50-OFF STORES REPORTS THIRD QUARTER FISCAL 1992 RESULTS
50-OFF STORES REPORTS THIRD QUARTER FISCAL 1992 RESULTS SAN ANTONIO, Texas, Nov. 25 /PRNewswire/ -- San Antonio based off-
price apparel retailer 50-OFF Stores, Inc. (NASDAQ: FOFF) reported revenue and income for its fiscal 1992 third quarter and 39 week period ended Nov. 1, 1991.
When compared to last year's comparable period, revenue increased 65.8 percent to $30,841,225 from $18,605,648. Net income applicable to common stock for the quarter increased 366.1 percent to $1,405,963 from $301,642. Earnings per common share on a fully diluted basis (as restated for the 3 for 2 dividend in the third quarter of fiscal 1992) increased to $.13 from $.04. Comparable store sales were up 16.5 percent for the quarter. For the 39 week period ended Nov. 1, 1991, revenue increased 71.5 percent to $84,584,596 from $49,334,196. Net income applicable to common stock for the 39 weeks increased 313.7 percent to $3,832,410 from $926,380. Earnings per common share on a fully diluted basis (as restated for the 3 for 2 dividend in the third quarter of fiscal 1992) increased to $.39 from $.13. Comparable store sales were up 20.1 percent for the period. Company Chairman, President and CEO Charles Siegel commented on the strong results. "We are delighted with the increases we are seeing in revenues and earnings and in our comparable store sales. We continue to attribute these increases to what we believe is a growing customer acceptance of the quality and value of the merchandise being offered as well as a collective effort by store personnel to improve customer service and merchandise presentation." Previously announced planned openings of 10 new stores during Spring 1992 (March-April) will include three new markets for the company; Memphis, Tenn. (3), New Orleans, La. (2) and Port Arthur, Texas. The balance of the 10 stores include two new stores in Houston (giving the company 11 stores in the Houston metro area), a fourth store in the Oklahoma City metro area and a fourth store in El Paso, Texas. The company plans to open an aggregate of approximately 45 to 50 new stores during fiscal years 1993 and 1994. New markets under consideration for fiscal 1993 include several cities in Mississippi, Tennessee, Arkansas, Alabama and Georgia. The company plans to continue to open stores in existing markets as well. The seven newest stores opened in September and October completed the company's plan to open 20 stores during the current 1992 fiscal year ending Jan. 31, 1992. 50-OFF Stores, Inc. currently operates 66 stores in Texas, Oklahoma, New Mexico and Louisiana. 50-OFF STORES, INC. SELECTED STATEMENT OF OPERATIONS AND BALANCE SHEET DATA (In Thousands, Except Per Share Data) Thirteen Weeks Ended Thirty-Nine Weeks Ended Nov. 1, Nov. 2, Nov. 1, Nov. 2, 1991 1990 1991 1990 Statement of Operations Net Sales $ 30,841 $ 18,606 $ 84,585 $ 49,334 Cost of Sales 20,296 12,449 56,117 33,377 Total operating expenses 8,654 5,617 22,867 14,229 Other (income) expense (239) 15 (246) 70 Income before income taxes 2,130 525 5,846 1,658 Provision for income taxes 724 179 1,987 564 Net income 1,406 346 3,859 1,094 Preferred Stock Dividends -- 45 26 168 Net income applicable to common stock $ 1,406 $ 301 $ 3,833 $ 926 Primary income per common share $ .13 $ .04 $ .39 $ .14 Fully diluted income per common share $ .13 $ .04 $ .39 $ .13 Weighted average shares for computing income per common share: Primary 10,835 8,127 9,811 6,560 Fully diluted 10,848 8,940 10,033 8,196 -0- 11/25/91 /CONTACT: Charles Siegel of 50-Off Stores, 512-653-8000/ (FOFF) CO: 50-OFF Stores Inc. ST: Texas IN: REA SU: ERN SH -- NY027 -- 1767 11/25/91 10:32 EST
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|Date:||Nov 25, 1991|
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