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SPIEGEL REPORTS SECOND QUARTER RESULTS

 SPIEGEL REPORTS SECOND QUARTER RESULTS
 DOWNERS GROVE, Ill., July 23 /PRNewswire/ -- Spiegel Inc.


(NASDAQ-NMS: SPGLA) , the nation's largest direct marketer and a leading specialty retailer, today reported that total revenues for the second quarter ended June 30, 1992, increased 12 percent to $466.0 million from $416.3 million in the same period last year. Net earnings for the quarter were $122 thousand, or breakeven on a per share basis, compared to $1.4 million, or $0.03 per share, for 1991's second quarter.
 In announcing the quarterly results, John J. Shea, Spiegel vice chairman, president and CEO, said, "I am encouraged by our second quarter sales performance which reflects strong sales in all divisions. Spiegel Catalog has strengthened its customer base as a result of favorable response to its customer acquisition programs through the first six months. Eddie Bauer has experienced positive same store sales comparisons for the second consecutive quarter and its catalog division also recorded favorable comparisons versus last year."
 Gross profit margin on net sales declined to 28.1 percent from 32.1 percent in 1991's second quarter. Our aggressive pricing strategy has had a negative impact on margins over the short-term. We anticipate that our expanded customer base will provide opportunity to continue to increase sales and gross profit margins will rebound as our expanded manufacturing division becomes fully operational.
 Selling, general and administrative expenses declined as a percent to total revenues to 34.6 percent from 36.4 percent in 1991's second quarter as a result of our continuing cost containment efforts.
 For the six months ended June 30, 1992, net sales and other revenues were $892.0 million, up 3 percent from $864.0 million for the same period last year. Net earnings year-to-date were $1.2 million, or $0.02 per share, compared to $2.4 million, or $0.05 per share, last year.
 Spiegel Inc. is the dominant multi-channel specialty retailer marketing fashionable apparel and home furnishings to discerning customers through catalogs and over 250 specialty retail stores. Spiegel's businesses include Eddie Bauer, Crayola Kids and For You from Spiegel.
 SPIEGEL, INC.
 Financial Highlights
 (In thousands, except per share amounts)
 Three Months Ended June 30, 1992 1991
 Net sales and other revenues:
 Net sales $395,982 $358,233
 Finance revenue 48,383 44,578
 Other revenue 21,679 13,479
 Total 465,954 416,290
 Cost of sales and operating expenses:
 Cost of sales, including buying
 and occupancy 284,653 243,136
 Selling, general and
 administrative expenses 161,305 151,545
 Total 445,958 394,681
 Operating income 19,996 21,609
 Interest expense 19,788 19,245
 Earnings before income taxes 208 2,364
 Income taxes 86 979
 Net earnings $122 $1,385
 Net earnings per common share $0.00 $0.03
 Average number of common
 shares outstanding 51,985,197 51,964,897
 SPIEGEL, INC.
 Financial Highlights
 (In thousands, except per share amounts)
 Six Months Ended June 30, 1992 1991
 Net sales and other revenues:
 Net sales $760,106 $737,899
 Finance revenue 97,673 93,516
 Other revenue 34,252 32,559
 Total 892,031 863,974
 Cost of sales and operating expenses:
 Cost of sales, including buying
 and occupancy 543,830 515,386
 Selling, general and
 administrative expenses 307,391 304,114
 Total 851,221 819,500
 Operating income 40,810 44,474
 Interest expense 38,828 40,389
 Earnings before income taxes 1,982 4,085
 Income taxes 823 1,683
 Net earnings $1,159 $2,402
 Net earnings per common share $0.02 $0.05
 Average number of common
 shares outstanding 51,983,712 51,961,020
 Certain prior year amounts have been reclassified to conform to current presentation.
 -0- 7/23/92
 /CONTACT: Debbie Koopman of Spiegel, 708-769-2596/
 (SPGLA) CO: Spiegel Inc. ST: Illinois IN: REA SU: ERN


SM -- NY029 -- 2409 07/23/92 10:41 EDT
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Date:Jul 23, 1992
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