Printer Friendly

SHOPKO STORES REPORTS THIRD QUARTER RESULTS

 SHOPKO STORES REPORTS THIRD QUARTER RESULTS
 GREEN BAY, Wis., Dec. 10 /PRNewswire/ -- ShopKo Stores, Inc.


(NYSE: SKO) today reported increased sales and earnings for its third quarter and 40 weeks ended Nov. 30, 1991.
 For the third quarter ended Nov. 30, 1991, sales increased 2.9 percent to $397.4 million from $386.3 million reported for the same period last year. Comparable store sales decreased 1.5 percent. Net income rose 1.0 percent to $14.3 million, or $0.45 per share compared to $14.2 million, or $0.44 per share in the year ago quarter.
 For the 40 weeks ended Nov. 30, 1991, sales increased 5.8 percent to $1,193.3 million versus $1,127.4 million reported for the same period last year. Comparable store sales increased 0.7 percent. Net income grew by 16.9 percent to $28.5 million, or $0.89 per share compared to $24.3 million, or $0.76 per share for the year ago three quarters.
 Dale P. Kramer, president and chief executive officer, commented, "We are pleased with the results of ShopKo's third quarter, especially in this challenging retail environment and given the loss of seven post- Thanksgiving holiday shopping days this year."
 Earnings per share calculations for the third quarter and 40 weeks ended Nov. 30, 1991, and the comparable periods a year ago, were based upon a pro forma 32,000,000 shares outstanding after giving effect to the company's initial public offering of 17,250,000 shares of common stock on Oct. 16, 1991.
 The actual weighted average number of shares outstanding for the third quarter and 40 weeks ended Nov. 30, 1991, were 24,196,000 and 17,584,000, respectively. Based on these weighted averages, earnings per share were $0.59 for the third quarter and $1.62 year-to-date.
 The company attributed the favorable earnings comparisons primarily to improved gross margin management and inventory control. The gross margin was 27.9 percent of sales for the quarter ended Nov. 30, 1991, versus 27.3 percent for the same quarter a year ago. Gross margins for the three quarters ended Nov. 30, 1991, and 1990 were 27.2 percent and 26.5 percent, respectively.
 ShopKo Stores, Inc. is a leading regional discount chain operating 109 stores in 13 states.
 SHOPKO STORES, INC. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (In thousands, except per share data)
 Third Quarter Ended Year-to-Date Ended
 (12 weeks) (40 weeks)
 11/30/91 12/1/90 11/30/91 12/1/90
 Net sales $397,383 $386,263 $1,193,321 $1,127,408
 Earnings before income
 taxes 23,425 23,055 46,253 39,623
 Provision for income
 taxes 9,091 8,856 17,801 15,281
 Net earnings 14,334 14,199 28,452 24,342
 Net earnings per
 common share $0.59 -- $1.62 --
 Weighted average number of
 common shares
 outstanding 24,196 -- 17,584 --
 Pro forma net earnings
 per common share $0.45 $0.44 $0.89 $0.76
 Pro forma number of common
 shares outstanding 32,000 32,000 32,000 32,000
 -0- 12/10/91
 /CONTACT: Gene Bankers, vice president of ShopKo Stores, 414-496-4158, or Amy Ludwig of Morgen-Walke Associates, 212-986-5900, for ShopKo Stores/
 (SKO) CO: ShopKo Stores, Inc. ST: Wisconsin IN: REA SU: ERN


KK -- CL006 -- 0909 12/10/91 10:05 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 10, 1991
Words:561
Previous Article:GLENDALE FEDERAL BANK REPORTS SURGE IN RESIDENTIAL MORTGAGE LOAN APPLICATIONS AT BRANCH OFFICES
Next Article:SHOPKO STORES REPORTS THIRD QUARTER RESULTS
Topics:


Related Articles
SHOPKO STORES REPORTS OCTOBER SALES UP 6.6 PERCENT
SHOPKO STORES REPORTS THIRD QUARTER RESULTS
SHOPKO STORES REPORTS THIRD QUARTER RESULTS
SHOPKO EXPECTS FOURTH QUARTER EARNINGS INCREASE
ShopKo Second Quarter Earnings Increase 110%
ShopKo Third Quarter Sales Increase 20%
SUPERVALU INC. Reports Third Quarter Record Sales and Earnings Per Share
NEWS BRIEFS.
ShopKo Reports January Retail Sales; (Earnings Per Share Guidance Reaffirmed).
ShopKo Stores, Inc. Reports Fourth Quarter and Fiscal Year 2002 Results.

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