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IMAGE RETAILING GROUP REPORTS SECOND QUARTER AND SIX MONTH RESULTS

 IMAGE RETAILING GROUP REPORTS SECOND QUARTER AND SIX MONTH RESULTS
 EDINA, Minn., Jan. 21 /PRNewswire/ -- Image Retailing Group Inc. (NASDAQ: IMAG) today reported sales and earnings results for its second quarter and six months ended Dec. 31, 1991.
 Sales for the quarter were $8,248,000; cost of goods sold was $5,207,000; gross profit was $3,041,000; and net income was $178,000.
 Sales for the six months were $14,527,000; cost of goods sold was $8,963,000; gross profit was $5,565,000; and net income was $179,000.
 Sales for the quarter and six months were up 25 percent and 22 percent, respectively, versus the same periods last year. Net income for the quarter and six months increased by $34,000 and $106,000, respectively, versus the same periods last year. "Our plans for this year include aggressive promotion, while consolidating stores to our newest large-store prototype. During the last year, we closed three of our smaller stores and increased our advertising and promotions. Our efforts resulted in increased sales and profits notwithstanding the reduction in the number of stores operating during the period. We are encouraged by the improved results we are realizing from our plans," said Gary Thorne, president and chief executive officer.
 Image Retailing Group, Inc. is a holding company formed in 1985 for the purpose of operating specialty consumer electronics stores. The company's only operating subsidiary is Audio King, Inc., which was acquired in September 1986. Audio King operates eight stores in Minnesota and one in South Dakota.
 IMAGE RETAILING GROUP, INC. AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended Six Months Ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Net sales $8,247,882 $6,652,502 $14,527,604 $12,042,083
 Cost of merchandise
 sold 5,206,551 4,035,690 8,962,713 7,245,042
 Gross profit 3,041,331 2,616,812 5,564,891 4,797,041
 Selling, general and
 administrative
 expenses 2,662,829 2,283,111 5,136,239 4,516,781
 Operating income 378,502 333,701 428,652 280,260
 Interest expense, net 55,566 72,552 102,619 147,031
 Income before income
 taxes 322,936 261,149 326,033 133,229
 Provision for income
 taxes 145,321 117,517 146,715 59,953
 Net income $177,615 $143,632 $179,318 $73,276
 Net income per share $.09 $.07 $.09 $.04
 Weighted average number
 of shares of common stock
 outstanding 2,070,891 2,070,891 2,070,891 2,070,891
 -0- 1/21/92
 /CONTACT: Gary Thorne or Randel Carlock of Image Retailing Group, 612-922-9217/
 (IMAG) CO: Image Retailing Group, Inc. ST: Minnesota IN: REA SU: ERN


AL -- MN005 -- 1779 01/21/92 11:31 EST
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Publication:PR Newswire
Date:Jan 21, 1992
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