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 R /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 -- 0912 12/10/91 10:08 EST
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|Date:||Dec 10, 1991|
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