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FILENE'S BASEMENT REPORTS RECORD EARNINGS FOR THE FOURTH QUARTER AND FISCAL YEAR

 FILENE'S BASEMENT REPORTS RECORD EARNINGS FOR THE FOURTH QUARTER
 AND FISCAL YEAR
 WELLESLEY, Mass., March 17 /PRNewswire/ -- Filene's Basement Corp. (NASDAQ: BSMT) today reported record 1991 fourth quarter and full-year sales and earnings. For the 1991 year ended Feb. 1, 1992, income before extraordinary items increased 80 percent to $16.3 million from $9.1 million for the 1990 year. Reflecting an increase in the average number of common shares outstanding, fully diluted earnings per share before extraordinary items rose 56 percent to 81 cents from 1990's 52 cents per share. Sales in 1991 reached a record $465.4 million, an increase of 16 percent from $400.8 million for the year ended Feb. 2, 1991.
 After reflecting the extraordinary charge of $2.3 million associated with the repayment of the company's $35 million term loan and the repurchase of $18.5 million of the company's 12-3/4 percent subordinated debentures, the company reported net income of $14.0 million or 69 cents per share for this year. Last year, the company reported net income of $12.3 milion, or 72 cents per share, when adjusted for extraordinary income of $3.3 million associated with net operating loss carryforwards.
 Income before extraordinary items for the fourth quarter ended Feb. 1, 1992, increased 97 percent to $3.9 million from $2.0 million in the prior year. Earnings per share before extraordinary items increased 64 percent to 18 cents from 1990's 11 cents. Total sales for the fourth quarter of 1991 increased 18 percent to $139.6 million from $117.9 million reported for the fourth quarter in the prior year.
 Accounting for the extraordinary expense of $1.2 million associated with the repurchase of the company's 12-3/4 percent subordinated debentures in the fourth quarter of this year vs. extraordinary income of $0.2 million for the same period last year; income for the quarter increased 27 percent to $2.8 million this year vs. $2.2 million in 1990.
 Comparable store sales for the fourth quarter increased 1 percent from the fourth quarter in the prior year; for the full year, comparable store sales decreased 1 percent from the same period last year. In commenting on the company's performance, Jim Anathan, president of Filene's Basement, said, "Given the difficult economic environment in the Northeast, we are extremely pleased with the earnings increases in the fourth quarter and the full year. On an annual basis, operating income was up 24 percent driven by our improving gross margin and the lowering of our SG&A expense as a percent to sales."
 Filene's Basement Corp. operates specialty stores which offer focused, quality, branded assortments of men's and women's apparel at discount prices. The company operates 38 stores, primarily in the Northeast corridor extending from Portland, Maine, to Philadelphia, Pa. Three were recently opened in the greater metropolitan Chicago market.
 FILENE'S BASEMENT CORP.
 Fourth Quarter Report
 The following are Filene's Basement's results for the fourth quarter of fiscal year 1991 as compared to the fourth quarter of fiscal year 1990:
 13 Weeks Ended
 (in thousands except per share data)
 Feb. 1 Feb. 2 Percent
 1992 1991
 Net sales $139,641 $117,930 18 pct
 Income before income
 taxes and extraordinary
 items $6,564 $3,367 95
 Income before
 extraordinary items $3,946 $2,003 97
 Extraordinary item:
 Tax benefit resulting
 from net operating
 loss carryforwards --- $189 --
 Debt extinguishment,
 net of tax $(1,173) -- --
 Net income $2,773 $2,192 27
 Fully diluted earnings
 per share:
 Income per common
 share before
 extraordinary item 18 cents 11 cents
 Net income per
 common share 13 cents 12 cents
 Weighted average shares
 outstanding 21,668 15,885
 The following are Filene's Basement's results for the 52 weeks ended Feb. 1, 1992, as compared to the same period in fiscal year 1990:
 52 Weeks Ended
 (in thousands except per share data)
 Feb. 1 Feb. 2 Percent
 1992 1991
 Net sales $465,350 $400,761 16 pct
 Income before income
 taxes and extraordinary
 items $27,128 $15,737 72
 Income before
 extraordinary items $16,337 $9,053 80
 Extraordinary item:
 Tax benefit resulting
 from net operating
 loss carryforwards --- $3,255 --
 Debt extinguishment,
 net of tax $(2,335) --- --
 Net income $14,002 $12,308 14
 Fully diluted
 earnings per share:
 Income per common
 share before
 extraordinary item 81 cents 52 cents
 Net income per common
 share 69 cents 72 cents
 Weighted average shares
 outstanding 20,024 15,915
 -0- 3/17/92
 /CONTACT: Jim Anathan, president of Filene's Basement Corp., 617-348-7042/
 (BSMT) CO: Filene's Basement Corp. ST: Massachusetts IN: REA SU: ERN


SH-EG -- NE001 -- 8635 03/17/92 08:40 EST
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Date:Mar 17, 1992
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