EDISON BROTHERS REPORTS HIGHER THIRD QUARTER EARNINGS
EDISON BROTHERS REPORTS HIGHER THIRD QUARTER EARNINGS ST. LOUIS, Dec. 9 /PRNewswire/ -- Net income for Edison Brothers
Stores, Inc., (NYSE: EBS) grew modestly in the third quarter of 1991, it was reported today by Andrew E. Newman, chairman, and Martin Sneider, president.
Net income was $11.6 million or 54 cents per share in the quarter ended Nov. 2, 1991. This was an increase of 2.7 percent in total and 3.8 percent per share compared with net income of $11.3 million or 52 cents per share in the quarter ended Nov. 3, 1990. As previously reported, sales for the third quarter of 1991 were $329.4 million, an increase of 6.1 percent over the $310.6 million of sales in the third quarter of 1990. For the first 39 weeks of 1991, net income was $31.9 million or $1.49 per share, an increase of 7.8 percent in total and 6.4 percent per share compared with $29.6 million or $1.40 per share for the first 39 weeks of 1990. Sales for the first 39 weeks of 1991 were $944.6 million, an increase of 13.6 percent over the $831.6 million of sales in the first 39 weeks of 1990. Edison's J. Riggings menswear chain continued to turn in outstanding sales growth, capitalizing on strong consumer interest in value-priced fashion basics. The company's JW menswear chain, Bakers/Leeds footwear chain, and Edison Brothers Mall Entertainment division also performed well. The company reports that the Webster/Zeidler & Zeidler menswear stores, acquired last year, have begun to show significant sales gains. During the third quarter Edison Brothers opened 72 new stores and closed 19 stores in ongoing chains, ending the period with 2,821 units in operation. Edison Brothers Stores, Inc., operates the JW/Jeans West, Oaktree, Coda, J. Riggings, Webster/Zeidler & Zeidler, and Repp Ltd. menswear stores; 5-7-9 Shops junior apparel stores and Spirale girls' apparel stores; Joan Bari/Cabaret accessories boutiques; Bakers, Leeds, Precis, Chandlers, Wild Pair, Velocity, and Sacha London footwear stores; Fashion Shoe departments in certain department stores; Time-Out and Space Port family entertainment centers; and Dave & Buster's restaurant/entertainment complexes. EDISON BROTHERS STORES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (In millions, except per share data) 13 Weeks Ended 39 Weeks Ended 11/2/91 11/3/90 11/2/91 11/3/90 Net sales $329.4 $310.6 $944.6 $831.6 Cost of goods sold, occupancy and buying expenses 213.7 202.4 606.8 534.9 Store operating and administrative expenses 77.3 72.1 227.6 204.5 Depreciation and amortization 15.0 14.2 44.8 35.7 Interest expense, net 5.1 4.3 14.3 9.5 Total 311.1 293.0 893.5 784.6 Income before income taxes 18.3 17.6 51.1 47.0 Provision for income taxes 6.7 6.3 19.2 17.4 Net income $11.6 $11.3 $31.9 $29.6 Per common share: Net income $.54 $.52 $1.49 $1.40 Cash dividends paid $.26 $.26 $.78 $.78 Weighted average common shares outstanding (in thousands) 21,524 21,852 21,465 21,160 -0- 12/9/91 /CONTACT: Lee G. Weeks of Edison Brothers Stores, 314-331-6531/ (EBS) CO: Edison Brothers Stores Inc. ST: Missouri IN: REA SU: ERN SM -- NY017 -- 0447 12/09/91 10:07 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 9, 1991|
|Previous Article:||INSTINET LAUNCHES MARKET MATCH SERVICE|
|Next Article:||NETWORK WORLD ANNOUNCES ACQUISITION OF CONNECT, THE JOURNAL OF COMPUTER NETWORKING|