ODD'S-N-END'S REVISES 2ND QUARTER EARNINGS
ODD'S-N-END'S REVISES 2ND QUARTER EARNINGS BUFFALO, N.Y., July 22 /PRNewswire/ -- Odd's-N-End's, Inc.
(NASDAQ: ODDE), a Buffalo, N.Y. based close-out retailer is currently operating a chain of 36 stores in Western, N.Y. John H. Clark, president and chief executive officer today announced that the earnings of the company for the second quarter ending July 31, 1992 will likely show improvement over the net profit of $116,000 for the same quarter a year ago. The company had previously estimated operations for the second quarter would break even. Clark reiterated the company's earlier forecast that earnings in the third and fourth quarters will more than double the prior year's comparable quarter's earnings.
The anticipated improvement in second quarter results is largely due to better than expected sales revenues from the new stores opened in the first two months of the quarter as well as controlling store and administrative expenses. The company opened 8 stores and closed 2 during the quarter and intends to open 6 additional stores before year's end. Currently, the company is operating 36 stores. The company is also pleased to announce that James Garner, a certified public accountant, presently with the accounting firm of Wiggle & Company, will join Odd's-N-End's as their controller on August 1st. The company has also agreed to employ Sanford Sadler, a seasoned clothing buyer from the New York City area to head up the buying for the new close-out soft-line department. The company believes that this addition will give its stores an added dimension in its effort to increase the average sales per square foot. -0- 7/22/92 /CONTACT: John H. Clark, president and CEO, Odd's-N-End's, Inc., 716-874-9004/ (ODDE) CO: Odd's-N-End's, Inc. ST: New York IN: REA SU:
BM -- CL018 -- 1927 07/22/92 12:52 EDT
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|Date:||Jul 22, 1992|
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