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SPIEGEL, INC. REPORTS FIRST QUARTER REVENUES UP 17 PERCENT

 DOWNERS GROVE, Ill., April 22 /PRNewswire/ -- Spiegel, Inc. today reported that its total revenues for the first quarter ended March 31, 1993, increased 17 percent to $500.3 million from $426.1 million in the same period last year. Before the cumulative effect of accounting changes, earnings were $2.9 million, or $0.06 per share, compared to $1.0 million, or $0.02 per share, for the first quarter of 1992.
 John J. Shea, Spiegel vice chairman, president and chief executive officer, commented, "The increase in revenues was driven by a 21 percent gain in net sales, reflecting strong sales growth in all divisions. Spiegel catalog sales rose 12 percent, while Eddie Bauer comparable store sales increased 11 percent for the quarter, despite the weather that adversely affected many retailers. Eddie Bauer catalog also posted significant sales growth. These results are very encouraging and confirm that our value pricing strategy has been well received."
 Spiegel's gross profit margin on net sales improved to 30.3 percent from 28.8 percent in the first quarter 1992. This increase is due to a lower level of promotional activity in the quarter compared to last year's first quarter. Spiegel's ongoing private-label merchandise program was also noted as a contributing factor.
 Selling, general and administrative expenses remain well controlled, at 34.2 percent of total revenues compared to 34.3 percent last year.
 Net earnings for the first quarter of 1992 were restated to reflect a net credit of $0.08 per share for the cumulative effect of accounting changes. These changes include a charge to earnings of $0.06 per share to account for postretirement benefits in accordance with Statement of Financial Accounting Standards No. 106, and a credit to earnings of $0.14 per share for the capitalization of inventory overhead.
 "The first quarter results are very encouraging. Spiegel catalog continues to experience favorable response to its customer acquisition programs, and Eddie Bauer's re-focused merchandise offerings are performing well in both the stores and catalogs. I feel confident that we are well positioned to continue to build sales as we provide value and service to our customers," Shea concluded.
 Spiegel, Inc. is the dominant multi-channel specialty retailer marketing fashionable apparel and home furnishings to discerning customers through catalogs and more than 250 specialty retail stores. Spiegel's businesses include Eddie Bauer, Crayola Kids and For You from Spiegel. Spiegel's Class A non-voting common stock trades on the NASDAQ National Market System under the ticker symbol: SPGLA.
 SPIEGEL, INC.
 Financial Highlights
 (in thousands, except per share amounts)
 Three months ended March 31, 1993 1992
 Net sales and other revenues:
 Net sales $439,007 364,214
 Finance revenue 47,701 49,290
 Other revenue 13,575 12,573
 TOTAL 500,283 426,077
 Cost of sales and operating expenses:
 Cost of sales, including
 buying and occupancy 306,179 259,177
 S,G&A expenses 171,320 146,086
 TOTAL 477,499 405,263
 Operating income 22,784 20,814
 Interest expense 17,687 19,040
 Earnings before income taxes and
 cumulative effect of
 accounting changes 5,097 1,774
 Income Taxes 2,197 737
 Earnings before cumulative effect
 of accounting changes 2,900 1,037
 Cumulative effect of accounting changes:
 Postretirement health care benefits, net
 of income taxes of $2,554 -- (3,304)
 Inventory overhead capitalization, net
 of income taxes of ($5,725) -- 7,405
 Net earnings 2,900 5,138
 Erns. per common share bef.
 cumulative effect of
 accounting changes 0.06 0.02
 Cumulative effect of accounting changes
 Postretirement health care benefits -- (0.06)
 Inventory overhead capitalization -- 0.14
 Net earnings per common share 0.06 0.10
 Average number of common
 shares outstanding 52,009,288 51,982,226
 -0- 4/22/93
 /CONTACT: Debbie Koopman of Spiegel, 708-769-2596/
 (SPGLA)


CO: Spiegel, Inc. ST: Illinois IN: REA SU: ERN

SH -- NY038 -- 9292 04/22/93 10:19 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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