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JACOBSON STORES INC. REPORTS THIRD-QUARTER RESULTS

 JACKSON, Mich., Nov. 15 /PRNewswire/ -- Jacobson Stores Inc. (NASDAQ-NMS: JCBS) today reported sales for the third quarter ended Oct. 30, 1993, of $90,436,000, up 3 percent from 1992. Excluding a new store opened in November 1992, sales were up 1 percent. Net earnings for the quarter totaled $1,186,000 or 21 cents per share compared to earnings of $150,000 or 3 cents per share last year.
 Sales for the 39 weeks ended Oct. 30 increased 2 percent to $274,548,000 from the same period last year. Sales in comparable stores were down 1 percent. The net loss for the nine months was $2,554,000 or 44 cents per share compared to a loss of $1,780,000 or 31 cents per share for the same period in 1992.
 Results for the third-quarter and 39-week periods of 1993 include an after-tax gain on sale of property of $636,000, or 11 cents per share.
 "We are pleased with the improvement in operating results in the third quarter," said Mark K. Rosenfeld, chairman and CEO. "Our move in September to the Briarwood Shopping Center in Ann Arbor from our downtown location has been an outstanding success. We are encouraged by an improving sales trend in both the Midwest and Florida regions and are optimistic about the upcoming holiday season."
 Jacobson's currently 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 data)
 13 Weeks Ended 39 Weeks Ended
 Oct. 30, Oct. 24, Oct. 30, Oct. 24,
 1993 1992 1993 1992
 Net sales $90,436 $88,012 $274,548 $269,229
 Cost of merchandise
 sold, buying and
 occupancy expenses 56,351 55,540 181,394 178,899
 Selling, general and
 administrative
 expenses 31,355 30,478 92,357 87,691
 Interest expense, net 1,885 1,763 5,705 5,378
 Gain on sale of property 979 --- 979 ---
 Earnings (loss) before
 income taxes 1,824 231 (3,929) (2,739)
 Provision (credit) for
 income taxes 638 81 (1,375) (959)
 Net earnings (loss) 1,186 150 (2,554) (1,780)
 Per common share:
 Primary and fully diluted .21 .03 (.44) (.31)
 Average shares outstanding:
 Primary 5,779 5,783 5,779 5,785
 Fully diluted 6,835 6,839 6,835 6,841
 -0- 11/15/93
 /CONTACT: Paul W. Gilbert, vice chairman of Jacobson Stores, 517-764-6400/
 (JCBS)


CO: Jacobson Stores Inc. ST: Michigan IN: REA SU: ERN

ML -- DE020 -- 4365 11/15/93 11:35 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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