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FRETTER, INC. REPORTS FIRST-QUARTER NET EARNINGS OF $385,000 ON A 34.4-PERCENT INCREASE IN NET SALES OVER PRIOR YEAR

 FRETTER, INC. REPORTS FIRST-QUARTER NET EARNINGS OF $385,000
 ON A 34.4-PERCENT INCREASE IN NET SALES OVER PRIOR YEAR
 LIVONIA, Mich., June 12 /PRNewswire/ -- Fretter, Inc. (NASDAQ-NMS: FTTR) today reported net earnings for the three-month period ended April 30, 1992, of $385,000 (or $.03 per share). This compares to net earnings of $88,940 (or $.01 per share), exclusive of an extraordinary credit for the three-month period ended April 30, 1991. The extraordinary credit resulted from the tax benefit associated with the utilization of a net operating loss carryforward.
 Net sales for the three-month period ended April 30, 1992, increased 34.4 percent to $74,516,000 from $55,447,00 in the prior year. Included in sales for the three-month period ended April 30, 1992, were sales from Fred Schmid Appliance & TV Company, an 18-store appliance and consumer electronics chain acquired in September 1991. Comparable store sales for the period were approximately the same as in the prior year. 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.
 Fretter, Inc. is a leading specialty retailer of home entertainment products, consumer electronics and appliances with 83 stores located in Michigan, Illinois, Ohio, Indiana, Massachusetts and New Hampshire under the name Fretter and in Colorado, Wyoming and Montana under the name Fred Schmid.
 -0- 6/12/92
 /CONTACT: Dale Campbell of Fretter, Inc., 313-591-0600/
 (FTTR) CO: Fretter, Inc.; Fred Schmid Appliance & TV Company ST: Michigan IN: REA SU: ERN


KK -- DE020 -- 9848 06/12/92 17:02 EDT
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Publication:PR Newswire
Date:Jun 12, 1992
Words:275
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