GOTTSCHALKS ANNOUNCES FIRST QUARTER RESULTS
GOTTSCHALKS ANNOUNCES FIRST QUARTER RESULTS FRESNO, Calif., May 28 /PRNewswire/ -- Gottschalks Inc.
(NYSE: GOT) announced earnings for the first quarter ending May 2, 1992, showed a net loss of $461,000, compared to a year earlier's quarter's net income of $395,000. This resulted in a loss on a per share basis, of 4 cents, compared to earnings of 5 cents per share a year earlier.
Last year's first quarter included a gain on a sale of land of $986,000. If this capital gain was removed, comparable figures on an operating basis would show a loss, before taxes, of $749,000 for first quarter of 1992, compared to a loss before taxes of $357,000 for first quarter 1991. "As you can see, there was not a great deal of difference in the two years between the operating figures," stated Joe Levy, chairman and chief executive officer, "and if the last week in April had not contained two earthquakes and one urban disturbance which forced us to close many of our stores early, we would have more than made our planned gross margin, and would have shown a better profit picture than the previous year." California's economy continues to struggle, particularly in areas hard hit by defense and aerospace spending cuts. This has resulted in great swings from store to store, with some experiencing double digit decreases, while others enjoy double digit increases. "Lower interest rates certainly have been helping, and with storewide efforts to contain expenses, I believe we will have a better year in 1992 than in 1991," Levy added. May sales are running about 8 percent up, with comps up about 2 percent. The company will open its new Klamath Falls store on schedule June 15, and continues to progress satisfactorily in its bid for five Frederick & Nelson locations in Seattle and Spokane. Gottschalks is a regional department store chain, currently operating 25 department stores and 22 specialty apparel stores located in California and Tacoma, Wash. Gottschalks offers moderately and upper moderately priced brand-name fashion merchandise and is in its 88th year of continuous family management. GOTTSCHALKS First Quarter (all amounts in thousands except per share earnings) 13 Weeks Ended May 2, 1992 May 4, 1991 Total Revenues $69,851 $65,547 Costs & Expenses: Cost of Sales 45,220 42,006 Selling, General & Administrative Expenses 22,646 20,474 Depreciation & Amortization 1,243 1,424 Interest Expense 1,491 1,999 Total Costs & Expenses 70,600 65,903 Operating Income Before Income Taxes (749) (357) Gain on Sale of Land -- 986 Income Before Income Taxes (749) 630 Income Taxes (288) 235 Net Income $(461) $395 Earnings Per Share (0.04) 0.05 Weighted average number of common shares outstanding 10,409 8,082 -0- 5/28/92 /CONTACT: Joe Levy of Gottschalks, 209-434-8000/ (GOT) CO: Gottschalks ST: California IN: REA SU: ERN
MM-RM -- SF006 -- 4957 05/28/92 17:12 EDT
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|Date:||May 28, 1992|
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