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CROWLEY, MILNER AND COMPANY REPORTS FIRST-QUARTER RESULTS

 CROWLEY, MILNER AND COMPANY REPORTS FIRST-QUARTER RESULTS
 DETROIT, May 20 /PRNewswire/ -- Andrew J. Soffel, Crowley, Milner and Company (AMEX: COM) chairman, today reported results for the first quarter ended May 2, 1992. A 9.6-percent sales increase to $24,601,334 from $22,441,881 was reported in the quarter.
 A net loss of $794,209, or $1.56 per share, was recorded compared to a net loss of $417,314, or $.82 per share, for the comparable quarter last year. The company's net operating loss carryforward position prevents the company from tax-effecting losses, thus the after-tax loss for the current fiscal quarter is not as comparable to the prior year's quarter as the pre-tax loss. The pre-tax loss for the quarter ended May 2, 1992, was also $794,209 compared with $579,314 last year.
 Soffel stated he was very encouraged by the sales increase for the quarter, which would indicate a favorable response from the consumer to the company's merchandising efforts, particularly its frequent-buyer program. He attributed the greater loss to lower margins from absorbing the cost of the frequent-buyer program and the timing of the fall clearance sales compared to last year, and slightly higher operating expenses.
 He further stated that the company has recently taken steps to reduce operating expenses by an additional $2.5 million annually and was very positive that the reductions along with the merchandising programs would return the company to profitability.
 CROWLEY, MILNER AND COMPANY
 May 2, May 4,
 First Quarter Ended 1992 1991
 Net sales $24,601,334 $22,441,881
 Loss before income taxes (794,209) (579,314)
 Income tax credits --- (162,000)
 Net loss ($794,209) ($417,314)
 Net loss per share ($1.56) ($.82)
 -0- 5/20/92
 /CONTACT: Mark A. VandenBerg of Crowley, Milner and Company, 313-962-2400, Ext. 586/
 (COM) CO: Crowley, Milner and Company ST: Michigan IN: REA SU: ERN


SM-KK -- DE031 -- 2494 05/20/92 16:54 EDT
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Publication:PR Newswire
Date:May 20, 1992
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