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JACOBSON STORES INC. REPORTS FIRST-QUARTER RESULTS

 JACKSON, Mich., May 24 /PRNewswire/ -- Jacobson Stores Inc. (NASDAQ-NMS: JCBS) today reported sales for the first quarter ended May 1, 1993, increased from $91,574,000 to $96,063,000, up 5 percent. Excluding a new store opened in November 1992, sales were essentially unchanged for the 13 weeks. Net earnings for the quarter were $426,000 or 7 cents per share compared to $1,314,000 or 23 cents per share in the prior year.
 "While we are beginning to see modest improvement in some of our Michigan stores, the sales trend in Florida so far this year has been disappointing," said Mark K. Rosenfeld, president and CEO. "The retail environment remains difficult and we don't expect to see any real improvement until the fall."
 In March, the company signed a lease for a 120,000-square-foot store to be constructed as part of the expansion of the Hurstbourne Forum, a specialty shopping development in Louisville, Ky. Opening is targeted for August 1994.
 Jacobson's operates specialty department stores in 25 cities in Michigan, Ohio, Indiana and Florida.
 JACOBSON STORES INC.
 CONSOLIDATED STATEMENTS OF EARNINGS
 (Unaudited; in thousands except per-share date)
 13 Weeks Ended
 May 1, 1993 April 25, 1992
 Net sales $96,063 $91,574
 Earnings before income taxes 655 2,022
 Provision for income taxes 229 708
 Net earnings 426 1,314
 Per common share:
 Primary .07 .23
 Fully diluted .07 .23
 Average shares outstanding:
 Primary 5,784 5,787
 Fully diluted 6,841 6,843
 -0- 5/24/93
 /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

ML -- DE013 -- 1569 05/24/93 09:42 EDT
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Publication:PR Newswire
Date:May 24, 1993
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