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FABRI-CENTERS ANNOUNCES RECORD QUARTER; NINE MONTH SALES AND EARNINGS

FABRI-CENTERS ANNOUNCES RECORD QUARTER; NINE MONTH SALES AND EARNINGS
    CLEVELAND, Nov. 13 /PRNewswire/ -- Fabri-Centers of America, Inc. (NYSE: FCA) today announced record sales and earnings in both the third quarter and the first nine months of the fiscal year.
    Net sales in the quarter ended Nov. 2, 1991 totaled $120,494,000, a 25 percent increase above the $96,233,000 recorded a year earlier. Net earnings in the quarter were $4,513,000, or 47 cents per share, compared to $2,962,000, or 38 cents per share, last year.
    Through nine months, sales of $310,374,000 were 23 percent above the $252,228,000 from the prior year.  Net earnings for the nine months of $5,556,000, or 61 cents per share, compared to the prior year's earnings of $2,432,000, or 31 cents per share.
    Alan Rosskamm, president and chief executive officer, said the shift to larger stores in destination oriented strip shopping centers continues to produce strong sales results as indicated by net sales and comparable store sales improvement.  Comparable store sales for the Jo-Ann Fabrics stores open more than one year increased 15 percent for the quarter and 12 percent for the first nine months.
    To date, the company has converted more than 45 percent of the store base since the repositioning program began three years ago.  Rosskamm further explained that the increased merchandise assortment carried in these larger stores has met with strong customer acceptance as reflected in the sales results.  He went on to say that the earnings improvement continues to be especially gratifying due to the heavy investment spending associated with the aggressive superstore conversion program.
    The company remains optimistic about its sales and earning results for the important fourth quarter which is traditionally its strongest selling season.
    Fabri-Centers operates 622 fabric stores in 36 states and 29 Cargo Express housewares stores in Ohio and Michigan.
                        FABRI-CENTERS OF AMERICA, INC.
                               SALES & EARNINGS
                   FOR THE THIRD QUARTER AND 39 WEEKS ENDED
                     November 2, 1991 and October 27, 1990
                 (Dollars in thousands except per share data)
                                             THIRD QUARTER
                                      13 Weeks           13 Weeks
                                       Ended              Ended
                                   November 2, 1991  October 27, 1990(A)
    Sales                            $120,494           $96,233
    Earnings Before Income Taxes        7,050             4,775
    Provision for Income Taxes          2,537             1,813
    Net Earnings                        4,513             2,962
    Earnings Per Share                   $.47              $.38
    Average Shares and Equivalents
      Outstanding                   9,597,673         7,878,240
                                              NINE MONTHS
                                      39 Weeks           39 Weeks
                                       Ended              Ended
                                   November 2, 1991  October 27, 1990(A)
    Sales                            $310,374          $252,228
    Earnings Before Income Taxes        8,719             3,917
    Provision for Income Taxes          3,163             1,485
    Net Earnings                        5,556             2,432
    Earnings Per Share                   $.61              $.31
    Average Shares and Equivalents
      Outstanding                   9,032,588         7,942,619
    (A)  Share amounts have been adjusted to reflect a 3-for-2 split of the company's common stock carried out by paying a 50 percent dividend on Jan. 25, 1991.
    -0-                     11/13/91
    /CONTACT:  Robert Norton or Alan Rosskamm, both of Fabri-Centers of America, Inc., 216-656-2600/
    (FCA) CO:  Fabri-Centers of America, Inc. ST:  Ohio IN:  REA SU:  ERN KK -- CL014 -- 3801 11/13/91 09:39 EST
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Publication:PR Newswire
Date:Nov 13, 1991
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