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STRAWBRIDGE & CLOTHIER ANNOUNCES RESULTS

 STRAWBRIDGE & CLOTHIER ANNOUNCES RESULTS
 PHILADELPHIA, Nov. 26 /PRNewswire/ -- Strawbridge & Clothier


(NASDAQ: STRWA) announced today that in the third quarter of the fiscal year 1991, ended Nov. 2, sales were $211,856,000 compared to $232,039,000 for the same period last year, a decrease of 8.7 percent.
 The company incurred a loss for the quarter of $1,543,000 compared to earnings of $1,693,000 last year. Loss per share was $.16 compared to earnings per share of $.18 last year.
 Sales for the first three quarters of the fiscal year were $630,246,000 compared to $656,966,000 last year, a decrease of 4.1 percent. Year-to-date the company incurred a loss of $4,723,000 compared to earnings of $3,402,000 in 1990. Loss per share was $.50 compared to earnings per share of $.36 last year.
 While the company continues to be adversely affected by the recessionary economy, the third quarter 1991 results also were lowered significantly by a change in the company's promotional calendar. In 1991, the entire five-day November Clover sale falls in the fourth quarter of the year. Last year, the first two days of this sale (the largest promotion of the year for the company's department stores) were held at the end of the third quarter. This year's fourth quarter will benefit from the change.
 With the all-important Christmas season now under way, expenses and inventory levels continue to be carefully controlled.
 In October, a renovation of the entire lower level of the Philadelphia store was completed. The new and increased emphasis on popular-priced apparel on this second busiest selling floor of the headquarters building has already demonstrated encouraging growth.
 In mid-November, the company completed a $9.5 million refunding of the 1981 bond issues for the two Clover stores in the Lehigh Valley area of Pennsylvania. The significantly lower interest rates will benefit the company over the next 10 years.
 STRAWBRIDGE & CLOTHIER
 Statement of Consolidated Earnings
 (Unaudited)
 Thirteen weeks ended Nov. 2, 1991 Nov. 3, 1990
 Net sales $211,856,000 $232,039,000
 Earnings (loss) before
 income taxes (2,292,000) 2,802,000
 Provision for income
 taxes (benefit) (749,000) 1,109,000
 Net earnings (loss) (1,543,000) 1,693,000
 Earnings (loss) per common share ($.16) $.18
 Average common shares 9,545,798 9,395,125
 Thirty-nine weeks ended Nov. 2, 1991 Nov. 3, 1990
 Net sales $630,246,000 $656,966,000
 Earnings (loss) before
 income taxes (7,557,000) 5,632,000
 Provision for income
 taxes (benefit) (2,834,000) 2,230,000
 Net earnings (loss) (4,723,000) 3,402,000
 Earnings (loss) per common share ($.50) $.36
 Average common shares 9,483,686 9,416,152
 Trailing year ended Nov. 2, 1991 Nov. 3, 1990
 Net sales $954,947,000 $1,007,845,000
 Earnings (loss) before
 income taxes 15,416,000 48,200,000
 Provision for income
 taxes (benefit) 6,321,000 19,170,000
 Net earnings (loss) 9,095,000 29,030,000
 Earnings (loss) per common share $.95 $3.08
 Average common shares 9,485,088 9,410,637
 Notes:
 (1) This is an interim statement subject to audit.
 (2) Per-share amounts are based on the weighted average number of shares of common stock and dilutive common stock equivalents (employee stock options) outstanding during each period, after recognition of preferred stock dividends and the 3 percent stock dividend paid on May 16, 1991.
 /delval/
 -0- 11/26/91
 /CONTACT: F.R. Strawbridge III, 215-629-6456, or P.S. Strawbridge, 215-629-6607, both of Strawbridge & Clothier/
 (STRWA) CO: Strawbridge & Clothier ST: Pennsylvania, Delaware IN: REA SU: ERN


MK-CC -- PH027 -- 7316 11/26/91 12:52 EST
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Date:Nov 26, 1991
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