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SECOND QUARTER RESULTS FOR JACOBSON STORES INC.

 JACKSON, Mich., Aug. 23 /PRNewswire/ -- Jacobson Stores Inc. (NASDAQ-NMS: JCBS) today reported sales for the second quarter ended July 31, 1993, of $88,049,000, down 2 percent from 1992. Excluding a new store opened in November 1992, sales were down 4 percent. The net loss for the quarter was $4,166,000 or 72 cents per share compared to $3,244,000 or 56 cents per share last year.
 Sales for the 26 weeks ended July 31 increased 2 percent to $184,112,000 from the same period last year. Sales in comparable stores were down 2 percent. The net loss for the six months was $3,740,000 or 65 cents per share compared to $1,930,000 or 33 cents per share for the same period in 1992.
 "Customers continued to be cautious in their purchasing decisions and sales fell short of expectations," said Mark K. Rosenfeld, chairman and CEO. "While we are very disappointed with our second quarter operating results, we continue to believe there is potential for improvement in the fall season with our recently completed renovation in Grosse Pointe and early September move to the Briarwood Shopping Mall in Ann Arbor."
 The company currently operates specialty department stores in 25 cities in Michigan, Ohio, Indiana and Florida.
 JACOBSON STORES INC.
 CONSOLIDATED STATEMENTS OF EARNINGS
 (Unaudited; in thousands except per-share data)
 13 Weeks Ended 26 Weeks Ended
 July 31, July 25, July 31, July 25,
 1993 1992 1993 1992
 Net sales $88,049 $89,643 $184,112 $181,217
 Earnings (loss)
 before income
 taxes (6,408) (4,992) (5,753) (2,970)
 Provision (credit)
 for income taxes (2,242) (1,748) (2,013) (1,040)
 Net earnings (loss) (4,166) (3,244) (3,740) (1,930)
 Per common share:
 Primary (.72) (.56) (.65) (.33)
 Fully diluted (.72) (.56) (.65) (.33)
 Average shares
 outstanding:
 Primary 5,779 5,785 5,779 5,786
 Fully diluted 6,835 6,844 6,835 6,844
 -0- 8/23/93
 /CONTACT: Paul W. Gilbert, vice chairman, Jacobson Stores, 517-764-6400/
 (JCBS)


CO: Jacobson Stores Inc. ST: Michigan IN: REA SU: ERN

ML -- DE008 -- 4953 08/23/93 09:33 EDT
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Publication:PR Newswire
Date:Aug 23, 1993
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