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CROWLEY'S REPORTS REVISED YEAR-END AND FIRST-QUARTER RESULTS

 DETROIT, June 16 /PRNewswire/ -- Dennis Callahan, Crowley, Milner and Company's (AMEX: COM) president and chief executive officer, today reported revised results for the fiscal year ended Jan. 30, 1993, and results for the first quarter ended May 1, 1993. The company's fourth- quarter and year-end results for the year ended Jan. 30, 1993, were revised to record a $1,900,000 restructuring charge consisting of costs related to the closing of the company's Westland, Mich., store and professional fees incurred to implement the company's restructuring plan.
 CROWLEY, MILNER AND COMPANY
 Fiscal Year Ended Jan. 30, 1993 Feb. 1, 1992
 Net sales $106,349,328 $103,905,801
 Restructuring charge 1,900,000 ---
 Net loss 3,947,015 2,615,236
 Net loss per share $7.75 $5.14
 Fourth Quarter Ended Jan. 30, 1993 Feb. 1, 1992
 Net sales $33,574,345 $33,370,268
 Restructuring charge 1,900,000 ---
 Net loss 1,469,082 236,563
 Net loss per share $2.88 $.46
 For the first quarter ended May 1, 1993, a net loss of $1,375,790, or $2.70 per share, was recorded compared to a net loss of $794,209, or $1.56 per share, for the first quarter ended May 2, 1992. The winter weather experienced in the first quarter contributed to a 6.6-percent sales decline and higher markdowns to clear out winter merchandise. Also, the company's Westland store, scheduled to close in July 1993, generated a $183,000 operating loss for the first quarter. This loss was included as part of the $1.9 million restructuring charge recorded in the fourth quarter ended Jan. 30, 1993.
 First Quarter Ended May 1, 1993 May 2, 1992
 Net sales $22,989,547 $24,601,334
 Net loss 1,375,790 794,209
 Net loss per share $2.70 $1.56
 -0- 6/16/93
 /CONTACT: Dennis Callahan, president and CEO, Crowley, Milner and Company, 313-962-2400/
 (COM)


CO: Crowley, Milner and Company ST: Michigan IN: REA SU: ERN

JG -- DE026 -- 2779 06/16/93 16:59 EDT
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Publication:PR Newswire
Date:Jun 16, 1993
Words:341
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