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STRAWBRIDGE & CLOTHIER REPORTS EARNINGS, DECLARES DIVIDENDS

 STRAWBRIDGE & CLOTHIER REPORTS EARNINGS, DECLARES DIVIDENDS
 PHILADELPHIA, March 25 /PRNewswire/ -- Strawbridge & Clothier (NASDAQ: STRWA) said it was pleased to report that for the fourth quarter of fiscal year 1991, ended Feb. 1, 1992, sales were $337,540,000 compared to $324,701,000 during the fourth quarter of fiscal 1990, an increase of 4 percent.
 Net earnings for the fourth quarter were $18,291,000 compared to $13,818,000 in the fourth quarter of 1990, an increase of 32.4 percent. Earnings per share in the fourth quarter, after giving effect to a 3 percent stock dividend declared on March 25, 1992, were $1.86 compared to $1.42 in 1990's fourth quarter, an increase of 31.0 percent.
 Sales for the fiscal year ended Feb. 1, 1992, were $967,786,000 compared to $981,668,000 in fiscal 1990, a decrease of 1.4 percent. Net earnings in fiscal 1991 were $13,568,000 compared to $17,221,000 in 1990, a decrease of 21.2 percent. Earnings per share, after giving effect to the 3 percent stock divided, were $1.38 for fiscal 1991 compared to $1.77 in fiscal 1990, a decrease of 22.0 percent.
 The company's sales for the year were negatively impacted by the very difficult economic climate affecting consumer buying patterns in the country as a whole, and the northeastern sector of the country in particular. Earnings for the year decreased primarily because of the weak sales performance. The improvement in fourth quarter sales and earnings was aided by a very successful November Clover Day promotion, the first two important days of which occurred in the third quarter of 1990. Also, a reduced impact from the LIFO method of accounting for inventory and lower income taxes contributed to the strong fourth quarter earnings results. Fourth quarter earnings per share in 1991 reflect a LIFO charge of $.09 compared with $.26 in the fourth quarter of 1990.
 The board of directors at its regular meeting today, declared a 3 percent stock dividend on both the Series A and Series B common stock of the company, payable May 14, 1992, to shareholders of record on April 14. This is the 13th consecutive annual stock dividend declared by Strawbridge & Clothier. The board of directors also declared a quarterly cash dividend of $.275 per share on the Series A common stock and $.25 per share on the Series B common stock payable May 1, 1992, to shareholders of record on April 6.
 STRAWBRIDGE & CLOTHIER
 Statement of Consolidated Earnings
 Fourth quarter ended Feb. 1, 1992 Feb. 2, 1991
 Net sales $337,540,000 $324,701,000
 Earnings before income taxes 28,271,000 22,973,000
 Provision for income taxes 9,980,000 9,155,000
 Net earnings 18,291,000 13,818,000
 Earnings per common share $1.86 $1.42
 Average common shares 9,836,778 9,707,834
 Fiscal year ended Feb. 1, 1992 Feb. 2, 1991
 Net sales $967,786,000 $981,668,000
 Earnings before income taxes 20,714,000 28,606,000
 Provision for income taxes 7,146,000 11,385,000
 Net earnings 13,568,000 17,221,000
 Earnings per common share $1.38 $1.77
 Average common shares 9,805,062 9,696,736
 (A) Earnings per share amounts are based on the weighted average number of shares of common stock and dilutive common stock equilivants (employee stock options) outstanding during each period, after recognition of preferred stock dividends and a 3 percent stock dividend payable on May 14, 1992.
 (B) Provision for the LIFO method of accounting for inventories and cost of sales had the effect of reducing earnings per common share by $.09 for the 13 weeks and $.22 for the 52 weeks ended Feb. 1, 1992, compared to $.26 for the 13 weeks and $.41 for the 52 weeks ended Feb. 2, 1991.
 /delval/
 -0- 3/25/92
 /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 DIV


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Date:Mar 25, 1992
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