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CLOTHESTIME ANNOUNCES FIRST QUARTER RESULTS; 92 PERCENT INCREASE OVER LAST YEAR'S FIRST QUARTER INCOME

 CLOTHESTIME ANNOUNCES FIRST QUARTER RESULTS;
 92 PERCENT INCREASE OVER LAST YEAR'S FIRST QUARTER INCOME
 ANAHEIM, Calif., May 21 /PRNewswire/ -- The Clothestime Inc. (NASDAQ: CTME) today announced its best first quarter earnings since 1987, touting one of the highest rates of growth within the junior retail apparel industry. Net income for the quarter ended April 25, 1992, was $1.0 million, which resulted in a 92 percent increase over last year's net income of $522,000, announced John Ortega II, chairman of the board .
 Clothestime sales for the quarter were $68.3 million, realizing a 20 percent increase, compared with $56.8 million in sales for the same period last year. Comparable store sales for the quarter increased 11 percent. Earnings per share were $0.07 compared with $0.04 for the same period last year.
 According to Ortega, Clothestime is realizing sales increases not just from new store openings, but also from revenue growth at existing stores.
 "Over the past year and a half, we have put new management in place, reemphasized quality control programs, pricing and marketing strategies," Ortega said. "We are now seeing the results."
 According to Ortega, the company has brought in key management players with extensive experience at large retail chains, who have been instrumental in managing the company's explosive growth. Clothestime has opened 35 stores to date this year, and plans to open another 30 locations by year-end, bringing its company total to 466.
 Ortega also points to new marketing and advertising ventures Clothestime has undertaken such as executing promotions for new store openings and remodels, increasing publicity efforts and sponsoring sports and charity events. Clothestime has also stretched its advertising budget to provide support for 47 different markets through cable television, print ads and radio spots.
 Ortega also credits the company's new tag line "Always in Fashion, Never Full Price" as hitting a strong chord with consumers. "Consumers today demand value," Ortega said. "We believe we have carved a real niche by offering in-season merchandise for a fraction of the price."
 THE CLOTHESTIME INC.
 Summary Results of Operations
 (Unaudited)
 Period ending
 April 25, 1992 April 27, 1991
 Net sales $68,297,000 $56,787,000
 Net income $1,011,000 $522,000
 Earnings per share $.07 $.04
 Average shares outstanding 15,183,000 14,503,000
 The Clothestime Inc. operates 436 women's apparel stores in 18 states, offering primarily in-season, moderately priced sportswear, dresses and accessories, emphasizing brand names at a substantial discount from the more upscale department and specialty stores.
 -0- 5/21/92 R
 /CONTACT: Jennifer Sims of Gloria Zigner & Associates, 800-669-4599, for Clothestime/
 (CTME) CO: The Clothestime Inc. ST: California IN: REA SU: ERN


KD-SE -- LA008 -- 2819 05/21/92 12:13 EDT
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Publication:PR Newswire
Date:May 21, 1992
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