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FABRI-CENTERS ANNOUNCES FISCAL 1994

HUDSON, Ohio, May 13 /PRNewswire/ -- Fabri-Centers of America, Inc. (NYSE: FCA) today announced that fiscal 1994 first quarter net sales from continuing operations increased 11 percent to $139,751,000 from $125,811,000 in the corresponding period a year ago while comparable- store sales decreased 0.8 percent.
 The company announced, as expected, a net loss of $1,285,000, or $.14 per share, for the first quarter of this year compared with net earnings of $1,918,000, or $.20 per share, a year ago. The first quarter net loss includes a one-time credit of $399,000, or $.04 per share, from the adoption of FASB Statement No. 109, "Accounting for Income Taxes." The net loss from continuing operations was $1,684,000, or $.18 per share, for the quarter compared to net earnings from continuing operations of $2,448,000, or $.25 per share, for the same period a year ago.
 The quarterly results were down as a result of continued aggressive pricing pressure by fabric retailers. This pressure has been caused by the rapid industry expansion to much larger superstores over the past three years and a much tougher retailing environment. The company is taking aggressive steps to improve declining margins through revised promotional pricing policies and better store operating procedures.
 Fabri-Centers operates 685 stores (of which 489 are superstores) in 36 states, primarily under the name of Jo-Ann Fabrics, which offer customers a broad assortment of fashion and decorator fabrics, crafts, notions, seasonal and other merchandise.
 FABRI-CENTERS OF AMERICA, INC.
 Summary of Sales and Earnings
 (Thousands of dollars, except share data)
 13 Weeks 13 Weeks
 Ended Ended
 May 1, 1993 May 2, 1992
 Net Sales $139,751 $125,811
 Earnings (loss) from
 continuing operations
 before income taxes and
 cumulative effect of
 accounting change $(2,694) $3,916
 Income taxes (1,010) 1,468
 Net earnings (loss) from
 continuing operations $(1,684) $2,448
 Earnings (loss) from
 discontinued operations,
 net of tax --- (530)
 Net earnings (loss) before
 cumulative effect of
 accounting change $(1,684) $1,918
 Cumulative effect as of
 Jan. 30, 1993, of change
 in method of accounting for
 income taxes (A) 399 ---
 Net earnings (loss) $(1,285) $1,918
 Earnings (loss) per share:
 Earnings (loss) per common share
 Earnings (loss) from
 continuing operations $(0.18) $0.25
 Discontinued operations --- (0.05)
 Cumulative effect of
 accounting change 0.04 ---
 Earnings (loss) per share $(0.14) $0.20
 Average shares and
 equivalents outstanding 9,368,060 9,760,537
 (A) Change in Method of Accounting for Income Taxes
 Effective Jan. 31, 1993, the company adopted FASB Statement No. 109, "Accounting for Income Taxes." As permitted by Statement 109, the company has elected not to restate the financial statements of any prior years. The effect of the change on pretax income from continuing operations for the three months ended May 1, 1993, was not material; however, the cumulative effect of the change increased net income by $399,000, or $0.04 per share.
 -0- 5/13/93
 /CONTACT: Robert Norton or Alan Rosskamm, 216-656-2600, both of Fabri-Centers of America, Inc./
 (FCA)


CO: Fabri-Centers of America, Inc. ST: Ohio IN: REA SU: ERN

KL -- CL017 -- 8278 05/13/93 16:08 EDT
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Publication:PR Newswire
Date:May 13, 1993
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