30/93 10/24/92 10/30/93 10/24/92
 Sales $80,711 $69,365 $216,477 $181,931
 Cost of goods sold
 (including occupancy
 and indirect costs) 56,152 47,549 151,811 126,188
 Gross profit 24,559 21,816 64,666 55,743
 Selling, general
 and administrative
 expenses 20,350 17,545 57,482 48,397
 Operating income 4,209 4,271 7,184 7,346
 Non-operating (income)/
 expense: Interest expense 1,827 1,743 5,417 5,326
 Interest income (240) (621) (1,204) (2,649)
 Gains on sale of
 government securities (205) (1,169) (772) (1,498)
 Total non-operating
 (income)/expense 1,382 (47) 3,441 1,179
 Income before income
 tax provision 2,827 4,318 3,743 6,167
 Income tax provision 1,187 1,579 1,535 2,282
 Net income $1,640 $2,739 $2,208 $3,885
 Income per share $0.10 $0.16 $0.13 $0.23
 Weighted average shares
 outstanding 16,991,000 17,161,000 17,105,000 17,183,000
 -0- 11/23/93
 /CONTACT: Philip J. Reilly, vice president - chief financial officer of Lechters, Inc., 201-481-1100/
 (LECH)


CO: Lechters, Inc. ST: New Jersey IN: REA SU: ERN

LD -- NY077 -- 7438 11/23/93 17:24 EST
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Publication:PR Newswire
Date:Nov 23, 1993
Words:497
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