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GANTOS, INC. REPORTS 3RD QUARTER 1992 EARNINGS

 GRAND RAPIDS, Mich., Nov. 18 ~PRNewswire~ -- Gantos, Inc. (NASDAQ: GTOS) today reported net income for the third quarter ended Oct. 31, 1992 of $1.2 million, or $0.22 per share, compared to net income of $224,000, or $0.04 per share, for the same period a year ago. Sales were $61.6 million for the quarter, an increase of 1 percent over sales of $61.0 million in the prior year. Sales for stores open throughout both periods increased by 2 percent.
 For the nine months ended Oct. 31, 1992, net income was $1.7 million, or $0.31 per share, compared to a net loss of $2.3 million, or $0.43 per share, for the same period a year ago. The company's year-to-date sales of $187.1 million increased 4 percent from 1991 sales of $180.4 million. Sales for stores open throughout both periods rose 7 percent.
 L.D. Gantos, chief executive officer of the company, said, "It is a tribute to the hard work of our employees that we were able to improve earnings by nearly $1 million over last year's third quarter, despite a difficult retail environment. We remain pleased with the progress we have made against the company's goals to strengthen its financial position and reduce debt."
 Michele Fortune, president and chief operating officer, added, "We continue to pursue strong gains as a result of selling, general and administrative expense reductions. In addition, we are committed to providing customer service and high quality merchandise at price levels which represent real value to our customers. We are pleased to see gross margins improve, an indication that our customer approves of our merchandising efforts."
 Gantos, Inc. is a leading specialty retailer of quality women's wear and accessories. The company currently operates 159 stores in 25 states.
 GANTOS, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Amounts in thousands, except per share and store data)
 Unaudited
 Third Quarter Ended Nine Months Ended
 Oct. 31 Nov. 2, Oct. 31, Nov. 2,
 1992 1991 1992 1991
 Net sales $61,643 $61,023 $187,131 $180,370
 Cost of sales (including
 buying, distribution
 and occupancy costs) 49,090 48,880 149,455 145,756
 Gross income 12,553 12,143 37,676 34,614
 Selling, general and
 administrative expense 12,009 12,432 38,902 40,003
 Operating income (loss) 544 (289) (1,226) (5,389)
 Interest expense (628) (1,336) (2,312) (3,949)
 Finance charge and
 other revenue 1,822 1,984 6,026 5,787
 Income (loss) before
 income taxes 1,738 359 2,488 (3,551)
 Provision (credit) for
 income taxes 566 135 809 (1,273)
 Net income (loss) $1,172 $224 $1,679 ($2,278)
 Net income (loss)
 per share $0.22 $0.04 $0.31 ($0.43)
 Weighted average shares
 outstanding 5,410 5,256 5,423 5,256
 Stores open at end
 of period 159 161 159 161
 GANTOS, INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Amounts in thousands)
 Unaudited
 Oct. 31 Nov. 2,
 1992 1991
 Assets
 Current assets:
 Cash $1,724 $1,298
 Accounts receivable
 (net) 38,225 41,317
 Merchandise inventories 46,796 48,038
 Prepaid expenses and
 other 4,742 4,390
 Total current assets 91,487 95,043
 Property and equipment
 (net) 39,032 47,636
 Total assets $130,519 $142,679
 Liabilities and shareholders' equity
 Current liabilities:
 Accounts payable and
 other $27,465 $23,093
 Accrued expenses and
 other 16,405 15,899
 Deferred income taxes 844 632
 Total current
 liabilities 44,714 39,624
 Long-term debt 41,476 63,178
 Other long-term
 liabilities 0 1,247
 Deferred taxes 2,029 1,299
 Shareholders' equity 42,300 37,331
 Total liabilities and
 shareholders' equity $130,519 $142,679
 -0- 11~18~92
 ~CONTACT: J.E. Bunka, controller, Gantos, Inc., 616-940-9295~
 (GTOS)


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

ML -- DE004 -- 2201 11~18~92 09:29 EST
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Date:Nov 18, 1992
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