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FILENE'S BASEMENT REPORTS FIRST QUARTER RESULTS; NET INCOME UP 36 PERCENT

 FILENE'S BASEMENT REPORTS FIRST QUARTER RESULTS;
 NET INCOME UP 36 PERCENT
 WELLESLEY, Mass., May 14 /PRNewswire/ -- Filene's Basement Corp., (NASDAQ: BSMT) reported today that its sales for the first quarter ended May 2, 1992, increased 11 percent to $111.0 million from $99.9 million reported for the first quarter last year. Net income for the first quarter of 1992 increased 36 percent to $3.8 million or 18 cents per share on 21.6 million average shares outstanding as compared to $2.8 million or 16 cents per share on 15.9 million average shares outstanding in the same quarter last year. Comparable store sales for the first quarter were down 2 percent vs. the first quarter last year.
 Jim Anathan, Filene's Basement president, said, "Despite the sluggish sales results for the first quarter, we were highly pleased with our bottom-line performance. Operating margins were essentially on plan -- an aggressive markdown program to liquidate early season merchandise negatively impacted gross margin; this was offset, however, by tight expense controls and higher productivity."
 Anathan added, "During the quarter, the company opened three new stores in Taunton, Mass.; Middletown, N.Y.; Vernon Hills, Ill.; and completed a major remodeling program in its Framingham, Mass., store. New store sales continue to track ahead of original projections."
 Filene's Basement operates specialty stores which offer focused, quality branded assortments of men's and women's apparel at discount prices. The company has 40 stores, primarily in the Northeast corridor, and in the greater metropolitan Chicago market.
 FILENE'S BASEMENT CORP.
 First Quarter Report
 The following are Filene's Basement's results for the first quarter of fiscal year 1992 as compared to the first quarter of fiscal year 1991:
 13 Weeks Ended-(a)
 May 2, May 4,
 1992 1991
 Net sales $110,979 $99,883
 Gross profit 31,674 29,357
 Selling, general and
 administrative expenses 23,824 21,395
 Amortization of intangible assets 364 434
 Amortization of beneficial
 operating lease rights 328 332
 Operating income 7,158 7,196
 Interest expense, net 902 2,538
 Income before income taxes 6,256 4,658
 Provision for income taxes 2,427 1,837
 Net income $3,829 $2,821
 Primary and fully diluted
 earnings per common share:
 Net income 18 cents 16 cents
 Weighted average shares
 outstanding 21,636 15,907
 ---
 (a)-In thousands, except per share amounts.
 -0- 5/14/92
 /CONTACT: Jim Anathan, president of Filene's Basement, 617-348-7042/
 (BSMT) CO: Filene's Basement Corp. ST: Massachusetts IN: REA SU: ERN


SH -- NE015 -- 0514 05/14/92 18:25 EDT
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Publication:PR Newswire
Date:May 14, 1992
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