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LECHTERS, INC. REPORTS RESULTS

 HARRISON, N.J., Aug. 25 /PRNewswire/ -- Lechters, Inc. (NASDAQ: LECH) announced today that net income for the twenty-six week period ended July 31, 1993 was $568,000 as compared with $1,146,000 for the same period in 1992, a decrease of 50 percent. Net income per share for this period was $0.03 as compared with $0.07 for the fiscal 1992 comparable period. Sales for the twenty-six week period ended July 31, 1993 increased 21 percent to $135,766,000 from the $112,566,000 reported for the same period in 1992. The company's comparable store sales decreased 1.1 percent during the twenty-six week period ended July 31, 1993 as compared with the same period in 1992.
 For the thirteen week period ended July 31, 1993, the company's net income was $212,000 as compared with net income of $653,000 for the same period in 1992, a decrease of 68 percent. Net income per share for this period was $0.01 as compared with $0.04 for the prior year's comparable period. Sales for the thirteen week period were $71,325,000 as compared with sales of $59,674,000 for the same 1992 period, an increase of 20 percent. The company's comparable store sales decreased 0.6 percent during the thirteen week period ended July 31, 1993, as compared with the same period in 1992.
 As of July 31, 1993 the company operated 534 stores in thirty-nine states as compared to 482 stores on July 25, 1992, an increase of 11 percent in the number of stores open.
 LECHTERS, INC.
 (Dollars amounts in thousands, except per share data)
 Periods ended 13 Weeks 26 Weeks
 7/31/93 7/25/92 7/31/93 7/25/92
 Sales $71,325 $59,674 $135,766 $112,566
 Cost of goods sold
 (including occupancy
 and indirect costs) 50,183 41,528 95,659 78,639
 Gross profit 21,142 18,146 40,107 33,927
 Selling, general
 and administrative
 expenses 19,507 16,384 37,132 30,852
 Operating income 1,635 1,762 2,975 3,075
 Non-operating (income)/
 expense: Interest expense 1,789 1,796 3,590 3,583
 Interest income (357) (856) (964) (2,028)
 Gains on sale of
 government securities (138) (240) (567) (329)
 Total non-operating
 (income)/expense 1,294 700 2,059 1,226
 Income before income
 tax provision 341 1,062 916 1,849
 Income tax provision 129 409 348 703
 Net income $212 $653 $568 $1,146
 Income per share $0.01 $0.04 $0.03 $0.07
 Weighted average shares
 outstanding 17,089,000 17,185,000 17,185,000 17,209,000
 -0- 8/25/93
 /CONTACT: Philip J. Reilly, vice president - chief financial officer of Lechters, Inc., 201-481-1100/
 (LECH)


CO: Lechters, Inc. ST: New Jersey IN: REA SU: ERN

LD-OS -- NY070 -- 5899 08/25/93 17:12 EDT
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Publication:PR Newswire
Date:Aug 25, 1993
Words:480
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