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STUARTS ANNOUNCES FISCAL 1993 PROFIT

 FRANKLIN, Mass., April 29 /PRNewswire/ -- Stuarts Department Stores, Inc. (NASDAQ: STUSQ) reports fiscal 1993 results. Pro Forma combined net income was $191,000 for the fiscal year ended Jan. 30, 1993 compared to a loss of $1,567,000 last year. Last year's loss of $1,567,000 includes a charge for store closing costs of approximately $1,720,000. Total store sales for fiscal 1993 were $123,534,000 versus $119,330,000 last year or an increase of 3.5 percent.
 During October 1992, the United States Bankruptcy Court in Western Massachusetts confirmed a plan of reorganization in respect of the company and the emergence from Chapter 11 proceedings. Accordingly, results for fiscal 1993 are comprised of two non-comparable periods: the 39 weeks ended Oct. 31, 1992 (before emergence) and the 13 weeks ended Jan. 30, 1993 (after emergence). To facilitate comparisons for fiscal 1993 reporting purposes, the company combined the two periods and eliminated the effect of certain non-recurring transactions associated with the emergence from bankruptcy.
 For the 13 weeks ended Jan. 30, 1993, Stuarts had total sales of $37,352,000 vs. $36,858,000 in the prior year, an increase of 1.3 percent. Net loss for the 13 weeks ended Jan. 30, 1993 was $232,000 vs. a net loss of $1,710,000 in the prior year which included store closing costs.
 Joseph Ettore, chairman, stated that fiscal 1993 performance continued to be impacted by a weak economic environment in New England and was further influenced by a severe winter storm in New England during mid-December -- a critical point in the Christmas selling season. Ettore stated further, however, that he believes the improvement in net income in such a difficult year is a positive sign that the company is headed in the right direction.
 Stuarts Department Stores, Inc. operates 20 self-service department stores located in Massachusetts, New Hampshire, Rhode Island, Vermont and Maine, 19 under the name "Stuarts" and one under the name "Harry's." The company's stores sell a wide variety of general merchandise selected to satisfy the clothing, home, recreational and convenience needs of the blue collar and middle income family.
 STUARTS DEPARTMENT SORES, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 52 Weeks Ended
 Pro Forma Combined
 1/30/93 2/2/92
 Total store sales $123,534,000 $119,330,000
 Net store sales 114,865,000 110,889,000
 Net income (loss) 191,000 (1,567,000)
 13 Weeks Ended
 1/30/93 2/2/92
 Total store sales 37,352,000 36,858,000
 Net store sales 34,942,000 34,494,000
 Net loss (231,000) (1,710,000)
 -0- 4/29/93
 /CONTACT: Antone F. Moreira of Stuarts Department Stores, 508-520-4540/
 (STUSQ)


CO: Stuarts Department Stores ST: Massachusetts IN: REA SU: ERN

DJ -- NE017 -- 2879 04/29/93 17:00 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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