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SOLO SERVE CORPORATION REPORTS FIRST QUARTER EARNINGS

 SOLO SERVE CORPORATION REPORTS FIRST QUARTER EARNINGS
 SAN ANTONIO, Texas, June 1 /PRNewswire/ -- Solo Serve Corporation


(NASDAQ: SOLO) today reported that its net sales for the first quarter ended May 2, 1992, were $34,790,937, an increase of 31.9 percent over $26,370,961 in net sales for the same quarter of fiscal 1991. Net income for the quarter was $1,397,255, or $.33 per share, compared to $1,178,011, or $.28 per share, for the same period last year. Comparable store sales for the first quarter of 1992 increased 6.5 percent over the comparable period for 1991. During the first quarter, the company opened two Solo Serve and three Apparel Express stores, bringing total stores in operation at quarter end to 35. At the end of the first quarter of fiscal 1991, the company had 25 stores in operation.
 The company concluded an initial public offering on May 5, 1992, and used the proceeds, in part, to discharge approximately $9.6 million in indebtedness. Of this amount, $8.5 million was indebtedness incurred on Jan. 30, 1992. The nonrecurring interest expense associated with this indebtedness during the first quarter of 1992 was $154,529.
 Robert J. Grimm, chairman and chief executive officer, said, "The first quarter of 1992 results for the company reflected record quarterly earnings and were consistent with our expectations. We are encouraged both by our comparable store sales increases and by the 33.5 percent increase in operating income."
 Solo Serve Corporation operates a chain of off-price retail stores offering a wide selection of name brand and other merchandise at prices 20-60 percent below traditional department and specialty stores. The company currently has 31 Solo Serve Stores in Texas, Louisiana and Alabama and four off-price discount stores in Texas and Louisiana currently operating under the name Apparel Express.
 SOLO SERVE CORPORATION
 CONDENSED STATEMENTS OF INCOME
 (unaudited)
 13 Weeks Ended
 May 4, May 2,
 1991 1992
 Net sales $ 26,370,961 $ 34,790,937
 Cost of goods sold (including buying
 and distribution, excluding
 depreciation shown below) 16,770,385 22,675,696
 Gross profit 9,600,576 12,115,241
 Selling, general and administrative
 expense 7,128,586 8,872,068
 Depreciation and amortization 512,575 628,054
 Operating income 1,959,415 2,615,119
 Interest expense, net 126,600 375,927
 Income before taxes 1,832,815 2,239,192
 Provision for income taxes 654,804 841,937
 Net income $ 1,178,011 $ 1,397,255
 Net income per common share 0.28 0.33
 Cash dividends per common share -- --
 Weighted average shares outstanding 4,254,707 4,297,891
 -0- 6/1/92
 /CONTACT: Timothy L. Grady of Solo Serve Corporation, 512-662-6262/
 (SOLO) CO: Solo Serve Corporation ST: Texas IN: SU: ERN


PS -- NY098 -- 5959 06/01/92 18:15 EDT
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Date:Jun 1, 1992
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