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BIZMART REVENUES SOAR 100 PCT. IN FIRST FULL QUARTER UNDER INTELLIGENT ELECTRONICS RETAIL STRATEGY; COMPARABLE STORE SALES GAIN 25 PERCENT

BIZMART REVENUES SOAR 100 PCT. IN FIRST FULL QUARTER UNDER INTELLIGENT

ELECTRONICS RETAIL STRATEGY; COMPARABLE STORE SALES GAIN 25 PERCENT
 EXTON, Pa., Dec. 4 /PRNewswire/ -- BizMart, a leading large-format retailer and a wholly owned subsidiary of Intelligent Electronics Inc. (NASDAQ-NMS: INEL), today reported record quarterly revenues, same store sales, and earnings for its fourth quarter ended Oct. 27, 1991.
 BizMart, acquired by Intelligent in June 1991 and operating in its first full quarter as Intelligent's Consumer Retail Division, generated record sales of $126.5 million for its fourth quarter. The quarter's revenue represents a 59 percent increase over revenues of $79.4 million for the three months ending July 1991, and more than doubles the $62.6 million in revenue generated by the chain in the comparable quarter a year ago.
 BizMart's revenue high follows an aggressive store roll-out program in which BizMart's existing office products stores were enhanced and remerchandised to sell the leading, name-brand microcomputers, peripherals, and accessories. By Intelligent's October year-end, BizMart's store count had grown from 57 stores at the acquisition date to 69 stores. Of those stores, 54 were operating under the new computer and office product supercenter format. To date, BizMart has 71 stores, all of which are operating under the new format.
 "BizMart's results confirm Intelligent is on target with a strategy that addresses the emerging retail market for technology," said Richard D. Sanford, Intelligent's chairman and chief executive officer. "BizMart's mission is to become the only place our customers go when they have an office productivity need."
 BizMart, purchased by Intelligent to provide an entrance into the superstore arena, also posted 25 percent comparable store sales growth for 1991's fourth quarter vs. the third quarter's comparable store sales growth of 18 percent. Figured on an average base of 67 stores for the fourth quarter, BizMart's contribution per store rose to $103,000 from 1990's fourth quarter of $53,000 per store figured on an average base of 43 stores.
 Highlighting the fourth quarter was BizMart's net income contribution of $108,000 to Intelligent's consolidated earnings. The following provides selected revenue and expense data for a year-to-year comparison of BizMart for the three-month periods ended Oct. 26, 1991, and Oct. 27, 1990:
 (Dollars in thousands)
 Three months ended Oct. 26, 1991 Oct. 27, 1990
 Revenues $126,546 $62,571
 Cost of goods sold 102,141 49,224
 Gross profit 24,405 13,347
 Store expenses 17,486 11,067
 Store contribution 6,919 2,280
 Store margin (pct.) 5.5 3.6
 Results for the 19 weeks ended Oct. 26, 1991 are included in Intelligent's consolidated financial results. BizMart was acquired by Intelligent on June 19, 1991.
 /delval/
 -0- 12/4/91
 /CONTACT: Stephanie Cohen, vice president-investor relations, 215-458-6603, or Bob Yablunsky, director of investor relations, 215-458-6668, both of Intelligent Electronics/
 (INEL) CO: BizMart; Intelligent Electronics, Inc. ST: Pennsylvania IN: REA SU: ERN


KA -- PH027 -- 9331 12/04/91 15:37 EST
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Publication:PR Newswire
Date:Dec 4, 1991
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