Printer Friendly

WAREHOUSE CLUB REPORTS RESULTS FOR FOURTH QUARTER & FISCAL YEAR 1991

 WAREHOUSE CLUB REPORTS RESULTS FOR FOURTH QUARTER & FISCAL YEAR 1991
 CHICAGO, Dec. 20 /PRNewswire/ -- Warehouse Club, Inc. (NASDAQ/NMS: WCLB) the Chicago headquartered wholesale cash-and-carry merchandiser, reported financial results for the fourth quarter and the 1991 fiscal year ended Sept. 28, 1991.
 The company reported sales for the fourth quarter of $55.8 million, a decrease of 14.2 percent from the fourth quarter of fiscal 1990. On a comparable warehouse store sales basis, sales decreased 8.1 percent or $4.9 million versus the prior year's fourth quarter. The company incurred a loss of $666,000, or $0.09 per share as compared to a loss of $3,305,000, or $0.47 per share in the fourth quarter of fiscal 1990.
 The company reported fiscal 1991 sales of $242.6 million, a decrease of 8.5 percent or $22.7 million versus the prior year. On a comparable ten warehouse store basis, sales declined $1.5 million or 0.6 percent. For the year the company incurred a net loss of $529,000, or $0.07 per share, as compared to a net loss of $4.0 million, or $0.57 per share in fiscal 1990.
 In the fourth quarter the company recorded unfavorable year end closing adjustments of $212,000 versus prior year unfavorable adjustments of $2.8 million, mainly for warehouse closing reserves. Excluding the year end adjustments for both years, the fourth quarter loss reported an improvement of $46,000, and the full year loss improved by $1.2 million.
 Warehouse Club, Inc. operates a chain of ten wholesale cash-and carry members only warehouse stores selling high-quality merchandise at wholesale or near wholesale prices. The company's stores are located in metropolitan areas in the upper midwestern United States. The company's customers are comprised of businesses that purchase items for commercial use or resale and selected groups of individual retail customers.
 WAREHOUSE CLUB, INC.
 KEY FINANCIAL AND OPERATING DATA
 (In thousands except per share data)
 Fourth Quarter Year-to-Date
 ended Sept. 30, ended Sept. 30,
 Income statement data 1991 1990 1991 1990
 Net sales $55,822 $65,043 $242,571 $265,222
 Cost of goods sold 50,478 58,764 219,375 239,390
 Gross margin 5,344 6,279 23,196 25,832
 Fee, membership and
 other income 1,647 1,959 7,231 8,567
 Total 6,991 8,238 30,427 34,399
 Warehouse operating,
 general and administrative
 expenses 7,224 8,289 29,593 33,399
 Provision for warehouse
 closing expenses 130 2,895 230 3,480
 Interest expense 303 359 1,133 1,546
 Total 7,657 11,543 30,956 38,425
 Net income (loss) before taxes
 and extraordinary item (666) (3,305) (529) (4,206)
 Provision for income taxes -- -- -- --
 Net income (loss) before
 extraordinary item (666) (3,305) (529) (4,206)
 Extraordinary item, income tax benefit
 of prior year's net operating
 loss carryforward -- -- -- --
 Net income (loss) ($666) ($3,305) ($529) ($4,026)
 Net income (loss) per common share
 -Before extraordinary item (0.09) (0.47) (0.07) (0.57)
 -Extraordinary item -- -- -- --
 -Net income (loss) per
 common share (0.09) (0.47) (0.07) (0.57)
 BALANCE SHEET DATA
 Working capital (net) ($5,459) ($4,316)
 Total assets 47,924 53,319
 Long-term debt, less current portion 9,663 11,657
 Stockholders' equity 7,808 8,338
 -0- 12/20/91
 /CONTACT: Steven J. Zabel, controller of the Warehouse Club, 708/679-6800/
 (WCLB) CO: Warehouse Club, Inc. ST: Illinois IN: REA SU: ERN


JT -- NY080 -- 4550 12/20/91 17:02 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 20, 1991
Words:591
Previous Article:ITT CONSUMER FINANCIAL CORPORATION NAMES PRESIDENT/CEO
Next Article:TEXFI INDUSTRIES, INC., REPORTS 1991 FOURTH QUARTER AND YEAR-END LOSS; IMPROVEMENT ANTICIPATED IN 1992 FIRST QUARTER
Topics:


Related Articles
WAREHOUSE CLUB REPORTS RESULTS FOR THE FIRST FISCAL QUARTER 1992
ADVANCED MARKETING SERVICES INC. REPORTS GAIN IN OPERATING RESULTS FOR THIRD FISCAL QUARTER
FABRI-CENTERS REPORTS RECORD SALES AND RECORD EARNINGS FOR FISCAL 1992
THE HOME DEPOT REPORTS RECORD EARNINGS AND SALES FOR FISCAL 1991 AND FOURTH QUARTER
FILENE'S BASEMENT REPORTS RECORD EARNINGS FOR THE FOURTH QUARTER AND FISCAL YEAR
OW OFFICE WAREHOUSE REPORTS 1991 FOURTH-QUARTER AND YEAR-END RESULTS
COSTCO WHOLESALE ANNOUNCES RECORD OPERATING RESULTS FOR SECOND QUARTER, FIRST HALF OF FISCAL 1992
ADVANCED MARKETING SERVICES INC. REPORTS EARNINGS GAIN ON RECORD SALES FOR FISCAL YEAR 1992
COSTCO WHOLESALE ANNOUNCES FISCAL 1992 RESULTS
WAREHOUSE CLUB, INC. REPORTS RESULTSFOR FISCAL YEAR AND FOURTH QUARTER ENDED OCT. 3, 1992

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters