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STOR FURNISHINGS INTERNATIONAL INC. ANNOUNCES RESULTS

 STOR FURNISHINGS INTERNATIONAL INC. ANNOUNCES RESULTS
 CITY OF INDUSTRY, Calif., Nov. 21 /PRNewswire/ -- STOR


Furnishings International Inc. (NASDAQ: STOR) reported lower sales and increased losses for the 12- and 28-week periods ended Oct. 11, 1991, but continued to improve its gross profits in spite of the on- going recession that is hitting retailers nationwide.
 For the 12 weeks ended were $14,314,000, compared to $18,366,000 in the like period a year ago. A net loss of $2,053,000, or 32 cents per share, was recorded, as against net income of $81,000, or one cent per share, a year earlier.
 For the 28 weeks, net sales were $35,075,000, down from $41,079,000 last year. A net loss of $3,814,000, or 60 cents per share, was sustained, compared to a loss of $1,557,000, or 26 cents per share a year ago.
 Richard F. Clayton, chairman and chief executive officer, commented: "The recession has been very difficult on retailers across the nation, and furniture retailers have been particularly hard hit. The sales figures for STOR's three supercenters in Southern California reflect this trend. However, the gross profits generated by those supercenters, as a percentage of sales, improved in both the latest 12 weeks and the first 28 weeks of our fiscal year.
 "Changes in our advertising and merchandising have helped us in this regard, as has the recent increase in the value of the dollar in the countries where we buy a large percentage of our furniture. The maturing of our supercenters has also been a factor in these gains."
 He added: "STOR's commitment to its expansion strategy resulted in higher general and administrative expenses as well as sharply higher pre-opening expenses in preparation for the opening of our forth supercenter, which began operations in Houston on Oct. 16. For the 28 weeks ended Oct. 11, these expenses were approximately $1 million greater than in the same period a year earlier."
 Clayton concluded: "The Houston supercenter had a strong opening month, reaffirming our belief that STOR's approach to selling furniture, housewares and accessories has broad appeal in this as well as many other potential markets."
 STOR Furnishings International Inc. operates high-volume supercenters offering a large selection of high quality, affordable home furniture and furnishings as well as housewares and accessories, available in-stock for customers to take home the same day. It currently operates four 150,000-square-foot supercenters.
 STOR FURNISHINGS INTERNATIONAL INC.
 Summary of Results
 12 Weeks Ended
 Oct. 11, Oct. 12,
 1991 1990
 Net sales $14,314,000 $18,366,000
 Net income (loss) ($2,053,000) $81,000
 Net income (loss) per
 share ($.32) $.01
 Weighted average shares
 outstanding 6,348,000 6,350,000
 28 Weeks Ended
 Oct. 11, Oct. 12,
 1991 1990
 Net sales $35,075,000 $41,079,000
 Net income (loss) ($3,814,000) ($1,557,000)
 Net income (loss) per
 share ($.60) ($.26)
 Weighted average shares
 outstanding 6,348,000 6,028,000
 -0- 11/21/91
 /CONTACT: Richard F. Clayton, chairman and CEO of STOR Furnishings International Inc., 818-912-8788/
 (STOR) CO: Stor Furnishings International Inc. ST: California IN: REA SU: ERN KJ-SE -- LA004 -- 6070 11/21/91 16:38 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 21, 1991
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