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GOTTSCHALKS ANNOUNCES SECOND QUARTER RESULTS

 FRESNO, Calif., Sept. 16 /PRNewswire/ -- Gottschalks Inc. (NYSE: GOT) announced a net loss for the second quarter of 1993 of $2,430,000 or 23 cents per common share, as compared to a net loss for the second quarter of 1992 of $3,019,000, or 29 cents per common share.
 The company continues to look for a turnaround in the overall economy and a return in consumer confidence. In light of the ongoing economic recession, the company continues to implement various sales- enhancing and cost-containment programs expecting the benefits of these programs to be more fully realized in the company's operating results throughout the remainder of the year.
 Recently, the company's financing arrangements with Wells Fargo Bank, N.A., and Teachers Insurance and Annuity Association were finalized and funded. With this $115 million credit line, the company's buyers will be able to take advantage of the best buys in the marketplace.
 According to Joe Levy, chairman and chief executive officer, "Although sales increased for the quarter, they were relatively flat on a year-to-date basis. Comparable store sales continue to be slightly negative. In view of the lingering recession, we are continuing our total evaluation of all operations of the company to ensure the highest degree of efficiency."
 Details of quarterly and semi-annual operating results follow:
 GOTTSCHALKS INC. AND SUBSIDIARIES
 (In thousands of dollars, except per share data)
 Second Quarter First Half
 July 31, Aug. 1, July 31, Aug. 1,
 1993 1992 1993 1992
 Net sales $76,223 $75,000 $142,056 $142,251
 Service charges & other
 income 2,151 2,419 4,455 4,907
 Total 78,374 77,419 146,511 147,158
 COSTS & EXPENSES:
 Cost of sales 52,829 50,236 98,187 95,270
 Selling, general &
 administrative expenses 25,587 25,857 50,107 49,869
 Depreciation
 & amortization 1,532 1,561 3,099 2,934
 Interest expense 1,811 1,493 3,583 2,984
 Provision for unusual
 items 472 2,241 1,116 2,572
 Total 82,231 81,388 156,092 153,629
 LOSS BEFORE INCOME TAX
 BENEFIT (3,857) (3,969) (9,581) (6,471)
 Income tax benefit (1,427) (950) (3,545) (1,913)
 NET LOSS $(2,430) $(3,019) $ (6,036) $ (4,558)
 Net loss per common
 share $ (0.23) $ (0.29) $ (0.58) $ (0.44)
 -0- 9/16/93
 /CONTACT: Alan Weinstein, chief financial officer of Gottschalks, 209-434-8000/
 (GOT)


CO: Gottschalks Inc. ST: California IN: REA SU: ERN

TM-MC -- SF006 -- 2711 09/16/93 13:24 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
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