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STRAWBRIDGE & CLOTHIER REPORTS RESULTS

 PHILADELPHIA, May 26 /PRNewswire/ -- Strawbridge & Clothier (NASDAQ: STRWA) announced today that for the first quarter of the fiscal year 1993, ended May 1, sales were $197,151,000 compared to $205,608,000 for the same period last year, a decrease of 4.1 percent.
 The company incurred a loss for the quarter of $4,255,000 compared to a loss before the cumulative effect of accounting changes of $1,144,000 last year. Loss per share was $.41 in 1993's first quarter compared to a loss per share before the cumulative effect of accounting changes of $.11 last year. Net loss for the first quarter of 1992 of $17,994,000 or $1.76 per share included $16,850,000 ($1.65 per share) of charges for the cumulative effect of accounting changes for retiree health care benefits and income taxes.
 Sales were negatively impacted by unusually poor weather conditions in the company's trading area during much of the first quarter, including the closing of all stores for a weekend during a mid-March snowstorm. The loss for the quarter primarily resulted from the lost sales and from increased markdowns taken to clear spring merchandise. Sales trends subsequent to May 1 have improved.
 To coincide with the July opening of the new Pennsylvania Convention Center two blocks west of the company's flagship store, work continues on the renovation of the women's apparel area on the third floor, to be completed in early fall. Plans are also going forward on the renovation of Clover's first two stores, in Marlton and Blackwood, N.J. Clover's distribution center in Monmouth County, N.J., will be expanded by approximately 110,000 square feet and is scheduled for completion in the spring of next year.
 At its regular meeting on March 24, the board of directors declared a 3 percent stock dividend which was issued to Series A and Series B shareholders on May 13, 1993.
 The Annual Meeting of Shareholders was held today in the Philadelphia store. The shareholders elected the three directors nominated in the company's proxy statement and approved the appointment of Ernst & Young as the company's independent auditors for fiscal 1993.
 The company's Automatic Dividend Reinvestment and Stock Purchase Plan for Strawbridge & Clothier Series A common stock became effective with the Feb. 1, 1993, cash dividend.
 STRAWBRIDGE & CLOTHIER
 Statement of Consolidated Earnings
 Thirteen weeks ended May 1, 1993 May 2, 1992
 Net sales $197,151,000 $205,608,000
 Earnings (loss) before income
 taxes and cumulative effect
 of accounting changes (6,496,000) (1,746,000)
 Provision for income taxes
 (benefit) (2,241,000) (602,000)
 Earnings (loss) before cumulative
 effect of accounting changes (4,255,000) (1,144,000)
 Cumulative effect of accounting
 changes --- (16,850,000)
 Net earnings (loss) (4,255,000) (17,994,000)
 Earnings (loss) per common share:
 Before cumulative effect of
 accounting changes $(.41) $(.11)
 Cumulative effect of accounting
 changes --- (1.65)
 Net earnings (loss) (.41) (1.76)
 Average common shares 10,292,801 10,162,227
 Trailing year ended May 1, 1993 May 2, 1992
 Net sales $959,338,000 $966,302,000
 Earnings (loss) before income
 taxes and cumulative effect
 of accounting changes 22,439,000 18,617,000
 Provision for income taxes
 (benefit) 7,530,000 6,405,000
 Earnings (loss) before cumulative
 effect of accounting changes 14,909,000 12,212,000
 Cumulative effect of accounting
 changes --- (16,850,000)
 Net earnings (loss) 14,909,000 (4,638,000)
 Earnings (loss) per common share:
 Before cumulative effect of
 accounting changes $1.45 $1.19
 Cumulative effect of accounting
 changes --- (1.65)
 Net earnings (loss) 1.45 (.46)
 Average common shares 10,250,330 10,132,461
 Notes:
 (1) This is an interim statement subject to audit.
 (2) Earnings (loss) 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 13, 1993.
 (3) In fiscal 1992, effective Feb. 2, 1992, the company changed its methods of accounting for retiree health care benefits and income taxes. Also in fiscal 1992, the company changed its method of accounting for LIFO inventories resulting in a benefit reflected in the trailing year ended May 1, 1993.
 /delval/
 -0- 5/26/93
 /CONTACT: F.R. Strawbridge III, 215-629-6456, or P.S. Strawbridge, 215-629-6607, both of Strawbridge & Clothier/
 (STRW)


CO: Strawbridge & Clothier ST: Pennsylvania, New Jersey, Delaware IN: REA SU: ERN

MK-JM -- PH031 -- 2561 05/26/93 15:20 EDT
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Date:May 26, 1993
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