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BRAUN'S FASHIONS REPORTS FIRST QUARTER RESULTS

BRAUN'S FASHIONS REPORTS FIRST QUARTER RESULTS
    MINNEAPOLIS, July 7 /PRNewswire/ -- Braun's Fashions Corporation (NASDAQ-NMS: BFCI) today reported net sales for the first quarter ended May 30, 1992, were $17,767,855 compared to $17,153,248 for the same period last year or a 3.6 percent increase.
    Same store sales decreased 4.3 percent during the quarter.  Net income was $545,617 or 16 cents per share as compared to $630,450 or 24 cents per share for the comparable quarter last year.  Approximately 5 cents of the EPS decline was due to a greater number of shares outstanding this year as a result of the company's March 1992 initial public offering.
    The decrease in same store sales was due to unusually cold weather throughout the 16-state area where the company operates and the low level of consumer confidence caused by a sluggish economy.  These factors along with the company's unusually strong quarter last year make the quarter-to-quarter comparisons more pronounced.
    Six (five Braun's and one Gigi) of the 14 planned new stores for fiscal '93 were opened during the first quarter.  The remainder of these stores are expected to be opened during the second quarter.
    The gross profit margin was 29.1 percent compared to 29.9 percent last year.  The lower gross margin percent reflects higher-than-planned promotional markdowns.  Selling, general and administrative expenses were 23.7 percent vs. 22.7 percent for the same quarter last year.  This increase included general inflationary cost increases, additional expenses for 15 new stores and added MIS expenses related to a major hardware and systems conversion to be completed later this year.
    Interest expense was down $130,000 as a result of lower borrowings, primarily due to the company paying down all of its long-term debt ($5,650,000) with the initial public offering proceeds.
    Braun's Fashions Corporation is a Minneapolis-based regional retailer of women's specialty apparel.  As of May 30, 1992, the company operated a chain of 149 stores in 16 Midwestern states.
                     BRAUN'S FASHIONS CORPORATION
                         Financial Highlights
        (Dollars in thousands, except per-share amounts; unaudited)
     Three months ended             5/30/92       6/1/91
    Net sales                       $17,768      $17,153
    Net income                          546          618
    Per common share                  $0.16        $0.24
                      Consolidated Financial Data
            (Dollars in thousands, except per-share amounts)
                                            Pct.                 Pct.
     Three months ended          5/30/92  to Sales     6/1/91  to Sales
    Net sales                  $17,768      100.0     $17,153    100.0
    Cost of sales               12,596       70.9      12,027     70.1
    Gross profit                 5,172       29.1       5,126     29.9
    S,G&A expenses               4,204       23.7       3,892     22.7
    Operating income               968        5.4       1,234      7.2
    Interest expense                87        0.4         217      1.3
    Income before income taxes     881        5.0       1,017      5.9
    Income taxes                   335        1.9         386      2.3
    Net income                     546        3.1         631      3.6
    Net income/common share(A)   $0.16         --       $0.24       --
    (A) -- Based on the weighted average number of outstanding shares of common stock and common stock equivalents of 3,352,125 for the period ended May 30, 1992 and 2,608,757 for the period ended June 1, 1991.
    -0-             07/07/92
    CONTACT:  Herbert D. Froemming of Braun's Fashions, 612-941-9690
    (BFCI) CO:  BRAUN'S FASHIONS CORPORATION IN:  REA SU:  ERN ST:  MN -- MN099 -- X035  07/07/92
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Publication:PR Newswire
Date:Jul 7, 1992
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