JACOBSON STORES INC. ANNOUNCES FIRST-QUARTER RESULTS
JACOBSON STORES INC. ANNOUNCES FIRST-QUARTER RESULTS JACKSON, Mich., May 18 /PRNewswire/ -- Jacobson Stores Inc.
(NASDAQ: JCBS) today reported sales for the first quarter ended April 25, 1992, increased from $90,831,000 to $91,574,000, up 1 percent. Net earnings for the quarter increased to $1,314,000 or 23 cents per share from $1,272,000 or 22 cents per share in the prior year.
"Results for the first quarter indicate that our organization is continuing to respond positively to a challenging retail environment," said J.R. Fowler, chairman and CEO. "With our strong financial condition, we are well positioned to take advantage of a recovery in consumer spending." In March, the company signed a lease for a 46,000-square-foot store under construction in Naples, Fla., to open in late 1992. In addition, the company has signed a lease for an 80,000-square-foot store to be constructed in Boca Raton, Fla., targeted to open in late 1992. Jacobson's operates specialty department stores in 24 cities in Michigan, Ohio, Indiana and Florida. JACOBSON STORES INC. CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited; in thousands except per-share data) 13 Weeks Ended April 25, April 27, 1992 1991 Net sales $91,574 $90,831 Earnings before income taxes 2,022 1,957 Provision for income taxes 708 685 Net earnings 1,314 1,272 Per common share: Primary .23 .22 Fully diluted .23 .22 Average shares outstanding: Primary 5,787 5,784 Fully diluted 6,843 6,841 -0- 5/18/92 /CONTACT: Paul W. Gilbert, executive vice president and chief financial officer, Jacobson Stores Inc., 517-764-6400/ (JCBS) CO: Jacobson Stores Inc. ST: Michigan IN: REA SU: ERN
SM -- DE017 -- 1312 05/18/92 12:02 EDT
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|Date:||May 18, 1992|
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