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CROWLEY, MILNER AND COMPANY REPORTS THIRD-QUARTER RESULTS

 DETROIT, Nov. 17 /PRNewswire/ -- Dennis Callahan, Crowley's (AMEX: COM) president and chief executive officer, today reported the company's first profitable quarter since the fourth quarter of 1989 and its first profitable third quarter since 1988.
 Net earnings for the third quarter ended Oct. 30, 1993 were $358,098, or $.70 per share, compared with a net loss of $284,262, or $.56 per share, for the third quarter last year. Net sales for the quarter increased 1.1 percent to $27,258,386 from $26,971,061 last year. Comparable store sales for the third quarter were up 3.7 percent.
 For the nine months ended Oct. 30, 1993, a net loss of $2,248,807, or $4.42 per share, was recorded compared to a net loss of $2,477,933, or $4.87 per share, for the nine months ended Oct. 31, 1992. Net sales for the nine-month period were down 1.3 percent from the same period last year. Comparable store sales for the nine months were up 0.7 percent.
 Callahan attributed the results to the company's new marketing and merchandising programs that led to improved sales during the quarter and to expense reductions. Callahan further stated he felt that the company's reduced operating expense structure and anticipated fourth- quarter sales results would allow Crowley's to record its first annual profit in the last four years.
 CROWLEY, MILNER AND COMPANY
 Oct. 30 Oct. 31
 THIRD QUARTER ENDED 1993 1992
 Net sales $27,258,386 $26,971,061
 Net earnings (loss) 358,098 (284,262)
 Net earnings (loss) per share $.70 ($.56)
 Oct. 30 Oct. 31
 NINE MONTHS ENDED 1993 1992
 Net sales $71,815,957 $72,774,983
 Net loss (2,248,807) (2,477,933)
 Net loss per share ($4.42) ($4.87)
 -0- 11/17/93
 /CONTACT: Dennis Callahan of Crowley, Milner and Company, 313-962-2642/
 (COM)


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

ML -- DE020 -- 5606 11/17/93 15:20 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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