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GOTTSCHALKS ANNOUNCES THIRD QUARTER EARNINGS

 GOTTSCHALKS ANNOUNCES THIRD QUARTER EARNINGS
 FRESNO, Calif., Nov. 21 /PRNewswire/ -- Gottschalks Inc.


(NYSE: GOT) announced that its third quarter net income for the period ending Nov. 2, 1991, improved to $394,000 compared to the year earlier quarterly net of $160,000. On a per share basis, quarterly earnings were 4 cents compared to the year earlier net of 2 cents per share. Net income for the 39-week period was $1,465,000 or 15 cents per share compared to the prior year 39-week net of $495,000 or 6 cents per share.
 "Earnings for the quarter continue to improve even in a difficult national retail environment," stated Joe Levy, chairman and chief executive officer. Our quarterly earnings improvement was significant after giving consideration to last year's third quarter pre-tax, non- recurring gain of $592,000 related to the sale of our Downtown Fresno store. Gross margins improved during the quarter which was reflective of an improved sales mix. Interest expense declined significantly due to our May common stock offering. Selling, general and administrative expenses increased as a result of added bad debt expense and slightly higher payroll cost," added Levy.
 Gottschalks is a regional department store chain, currently operating 24 department stores, 25 specialty apparel stores and a clearance center in the Central Valley and Central Coast areas of California. Gottschalks offers moderately to upper moderately priced brand-name fashion merchandise, and is in its 87th year of continuous family management.
 GOTTSCHALKS INC.
 (all amounts in thousands except per share earnings)
 Third Quarter
 13 Weeks Ended 39 Weeks Ended
 Nov. 2, Nov. 3, Nov. 2, Nov. 3,
 1991 1990 1991 1990
 Net sales $ 69,993 $ 65,243 $203,824 $179,302
 Service charge and
 other income 2,313 2,548 8,412 7,298
 Total 72,306 67,791 212,236 186,600
 Costs and expenses
 Cost of sales 45,111 42,728 134,647 117,855
 Selling, general and
 administrative
 expenses 23,613 21,162 65,852 57,841
 Depreciation and
 amortization 1,405 1,165 4,277 3,541
 Interest expense 1,528 2,476 5,094 6,559
 Income before taxes 649 260 2,366 804
 Income taxes 255 100 901 309
 Net income $ 394 $ 160 $ 1,465 $ 495
 Earnings per
 common share: $ 0.04 $ 0.02 $ 0.15 $ 0.06
 Weighted average number
 of common shares
 outstanding 10,393 8,047 9,594 8,027
 -0- 11/21/91
 /CONTACT: Robert E. Lawson of Gottschalks Inc., 209-485-1111/
 (GOT) CO: Gottschalks Inc. ST: California IN: REA SU: ERN RM -- SF006 -- 6017 11/21/91 15:28 EST
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Date:Nov 21, 1991
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