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FRETTER, INC. REPORTS SECOND-QUARTER NET EARNINGS OF $1,130,000, 32-PERCENT INCREASE IN NET EARNINGS OVER PRIOR FISCAL PERIOD

 LIVONIA, Mich., Aug. 27 /PRNewswire/ -- Fretter, Inc. (NASDAQ: FTTR) today announced a 32-percent increase in net earnings for its second quarter ended July 31, 1993, of $1,130,000 ($.08 per share). This compares to net earnings of $857,000 (or $.06 per share), for the same period last year.
 For the six-month period ended July 31, 1993, the company reported net earnings of $4,332,000 (or $.30 per share) inclusive of a cumulative effect change in accounting principle of $2,750,000 (or $.19 per share). These results represent a 27-percent increase in net earnings from operations for the six-month period ended July 31, 1993. This compares to net earnings of $1,240,000 (or $.08 per share) for the same period last year.
 Net sales for the second quarter ended July 31, 1993, increased 2.7 percent to $87,637,000 from $85,310,000 in the prior year. Comparable store sales for the three-month period ended July 31, 1993, declined 1.8 percent. A comparable store sale relates each store's sales in a current fiscal period to the same store's sales in the same period in the prior fiscal period. Comparable store sales were adversely affected by certain competitor grand opening sales in two markets, partially offset by the increase in air conditioner sales.
 Net sales for the six-month period ended July 31, 1993, increased 4.5 percent to $167,080,000 from $159,826,000 in the prior year. Comparable store sales were unchanged from the six-month period ended July 31, 1992.
 Fretter, Inc. is a leading specialty retailer of home entertainment products, consumer electronics and appliances, with 85 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- 8/27/93
 /CONTACT: Dale Campbell of Fretter, 313-591-8140/
 (FTTR)


CO: Fretter, Inc. ST: Michigan IN: REA SU: ERN

ML -- DE019 -- 6703 08/27/93 15:14 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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