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STRAWBRIDGE & CLOTHIER ANNOUNCES RESULTS

 STRAWBRIDGE & CLOTHIER ANNOUNCES RESULTS
 PHILADELPHIA, Aug. 26 /PRNewswire/ -- Strawbridge & Clothier


(NASDAQ: STRWA) today announced the following:
 In the second quarter of the fiscal year 1992, ended Aug. 1, sales were $214,425,000 compared to $211,298,000 for the same period last year, an increase of 1.5 percent. The company incurred a loss for the quarter of $1,577,000 compared to a loss of $3,392,000 in 1991. Loss per share was $.16 compared to $.35 in last year's second quarter.
 For the first half of the fiscal year sales were $420,033,000 compared to $418,390,000 last year, an increase of .4 percent. The company incurred a loss for the first half of $2,508,000 compared to a loss of $3,180,000 last year. Loss per share was $.26 in 1992 compared to $.33 in 1991.
 Sales for the first half of fiscal 1992 continue to reflect the weak economy in the company's trading area. The slight increase in sales resulted from changes in the company's promotional calendar. Results for 1992 benefited from substantially lower interest rates on increased borrowings. Results for both the quarter and six month period of 1991 included non-recurring lease termination costs which increased loss by $.10 per share. These benefits were offset by a slight decline in gross margins and an increase in operating expenses.
 Construction on the Pennsylvania Convention Center in Philadelphia, two blocks west of the company's flagship store, is progressing toward an expected completion in 1993. On Sept. 11, 1992, the official ground breaking for the new 1,200-room Marriott Hotel adjacent to the center is scheduled to take place. These developments, along with the continuing success of the Gallery (having just celebrated its 15th anniversary) and the ongoing rejuvenation of Market Street East, bode well for the company's headquarters store.
 As we begin the second half of fiscal 1992, sales continue to be sluggish, influenced by the lackluster economy, particularly in the northeast sector of the country. Operating expenses and inventory levels will be monitored closely as we move through the important fall selling season.
 STRAWBRIDGE & CLOTHIER
 Consolidated Statements of Operations
 (Unaudited)
 13 weeks ended Aug. 1, 1992 Aug. 3, 1991
 Net sales $214,425,000 $211,298,000
 Earnings (loss)
 before income taxes (2,408,000) (5,616,000)
 Provision for income
 taxes (benefit) (831,000) (2,224,000)
 Net earnings (loss) (1,577,000) (3,392,000)
 Earnings (loss)
 per common share ($.16) ($.35)
 Average common shares 9,885,918 9,757,351
 26 weeks ended Aug. 1, 1992 Aug. 3, 1991
 Net sales $420,033,000 $418,390,000
 Earnings (loss)
 before income taxes (3,829,000) (5,265,000)
 Provision for income
 taxes (benefit) (1,321,000) (2,085,000)
 Net earnings (loss) (2,508,000) (3,180,000)
 Earnings (loss)
 per common share ($.26) ($.33)
 Average common shares 9,876,079 9,736,087
 Trailing Year ended Aug. 1, 1992 Aug. 3, 1991
 Net sales $969,429,000 $975,130,000
 Earnings (loss) before
 income taxes $22,149,000 $20,510,000
 Provision for income
 taxes (benefit) $ 7,910,000 $ 8,179,000
 Net earnings (loss) $14,239,000 $12,331,000
 Earnings (loss) per
 common share $1.44 $1.26
 Average commmon shares 9,862,911 9,720,139
 Notes:
 1. This is an interim statment subject to audit.
 2. Per share amounts are based on the weighted average number of shares of common stock and dilutive common stock equivalents (employee stock options) outstanding during each period, after recognition of preferred stock dividends and the 3 percent stock dividend paid on May 14, 1992.
 3. Lease termination costs had the effect of increasing loss per common share by $.10 for the 13 and 26 weeks ended Aug. 3, 1991.
 /delval/
 -0- 8/26/92
 /CONTACT: F.R. Strawbridge III, 215-629-6456, or P.S. Strawbridge, 215-629-6607, both of Strawbridge & Clothier/
 (STRWA) CO: Strawbridge & Clothier ST: Pennsylvania, Delaware IN: REA SU: ERN


CC-JS -- PH029 -- 3511 08/26/92 13:43 EDT
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Date:Aug 26, 1992
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