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FRETTER, INC. ANNOUNCES THIRD-QUARTER NET EARNINGS OF $565,000, ON A 26.1-PERCENT INCREASE IN NET SALES OVER LAST YEAR

 FRETTER, INC. ANNOUNCES THIRD-QUARTER NET EARNINGS OF $565,000,
 ON A 26.1-PERCENT INCREASE IN NET SALES OVER LAST YEAR
 LIVONIA, Mich., Dec. 13 /PRNewswire/ -- Fretter, Inc. (NASDAQ-NMS: FTTR) today announced net earnings for its third quarter ended Oct. 31, 1991, of $565,000 or $.04 per share which includes a $98,000 or $.01 per share extraordinary tax credit which resulted from the utilization of a net operating loss carry forward. For the quarter ended Oct. 31, 1990, the company reported a net loss of $925,000 or $.06 per share.
 Net sales for the third quarter ended Oct. 31, 1991, increased 26.1 percent to $66,845,000 from $53,026,000 in the prior year. Comparable store sales increased $2,300,000 (4.7 percent). A comparable store for a given fiscal period is a store that was open for all of that period as well as all of the prior fiscal period for which a comparison is being made. Included in the 26.1-percent increase is $6,074,000 of sales from Fred Schmid Appliance & TV Co., Inc. which was acquired on Sept. 30, 1991. Without regard to such sales from Fred Schmid, the increase would have been 14.6 percent for the third quarter ended Oct. 31, 1991, from the same period in the prior year.
 For the nine-month period ended Oct. 31, 1991, the company reported net earnings of $1,239,000 or $.09 per share which includes a $328,000 or $.02 per share extraordinary tax credit. For the nine-month period ended Oct. 31, 1990, the company reported a net loss before the cumulative effect of a change in accounting principle of $3,892,000 or $.27 per share. The net loss for the nine-month period ended Oct. 31, 1990, after the cumulative effect of a change in accounting principle was $12,650,000 or $.89 per share. As previously reported, in the first quarter of the fiscal year ended Jan. 31, 1991, the company made a required change in the method of recognizing revenue from the sale of service contracts.
 Net sales for the nine months ended Oct. 31, 1991, increased 32.2 percent to $189,500,000 from $143,300,000 in the prior year. Comparable store sales increased $25,443,000 (18.5 percent) in the nine- month period ended Oct. 31, 1991. As stated above, included in the 32.2-percent increase is $6,074,000 of sales from Fred Schmid Appliance & TV Co., Inc. which was acquired on Sept. 30, 1991.
 Fretter, Inc. is a leading specialty retailer of home-entertainment products, consumer electronics and appliances, with 82 store locations in Illinois, Indiana, Massachusetts, Michigan, New Hampshire and Ohio under the name Fretter and in Colorado, Montana and Wyoming through its wholly owned subsidiary under the name Fred Schmid Appliance & TV Co.
 -0- 12/13/91
 /CONTACT: Mark T. Malta of Fretter, Inc., 313-591-0600/
 (FTTR) CO: Fretter, Inc.; Fred Schmid Appliance & TV Co. ST: Michigan IN: REA SU: ERN


SB -- DE013 -- 2420 12/13/91 14:04 EST
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Publication:PR Newswire
Date:Dec 13, 1991
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