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KELLY SERVICES REPORTS 1991 SALES AND EARNINGS

 KELLY SERVICES REPORTS 1991 SALES AND EARNINGS
 TROY, Mich., Jan. 30 /PRNewswire/ -- Kelly Services, Inc.


(NASDAQ-NMS: KELYA, KELYB), the nation's largest temporary help company, today announced sales and earnings for 1991.
 Kelly Services President and Chief Executive Officer, Terence E. Adderley, announced that sales for the fiscal year ended Dec. 29, 1991, reached $1.44 billion, a 2 percent decrease from the 1990 sales level of $1.47 billion.
 Net earnings of 38.6 million were 46 percent lower than the $71.2 million reported for 1990. Earnings per share in 1991 were $1.28 versus $2.37 in 1990.
 Sales for the fourth quarter were $382 million, a 6 percent increase over the $362 million reported for the corresponding period in 1990. Net earnings of $9.1 million were 44 percent lower than the $16.3 million reported for the fourth quarter of 1990. Earnings per share for the quarter amounted to $.30 versus $.54 a year earlier.
 "An upward trend in sales volume began early in 1991," Adderley said. "The increase continued through the fourth quarter, when sales exceeded 1990 by a small percentage. Nevertheless, total sales for 1991 were slightly less than in 1990. Competitive pressure on pricing remained strong throughout the year, and was the principal cause of the decline in net earnings."
 Comparative sales and earnings for the fourth quarters and years of 1990 and 1991 were:
 KELLY SERVICES, INC.
 Fourth Quarter Fiscal Year
 13 Weeks 13 Weeks 52 Weeks 52 Weeks
 Ended Ended Ended Ended
 Dec. 29, Dec. 30, Dec. 29, Dec. 30,
 1991 1990 1991 1990
 (In 000s except per share data)
 Sales of services $382,443 $361,817 $1,437,884 $1,470,524
 Costs and expenses 368,302 336,221 1,377,635 1,357,515
 Earnings before taxes 14,141 25,596 60,249 113,009
 Income taxes 5,050 9,345 21,630 41,815
 Net earnings 9,091 16,251 38,619 71,194
 Earnings per share .30 .54 1.28 2.37
 Average number of 30,099 30,084 30,093 30,069
 Class A and B common
 shares outstanding
 -0- 1/30/92
 /CONTACT: Robert F. Stoner, chief financial officer, Kelly Services, Inc., 313-244-4362/
 (KELY) CO: Kelly Services, Inc. ST: Michigan IN: SU: ERN


KK-SB -- DE005 -- 5138 01/30/92 10:09 EST
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Publication:PR Newswire
Date:Jan 30, 1992
Words:387
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