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JG INDUSTRIES, INC. ANNOUNCES SECOND QUARTER EARNINGS

 CHICAGO, Sept. 13 /PRNewswire/ -- JG Industries, Inc. (NASDAQ: JGIN) reported improved operating results today as its sales for the second quarter ended July 31, 1993, increased 13.4 percent. This sales increase was a result of major increases at the Huffman Koos furniture division where overall second quarter sales were up 26.9 percent and same store sales increased 19.2 percent. JG's net loss decreased to $1,172,000 from $1,214,000 in the prior year; however, the net loss applicable to common shares (after preferred stock dividends) decreased to $1,217,000 from $1,560,000. On a per share basis, the net loss decreased to $.20 from $.26 in the prior year.
 Sales for the first half were $80,461,000 compared to $74,780,000 in the prior year. The net loss decreased to $2,127,000 from $2,334,000, and the net loss applicable to common shares (after preferred stock dividends) decreased to $2,217,000 from $3,027,000. On a per share basis, the net loss for the six months decreased to $.37 from $.51 in the prior year.
 Unseasonable weather and the economy had a negative impact on the Goldblatt's Department Stores performance, primarily at the older stores in the inner city while the newer stores are performing well.
 Operations were favorably affected by the liquidation of the unprofitable Milgram Kagan shoe division in the first quarter. The Huffman Koos results were due in part to strong performances of the new Farmingdale, Long Island, store which opened on Aug. 15, 1992, and the remodeling of the Totowa, N.J., store. Huffman Koos sales in the third quarter have been excellent and management is optimistic about the second half of the year.
 JG Industries, Inc. is a Chicago-based retail holding company that operates, through its various subsidiaries, 14 Goldblatt's Department Stores in the Chicago metropolitan area and 11 Huffman Koos furniture sores in New Jersey and New York.
 -0- 9/13/93
 /CONTACT: Bill Guzik, 312-850-8000, for JG Industries/
 (JGIN)


CO: JG Industries, Inc. ST: Illinois IN: REA SU: ERN

LG -- NY088 -- 1409 09/13/93 15:27 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
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