Printer Friendly

50-OFF STORES, INC. REPORTS NOVEMBER SALES AND THIRD QUARTER FISCAL 1994 RESULTS

 SAN ANTONIO, Dec. 2 /PRNewswire/ -- 50-OFF Stores, Inc.(NYSE: FOFF) reported today its net sales for the four-week period ended Nov. 26, 1993 and its results for the 13 weeks ended Oct. 29, 1993. The San Antonio based off-price apparel retailer currently operates 115 stores in 13 states in the South.
 For the four-week period ended Nov. 26, 1993, net sales increased 13.0 percent to $20.0 million from $17.7 million for the comparable period last year. Net sales on a comparable store basis increased 1.9 percent.
 Net sales for the 13 weeks ended Oct. 29, 1993 increased 4.3 percent to $45,384,918 from $43,508,305 for last year's comparable period. The company has reported a net loss of $(1,452,994) or $(.14) per common share on a fully diluted basis for the 13-week period compared to net income of $1,020,454 or $.10 per common share on a fully diluted basis for the comparable period last year. Net sales on a comparable store basis were down 10.1 percent for the quarter.
 Net sales for the 39-weeks ended Oct. 29, 1993 increased 9.9 percent to $131,189,801 from $119,346,036 for last year's comparable period. The company has reported a net loss of $(6,306,339) or $(.61) per common share on a fully diluted basis for the period as compared to net income of $4,005,613 or $.37 per share on a fully diluted basis for the comparable period last year. Year-to-date net sales on a comparable store basis were down 13.2 percent.
 The net loss during the 13 weeks was primarily due to lower than expected sales and higher markdowns during the first two months of the period.
 50-OFF STORES, INC.
 SELECTED STATEMENTS OF OPERATIONS
 (In Thousands, Except Per Share Data)
 THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED
 Oct. 29, Oct. 30, Oct. 29, Oct. 30,
 1993 1992 1993 1992
 Statements of Operations
 Net sales $45,385 $43,508 $131,190 $119,346
 Cost of sales 30,664 28,640 89,876 78,443
 SG&A 14,026 11,298 42,576 29,760
 Amort. of
 pre-opening
 store costs 1,911 1,419 5,694 3,608
 Deprec. and
 amort. 807 590 2,293 1,580
 Other expense
 (inc.) 199 11 376 (149)
 (Loss) inc. bef.
 inc. taxes (2,222) 1,550 (9,625) 6,104
 Benefit from
 (provision for)
 inc. taxes 769 (530) 3,319 (2,098)
 Net (loss) inc. (1,453) 1,020 (6,306) 4,006
 Primary and
 fully diluted
 (loss) inc. per
 common share $(.14) $.10 $(.61) $.37
 Weighted avg. shares
 for computing fully
 diluted (loss)
 inc. per common
 share: 10,348,608 10,715,572 10,379,079 10,810,523
 -0- 12/2/93
 /CONTACT: Pat Ross, CFO, 50-OFF Stores, 210-805-9300/
 (FOFF)


CO: 50-OFF Stores Inc. ST: Texas IN: REA SU: ERN SLS

JL -- NE007 -- 9719 12/02/93 10:38 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 2, 1993
Words:493
Previous Article:VECCHIOLLA NAMED DIRECTOR OF BIRD CORPORATION
Next Article:BELL ATLANTIC CUSTOMERS TO TEST TEXAS INSTRUMENTS VOICE RECOGNITION TECHNOLOGY
Topics:

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