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ODD'S-N-END'S REPORTS 1ST QUARTER LOSS

 BUFFALO, N.Y., June 10 /PRNewswire/ -- Odd's-n-End's, Inc. (NASDAQ: ODDE), a Buffalo-based close-out retailer today reported a loss for the first quarter ended April 30, 1993 of $324,000 or $.06 per share (primary and fully diluted) compared to net income of $43,000 or $.01 per share (primary and fully diluted) for the comparable prior period. However, because there were forty-seven stores operating during the quarter as compared to thirty the year earlier quarter, sales rose 46 percent to a record $5,809,000 compared to $3,987,000.
 Commenting on the company's performance, President John H. Clark stated, "The first quarter has historically been the most difficult for the company. The loss experienced in the first quarter was due primarily to the combination of unusually harsh weather in western New York during February and March which negatively impacted same store sales and an increase in the base level of expenses relating to the initial operation of the company's new larger stores. These larger stores, designed to accommodate the company's new clothing departments, were unable to operate at maximum efficiency during the first quarter inasmuch as the company's newly developed buying program could not be implemented until the start of the quarter. The clothing departments in these larger stores currently are approaching full inventory and are expected to be operating with full inventories before the end of the second quarter. The company anticipates that these clothing departments operating with full inventories will contribute to record sales and profit in the third and fourth quarters."
 During the first quarter, the company opened one location while closing three marginal stores. The company has opened three additional stores through June 5, 1993 and anticipates opening a total of eleven stores by fiscal year end. These additional stores will be opened in western and central New York State.
 Clark further announced the addition of two key personnel. John P. Herron has assumed the position of director of store operations. Herron's thirty-plus years of store operating experience with J.C. Penney's, TG&Y and, most recently, Everything's A Dollar will be a great asset to the company, commented Clark. The company has also recruited Richard I. Vaughn, an experienced food buyer and expects to hire additional buyers before the end of the current quarter.
 -0- 6/10/93
 /CONTACT: John H. Clark, president & CEO, Odd's-n-End's, Inc., 716-874-9004/
 (ODDE)


CO: Odd's-n-End's, Inc. ST: New York IN: REA SU: ERN

BM -- CL014 -- 0652 06/10/93 12:51 EST
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Publication:PR Newswire
Date:Jun 10, 1993
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