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LITTLE SWITZERLAND REPORTS 14 PERCENT INCREASE IN FIRST QUARTER EARNINGS

LITTLE SWITZERLAND REPORTS 14 PERCENT INCREASE IN FIRST QUARTER EARNINGS
 ST. THOMAS, U.S.V.I., Sept. 29 /PRNewswire/ -- Little Switzerland, Inc. (NASDAQ: LSVI), the Caribbean-based luxury products retailer, today reported a 14 percent increase in both revenues and net income for its first fiscal quarter ended Aug. 31, 1992. Revenues for the recent quarter increased to $12.8 million from $11.3 million in the same period last year. Net income rose to $729,000 or $0.09 per share, up from $641,000, or $0.08 per share, for the three months ended Aug. 31, 1991.
 Little Switzerland's strong first quarter performance was due primarily to a 7.5 percent increase in comparable store sales, and to improvement in gross margin to 46.1 percent in the recent quarter from 43.9 percent in the year ago period.
 Commenting on first quarter results, Walter Fischer, president and chief executive officer, said, "The positive trend in tourism which accounted for our strong sales during the typically slow months of June, July and August indicates that the Caribbean is more and more becoming a year-round vacation destination. This trend is particularly encouraging in light of our increased sales from islands frequented by European and Latin American visitors. Although retailing in the United States mainland has been weak, Caribbean tourist bookings have been strong and we anticipate a favorable environment for the prime winter selling season."
 As a result of a recent change in the company's fiscal year-end, the three month period ended Aug. 31, 1992 was the first quarter of Little Switzerland's fiscal year which will end May 31, 1993.
 Little Switzerland, Inc. is a specialty retailer of brand name watches, jewelry, crystal, china, fragrances and accessories. With 19 stores on nine Caribbean islands, the company's primary market consists of vacationing tourists attracted by free-port pricing, duty-free allowances and a wide assortment of high quality merchandise.
 LITTLE SWITZERLAND, INC.
 Consolidated Statements of Income
 (In 000's except per share)
 Three months ended Aug. 31 1992 1991
 Net sales $12,813 $11,269
 Cost of sales 6,900 6,321
 Gross profit 5,913 4,948
 Selling, general & administrative expenses 4,938 4,068
 Income from operations 975 880
 Interest expense -- net 64 69
 Income before inc. taxes 911 811
 Provision for inc. taxes 182 170
 Net income $ 729 $ 641
 Earnings per common share $ 0.09 $ 0.08
 Weighted avg. shares outst. 8,401 8,400
 -0- 9/29/92
 /CONTACT: Ronald Lataille, chief financial officer of Little Switzerland, 809-776-2010, or Edward Nebb, Amy Ludwig or Brad Miller of Morgen-Walke Associates, 212-986-5900, for Little Switzerland/
 (LSVI) CO: Little Switzerland, Inc. ST: IN: REA SU: ERN


TS-SB -- NY020 -- 4264 09/29/92 09:47 EDT
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Publication:PR Newswire
Date:Sep 29, 1992
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