Printer Friendly

REEDS JEWELERS ANNOUNCES RECORD SALES AND EARNINGS

 WILMINGTON, N.C., May 3 /PRNewswire/ -- Reeds Jewelers, Inc. (NASDAQ-NMS: REED) today announced that net sales for the fiscal year ended Feb. 28, 1993 increased 8.9 percent to a record $58.5 million from $53.7 million in the previous year. Total revenues increased 10.3 percent to $65.7 million from $59.6 million. Pre-tax earnings, net earnings, and earnings per share were all at record levels. Earnings before income taxes rose 89.3 percent to $3.4 million from $1.8 million. Net earnings rose 91.7 percent to $2.1 million from $1.1 million. Earnings per share rose 90.6 percent to $.61 per share from $.32 per share.
 Alan M. Zimmer, president and chief executive officer said: "we are excited to have accomplished all three objectives which we set for the company this year. We enhanced our market position by increasing average store sales by 7.0 percent to $869,000 and by increasing comparable store sales 8.6 percent for the year. We almost doubled our earnings by increasing sales, managing expenses, and improving the results in under-performing stores. Finally, we added $2.1 million to our equity and reduced our senior and subordinated notes by nearly $1.5 million. During the year, we decided that our strategic objective should be to grow net earnings at least 15 percent a year by becoming the number one jewelry chain store in each of the malls in which we operate and we are managing our business accordingly."
 Zimmer added: " ... that we are also particularly encouraged by our strong sales performance in the first quarter of the new year. Through the first two months of the quarter which will end May 31, our comparable store sales are up 9.5 percent, clearly a sign that Reeds is shining through the economic clouds and the bad weather which affected much of retailing during this period."
 Reeds Jewelers is a retail chain of 68 jewelry stores operating primarily in regionally enclosed malls located in 12 sunbelt states. The company opened stores in Biloxi, Miss. and Mary Esther, Fla. in March, and will be opening a store in Springfield, Va. in May, its first entry into the Washington, D.C. market. The company emphasizes "Quality, Value and Service" as the cornerstone of its promotionally-oriented strategy to build market share and earnings.
 REEDS JEWELERS, INC.
 FINANCIAL HIGHLIGHTS
 (dollars in thousands, except per share data)
 Quarter Ended Year Ended
 Pct. Feb. 28 Feb. 29 Pct. Feb. 28 Feb. 29
 Change 1993 1992 Change 1993 1992
 Net sales 14.0 $22,242 $19,514 8.9 $58,499 $53,725
 Other revenues 55.4 2,774 1,785 23.2 7,208 5,851
 Total revenues 36.7 25,016 18,299 10.3 65,707 59,576
 Cost of sales 20.0 12,444 10,369 10.5 34,377 31,122
 S G & A 12.4 7,479 6,655 9.8 22,024 20,067
 Bad Debt 15.9 1,081 933 -9.6 2,696 2,982
 Interest 3.2 867 840 -11.4 3,184 3,595
 Income taxes 17.4 1,187 1,011 85.4 1,311 707
 Net earnings 31.3 $1,958 $1,491 91.7 $2,115 $1,103
 Earnings per share 30.2 $0.56 $.43 90.6 $0.61 $0.32
 Shares outstanding (A) 3,463 3,463 (A) 3,463 3,463
 Number of stores -1.5 66 67 -1.5 66 67
 (A) -- not meaningful
 -0- 5/3/93
 /CONTACT: Alan M. Zimmer, President & CEO, 919-350-3111, or James R. Rouse, Treasurer & CFO, 919-350-3116, both of Reeds Jewelers/
 (REED)


CO: Reeds Jewelers, Inc. ST: North Carolina IN: REA SU: ERN

MM -- CH004 -- 3815 05/03/93 12:43 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 3, 1993
Words:630
Previous Article:SRI INTERNATIONAL ANNOUNCES GEOVALS FOR LOCAL MARKET CHARACTERIZATIONS
Next Article:VANGUARD CELLULAR REPORTS RECORD FIRST QUARTER RESULTS
Topics:


Related Articles
REEDS JEWELERS ANNOUNCES THIRD QUARTER SALES AND EARNINGS
REEDS JEWELERS ANNOUNCES YEAR-END REVENUES AND EARNINGS; SALES REVENUES UP 5.6 PERCENT; TOTAL REVENUES UP 5.8 PERCENT; NET EARNINGS AND EARNINGS PER...
REEDS JEWELERS ANNOUNCES FIRST QUARTER SALES AND EARNINGS
REEDS JEWELERS ANNOUNCES RECORD SALES AND POSITIVE EARNINGS FOR SECOND QUARTER
REEDS JEWELERS ANNOUNCES FIRST QUARTER SALES AND EARNINGS
Reeds Jewelers Announces Fourth Quarter And Fiscal 1997 Results
Reeds Jewelers, Inc. Announces Second Quarter Earnings And Sales
Reeds Jewelers Announces Second Quarter Sales and Earnings.
Reeds Jewelers Announces Year-End Sales and Earnings.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters