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LURIA'S POSTS THIRD QUARTER RESULTS

 MIAMI, Nov. 23 /PRNewswire/ -- L. Luria & Son, Inc. (AMEX: LUR) (Luria's), Florida's leading specialty discount retailer, announced today that it reduced its net loss in the third quarter of fiscal 1994 to $485,000 , or $.09 per share, from $944,000, or $.18 per share, a year ago.
 For the nine months ended Oct. 30, 1993, Luria's posted a net profit of $35,000, or $.01 per share, compared to a net loss of $861,000, or $.16 per share, recorded in the same period a year ago.
 Strengthening the trend experienced in the first and second quarters, Luria's reported comparable store sales rose 14 percent to $44.7 million for the third quarter compared to the same period last year, and increased 9.7 percent to $137.4 million for the nine-month period ended Oct. 30, 1993. In the third quarter, net sales increased 8.5 percent to $44.8 million, and year-to-date net sales rose 3.5 percent to $138 million, compared to the same periods last year. President Peter Luria said that in addition to generating higher comparable store sales, the company's gross margin for the third quarter of fiscal 1994 improved to 27 percent from 26.4 percent for the year-ago quarter. The gross margin for the first nine months of fiscal 1994 improved to 28.8 percent from 28 percent for the same period a year ago.
 Strong sales growth also helped lower operating expenses as a percent of net sales. During the third quarter, the operating expense ratio declined 1.3 percent to 28.4 percent of net sales from 29.7 percent a year ago. During the comparable nine-month periods, the ratio edged down to 28.7 percent from 28.8 percent. Actual operating expenses for the third quarter of fiscal 1994 rose to $12.7 million from $12.3 million a year ago. For the first nine months of fiscal 1994, actual operating expenses increased to $39.6 million from $38.5 million for the same period last year.
 Additionally, Luria reported that in November the company opened three new prototype superstores. "We are very pleased with the initial sales results of these new stores," Luria said. "Overall, the company's November sales have been strong and we anticipate this trend to continue throughout the holiday shopping season."
 Based in Miami Lakes, L. Luria & Son, Inc. sells a broad line of diamond and gold jewelry, giftware, housewares, home furnishings and consumer electronics in 51 locations throughout Florida.
 L. LURIA & SON, INC.
 (000's except EPS)
 THIRD QUARTER YEAR-TO-DATE
 This Year Last Year This Year Last Year
 Net sales $44,827 $41,309 $138,062 $133,376
 Net income(loss) $ (485) $ (944) $ 35 $ (861)
 Income(Loss)
 per share $ (.09) $ (.18) $ .01 $ (.16)
 -0- 11/23/93
 /CONTACT: Peter Luria, president, L. Luria & Son, 305-557-9000, ext. 306/
 (LUR)


CO: L. Luria & Son, Inc. ST: Florida IN: REA SU: ERN

AW -- FL005 -- 7242 11/23/93 11:49 EST
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Publication:PR Newswire
Date:Nov 23, 1993
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