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SAM & LIBBY ANNOUNCES THIRD QUARTER RESULTS

 NEW YORK, Nov. 15 /PRNewswire/ -- Sam & Libby, Inc. (NASDAQ: SAML) announced today results for the third quarter of fiscal 1993, ended Oct. 2, 1993.
 For the thirteen weeks ended Oct. 2, 1993, the company incurred a net loss of $3.8 million or $0.37 per share, compared to a net loss of $1.5 million or $0.15 per share for the same period ended Sept. 30, 1992. Results for fiscal 1993 include a $155,000 charge for discontinued operations, while fiscal 1992 results include a charge of $410,000 for discontinued operations. Revenues for the thirteen weeks ended Oct. 2, 1993 were $9,867,000 compared to revenues of $15,807,000 for the same period in the prior year.
 For the thirty-nine weeks ended Oct. 2, 1993 the net loss was $13,685,000 or $1.35 per share, compared to net income of $995,000 or $0.10 per share for the comparable period of fiscal 1992. Results for the thirty-nine weeks ended Oct. 2, 1993 include $6.3 million in special charges due to the reversal of a tax benefit, the settlement of a securities class action lawsuit and a $1.5 million charge recorded in the first quarter for the relocation of the
company's corporate headquarters to New York. Revenues for the first thirty-nine weeks of fiscal 1993 were $29,447,000 compared to revenues of $56,520,000 for the same period in fiscal 1992.
 "We took steps to significantly eliminate slow moving merchandise from our inventories during the quarter including a writedown of approximately $1.4 million of inventory, which impacted both our revenues and profitability," said Sam Edelman, chairman and CEO. "We are confident that the new controls put in place will allow us to more effectively maintain acceptable inventory levels of fresh product and styles."
 Mr. Edelman continued, "We have also taken steps to refocus our fashion emphasis, and are returning to the core styles which helped Sam & Libby gain its strong reputation in the junior market. Orders for our upcoming Spring deliveries show our customers are responding positively to this strategy."
 Sam & Libby, Inc. designs, develops and distributes women's and children's footwear. The company markets its footwear to consumers who desire contemporary, fashionable products at affordable prices. This footwear is offered primarily through better department and specialty retail stores across the United States.
 SAM & LIBBY, INC.
 Condensed Consolidated Statements of Operations
 (In thousands except per share data, unaudited)
 13 Weeks Three Months 39 Weeks Nine Months
 Ended Ended Ended Ended
 10/2/93 9/30/92 10/2/93 9/30/92
 Net revenue $9,867 $15,807 $29,447 $56,520
 Cost of sales 9,014 11,888 24,161 37,930
 Gross profit 853 3,919 5,286 18,590
 Selling, general and
 administrative
 expense 4,436 5,757 12,092 16,219
 Shareholder lawsuit
 settlement -- -- 4,100 --
 Corporate office relocation
 expense -- -- 1,500 --
 Operating income
 (loss) (3,583) (1,838) (12,406) 2,371
 Interest income
 (expense) (40) (6) (34) 7
 Income (loss) from continuing
 operations before
 income taxes (3,623) (1,844) (12,440) 2,378
 Provision (benefit)
 for income taxes 0 (706) 708 1,102
 Net income (loss) from continuing
 operations (3,623) (1,138) (13,148) 1,276
 Net income (loss) from discontinued
 operations less applicable
 tax effect (155) (410) (537) (281)
 Net income
 (loss) ($3,778) ($1,548) ($13,685) $995
 Net income (loss) per share from
 continuing
 operations ($0.36) ($0.11) ($1.30) $0.13
 Net income (loss) per share from
 discontinued
 operations (0.01) (0.04) (0.05) (0.03)
 Net income (loss)
 per share ($0.37) ($0.15) ($1.35) $0.10
 Weighted average shares
 outstanding 10,098 10,081 10,095 10,072
 -0- 11/15/93
 /CONTACT: Kenneth Sitomer of Sam & Libby, Inc., 212-944-4830/
 (SAML)


CO: Sam & Libby, Inc. ST: New York IN: SU: ERN

TM -- NY136 -- 4674 11/15/93 16:53 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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